BEISER SCOTT L 4

What Happened Scott L. Beiser, a 10% owner and trustee of the HL Voting Trust, converted 6,265 shares of Class B common stock into Class A common stock (one-for-one, no cash paid) and immediately sold those 6,265 Class A shares in open-market transactions on May 21, 2026. The sale produced aggregate proceeds of approximately $941,379 at a weighted-average price of $150.26 per share (sales ranged $149.83–$150.89 per share).

Key Details

• Transaction date: May 21, 2026 (filing date: May 21, 2026 — timely).
• Conversion: 6,265 Class B → 6,265 Class A shares; conversion had $0 consideration (per Form S-1 terms).
• Sale: 6,265 shares sold in open market at weighted avg $150.26; gross proceeds ≈ $941,379.
• Price range: $149.83–$150.89 (reporting person can provide breakdown of shares sold at each price).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Filing notes: Beiser is a trustee of the HL Voting Trust and has shared voting control and a pecuniary interest in the reported shares.

Context

• The transaction is a conversion of convertible Class B shares followed by an immediate open-market sale — effectively a non-cash conversion then disposition. For retail investors, sales by large holders can be routine (liquidity or portfolio rebalancing) and do not necessarily signal change in company fundamentals.
• As a 10% owner and voting trust trustee, Beiser is a large stakeholder but not necessarily an executive trading on insider operational knowledge; disclosures note control and pecuniary interest.