SANDS ROBERT 4

What Happened

• Robert S. Sands (reported as a 10% owner) recorded an exercise/conversion of derivatives (code M) on July 10, 2026. A total of 1,114 restricted stock units (RSUs) vested and converted into 1,114 shares of Class A Common Stock at a $0.00 exercise price (no cash paid). The filing also shows a corresponding disposition of the derivative interest for 1,114 shares at $0.00, reflecting that the resulting shares were transferred to an affiliated entity.

Key Details

• Transaction date: 2026-07-10; Filing date: 2026-07-14 (timely).
• Transaction type/code: M — exercise/conversion of derivative (RSU vesting).
• Shares involved: 1,114 RSUs converted to 1,114 Class A shares; reported with $0.00 price (no cash consideration).
• Shares owned after transaction: the filing indicates the shares are directly owned by RSS Master LLC (see footnotes); the filing does not list a simple post-transaction total for Sands personally.
• Notable footnotes: F1 (each RSU converts to one share); F2–F3 (these shares are held directly by RSS Master LLC, which is wholly owned by the Robert S. Sands Master Trust; Sands is sole trustee/beneficiary); F9 (RSUs vested and vested shares are to be delivered on the vesting date); F4 and F8 note certain holdings are held in other trusts for stepchildren and are disclaimed by Sands.
• No sale for cash was reported; the transaction appears to be vesting/conversion and internal transfer, not an open-market trade.

Context

• This was a routine RSU vesting/conversion rather than a market purchase or sale. Because the shares were converted at $0 and transferred to an affiliated entity (RSS Master LLC / related trust), it reflects internal ownership structuring rather than a directional trade by the insider.
• As a 10% owner with multiple related entities and trusts involved (per footnotes), these transactions often reflect estate/trust management and do not necessarily signal trading intent.