Lawson Lawrence James III 4

What Happened Lawson Lawrence James III (reported as a 10% owner) reported a series of pre-IPO reorganization transactions. On May 19, 2026 he was reported to have acquired 332,800 shares and an additional 21,117,200 shares (the latter recorded as a derivative/acquisition related to the reorganization). On May 21, 2026 he disposed of 5,332,996 shares to the issuer; one disposition of 5,332,996 shares was reported at $20.00 per share for proceeds of $106,659,920. Some other dispositions are reported as N/A (see footnotes) and reflect conversion/cancellation activity tied to the issuer’s restructuring and IPO.

Key Details

• Transaction dates: Acquisitions on 2026-05-19; dispositions to issuer on 2026-05-21.
• Prices/values: One disposition reported at $20.00 per share (5,332,996 shares) for $106,659,920. Other reported acquisitions/dispositions show N/A prices (reorg-related).
• Shares reported acquired on 5/19: 332,800 shares and 21,117,200 shares (the latter noted as derivative).
• Shares disposed on 5/21: 5,332,996 shares (one entry at $20/share for $106.66M; other disposition entries reported as N/A).
• Shares owned after transaction: Not specified in the filing.
• Footnotes (summary): F1 — transactions occurred prior to issuer’s Section 12 registration and reported under Rule 16a-2(a); F2 — acquisitions include Class A common stock, common units and corresponding Class C shares from a reorganization; F3 — some Class C shares were cancelled for no consideration; F4 — common units may be redeemed 1-for-1 for Class A shares (with forfeiture of corresponding Class C shares).
• Filing timeliness: The Form 4 was filed on 2026-05-26 for transactions reported as of 2026-05-19/05-21 — the filing appears delayed beyond the standard 2-business-day Form 4 window.

Context These entries reflect pre-IPO reorganization, conversion, redemption and cancellation mechanics (not a routine open-market trade). The derivative/award lines and N/A price entries indicate internal conversions of units and cancellation of Class C shares tied to the IPO reorganization rather than discretionary market buying/selling. As a 10% owner, Mr. James is a significant shareholder — these moves are corporate-structuring actions rather than an ordinary insider buy/sell that would be interpreted as a simple bullish or bearish signal.