BURNS MICHAEL RAYMOND 4

What Happened
Michael R. Burns, Vice Chair of Lionsgate Studios Corp. (LION), received an award of 125,000 restricted share units (RSUs) on 2026-05-20 (recorded as a grant at $0.00). At vesting, 63,600 common shares were disposed (canceled) by the issuer to satisfy tax withholding obligations, valued at $12.43 per share for a total of $790,548.

Key Details

• Transaction date: 2026-05-20; filing date: 2026-05-21 (filed next day, appears timely).
• Grant: 125,000 RSUs reported as acquired at $0.00.
• Tax withholding disposition: 63,600 shares @ $12.43 = $790,548 (shares canceled by issuer to cover taxes).
• Footnotes:
  • F1: RSUs represent the vesting portion of the reporting person’s fiscal 2025 annual incentive bonus.
  • F2: Notes additional RSU tranches scheduled to vest on future dates (e.g., 68,916 on July 3, 2026; 210,958 in two equal installments on July 1, 2026 & 2027; 36,575 in three equal installments July 1, 2026–2028).
  • F3: Confirms the 63,600 common shares were automatically canceled by the issuer to satisfy tax withholding.
• Shares owned after the transaction: not specified in the provided excerpt of the filing.

Context
This was a vesting/award event (not an open-market purchase or discretionary sale). The cancellation of shares to cover taxes is a common, administrative "net share settlement" method and does not necessarily indicate a change in the insider’s market view.