Yadigaroglu Ion 4

What Happened
Ion Yadigaroglu, reported as a 10% owner/manager of related investment vehicles, converted a package of derivative securities into 34,227,390 shares of Fervo Energy Class A common stock on May 14, 2026. The filing also reports a prior grant (an RSU award) on December 4, 2025 for 2,634,495 RSUs valued at $11.36 each (total ~$29,927,863). Several converted tranches totaling 34,227,390 shares were recorded as disposed/transferred on May 14, 2026, consistent with reallocation among affiliated funds rather than an open-market sale.

Key Details

• Primary transaction date: May 14, 2026 (conversion of derivative securities into 34,227,390 Class A shares).
• Prior award: Dec 4, 2025 — 2,634,495 RSUs at $11.36 each (derivative award valued at ~$29,927,863). Also a small grant of 9,259 RSUs on May 14, 2026 (no cash price).
• Shares reported after these transactions: 34,227,390 Class A shares held across affiliated funds (see footnote breakdown).
• Notable footnotes:
  • F1: Multiple series of preferred stock converted into Class A immediately prior to the IPO.
  • F2–F3: The 34,227,390 shares are held by several affiliated funds (Technology Impact Fund, Technology Impact Growth Fund II, and related series); Yadigaroglu, as manager, shares voting/disposal power but disclaims beneficial ownership except to the extent of his pecuniary interest.
  • F5–F6: The RSUs represent a contingent right to one share each and will vest in full on the earlier of the issuer’s 2027 Annual Meeting or May 14, 2027.
  • F4: Some reported activity (conversion) occurred prior to the company’s registration in connection with its IPO and is reported under Rule 16a-2(a).
• Filing timeliness: Form filed May 18, 2026. The May 14, 2026 transactions were reported within the standard Form 4 filing window.

Context for retail investors

• These were derivative conversions and internal transfers among affiliated funds, not open-market buys or routine insider sales. Conversions of preferred stock/derivatives into common shares are common around IPOs and restructurings; they don't necessarily signal new buying or selling intent.
• The RSU award (Dec 4, 2025) is a grant/compensation-type award (derivative) that vests by mid‑2027 and is the principal disclosed economic value (~$29.9M).
• Because Yadigaroglu is a manager of the funds that hold the shares and is a 10% owner, this filing mainly reflects institutional holdings and reallocation, not typical executive trading.