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Liberty Latin America Ltd.·4

Mar 31, 5:23 PM ET

Nair Balan 4

Research Summary

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Liberty Latin America (LILA) CEO Nair Balan Exchanges Shares, Receives Award

What Happened

  • Nair Balan, President & CEO and director of Liberty Latin America (LILA), surrendered 1,363,080 Class A common shares to the company on March 27, 2026 (Disposition to issuer) at an indicated price of $7.81 per share ($10,645,655 total) and received 1,300,243 Class C common shares the same day (Acquisition) at $7.84 per share (value shown as $10,193,905).
  • On March 30, 2026, 132,813 Class B common share performance share units (PSUs) vested and were reported as acquired at $0.00 (no cash paid). The exchange with the issuer was made under an Exchange Agreement and the exchange/award transactions are reported as exempt under the referenced SEC rules.

Key Details

  • Dates & prices:
    • 2026-03-27: Disposition of 1,363,080 Class A shares @ $7.81 (≈ $10,645,655) and acquisition of 1,300,243 Class C shares @ $7.84 (≈ $10,193,905).
    • 2026-03-30: Vesting/acquisition of 132,813 Class B PSUs @ $0.00.
  • Shares owned after transaction: Not specified in the provided Form 4 excerpt.
  • Notable footnotes:
    • The exchange was pursuant to an Exchange Agreement dated March 27, 2026 and is exempt under Rules 16b-3(d) and (e); values were set using closing prices on March 20, 2026. (Footnote F1)
    • Class B shares are convertible into Class A shares at the holder’s election, one-for-one (Footnote F2).
    • The 132,813 units represent PSUs that vested based on 2026 performance (Footnote F3).
  • Filing timeliness: Form 4 was filed March 31, 2026 and covers transactions dated March 27 and March 30 — the filing appears to be within the SEC’s two-business-day reporting window.

Context

  • The primary action was an in-kind exchange with the company (surrender Class A for Class C), not an open-market sale; such issuer exchanges and compensation-related vesting events are common and are treated differently than market sales or purchases.
  • The PSU vesting is a compensation event (no cash paid on vesting reported). Footnote information and the related Schedule 13D/A may provide additional background on the exchange terms.