FRIES MICHAEL T 4

What Happened
Michael T. Fries, President & CEO and a director of Liberty Global Ltd. (LBTY), received two equity awards on 2026-06-01: 649,086 Performance Share Units (PSUs) and 519,268 Restricted Share Units (RSUs). Both grants are reported as awards (derivative transactions) under the company’s 2026 Long Term Incentive Plan; no cash was paid for these awards in the Form 4 filing.

Key Details

• Transaction date: 2026-06-01; Form 4 filed 2026-06-02 (timely filing).
• Awards: 649,086 PSUs (reported at $0.00) and 519,268 RSUs (reported as N/A). Total units granted = 1,168,354.
• Nature: Derivative awards (code A). For Mr. Fries, each PSU/RSU represents a contingent right to receive one Class B common share if/when vesting conditions are met. No sale or purchase of stock occurred.
• Vesting/performance: PSUs are performance-based (stock-price hurdles) over 2026–2028 with cliff vesting on Feb 15, 2029; payout 0–100% with up to 200% if overperformance occurs. RSUs vest in three equal annual installments beginning May 1, 2027. (See filing footnotes; Plan described in company Form 8-K filed Apr 1, 2026.)
• Shares owned after transaction: not specified in the provided filing excerpt.
• Trading symbols: LBTYA, LBTYB, LBTYK.

Context
These are compensation awards, not open-market purchases or sales, so they reflect executive pay rather than an immediate buy/sell signal. PSUs are contingent on multi-year performance metrics and cliff vesting, while RSUs vest over time, meaning value realization depends on continued employment and meeting performance/time-based conditions.