DREW MARISA D 4

What Happened

• Marisa D. Drew, a director of Liberty Global Ltd. (tickers LBTYA / LBTYB / LBTYK), reported multiple derivative transactions on June 23, 2026. The filing shows grants of Restricted Share Units (RSUs) and option exercise/conversion activity.
• Reported grants: two awards of 5,230 derivative units and two awards of 12,812 derivative units (reported as acquired at $0.00), totaling 35,084 RSU-type units. Reported exercises/conversions: entries for 5,809 shares shown both as acquired and disposed (prices reported as N/A). No cash values were reported for the awards; the grants are recorded as derivative awards.

Key Details

• Transaction date: June 23, 2026. Award price: $0.00 for the 12,812-unit entries; other exercise prices listed as N/A in the filing.
• Shares owned after transaction: not disclosed in the Form 4 excerpt.
• Footnotes of note:
  • F1: Each RSU represents a right to receive one Class A or Class C common share.
  • F2: Some RSUs will vest in full at the issuer's 2027 annual general meeting.
  • F3: The option vests in three equal annual installments starting at the 2027 AGM.
  • F4: Some RSUs vested in full on the issuer's 2026 annual general meeting.
• Filing timeliness: marked late (timeliness code 'L') — the report was filed after the usual deadline, which delays public transparency though it does not itself imply wrongdoing.

Context

• RSUs are derivative awards that convert into common shares when they vest; the filing indicates both immediately vested RSUs (per F4) and RSUs/options with future vesting schedules (F2/F3).
• The matching report of acquired and disposed shares for 5,809 shares on the same date commonly reflects a cashless exercise or sell-to-cover (to satisfy taxes or exercise costs), but the Form 4 does not explicitly state the settlement mechanics.
• For retail investors: awards and exercises by directors are routine compensation events. Grants signal compensation, not necessarily a buy/sell opinion; purchases would be a stronger bullish signal.