Vorsheck Elizabeth A 4

What Happened

• Elizabeth A. Vorsheck, reported as a 10% owner and director, was granted 39.474 share credits (reported as an acquisition) on 2026-01-31. The filing reports an acquisition price of $0.00 and a reported value of $0 because these are deferred Share Credits rather than an immediate cash purchase of stock.
• This transaction is recorded as a derivative award under the Outside Directors' Stock Plan — the Share Credits represent the right to receive an equivalent number of Class A common shares when the director’s service ends, not immediately tradable shares.

Key Details

• Transaction date: 2026-01-31; Form 4 filed: 2026-02-03.
• Transaction type/code: Award/Grant (A); 39.474 shares acquired at $0.00 (derivative Share Credits).
• Reported value: $0 (deferred/share-credit arrangement).
• Shares owned after transaction: not specified in this Form 4.
• Relevant footnotes:
  • F1: Conversion price not applicable to shares granted under the Deferred Compensation Plan for Outside Directors.
  • F2: These Share Credits convert to Class A common stock only when the reporting director’s service ends; no exercise or expiration dates.
  • F3: Company Articles allow conversion of Class B common stock to Class A at a 2,400:1 rate (no exercise/expiration dates).
• Filing timeliness: Form shows filing date of Feb 3, 2026; the Form 4 does not indicate a late filing.

Context

• These Share Credits are a deferred-compensation award for directors and are not an open-market purchase or sale; they don’t reflect an immediate cash investment or liquidation. For retail investors, director awards like this are generally routine compensation and do not by themselves signal a buying or selling stance.
• Because this transaction involves a derivative/credit that converts to Class A shares upon termination of service, it’s different from an exercised option or an open-market acquisition where shares become immediately tradable.