Sartini Blake L II 4

What Happened
Blake L. Sartini II, EVP of Operations of New Royal Holdco I Inc. (GDEN), had a cluster of option exercises, accelerated vesting/conversions of RSUs/PSUs and subsequent dispositions tied to the company’s Equity Award Settlement and related merger. On April 29–30, 2026 he (a) exercised options and converted awards totaling several hundred thousand shares (including 70,000 shares exercised at $10.51 and 75,000 at $11.50 — net cash paid ≈ $1.60M), (b) had shares withheld to cover taxes and exercise price (108,652 shares valued at $28.55 each ≈ $3.10M), (c) dispositioned 47,748 shares to the issuer at $28.55 for cash proceeds of $1,363,205, and (d) exchanged large blocks (251,643 and 250,000 shares) as part of the merger consideration (each share converted into 0.902 VICI Properties shares per the transaction agreement).

Key Details

• Transaction dates: April 29, 2026 and April 30, 2026. Filing date: April 30, 2026 (timely).
• Notable prices/amounts: exercised 70,000 @ $10.51 ($735,700) and 75,000 @ $11.50 ($862,500). 47,748 shares sold to issuer @ $28.55 = $1,363,205. 108,652 shares withheld @ $28.55 = $3,102,015 (tax/exercise settlement).
• Large dispositions of 251,643 and 250,000 shares were exchanged in the merger for VICI Properties, Inc. stock (0.902 VICI share per GDEN share; cash in lieu for fractional shares) — proceeds listed as N/A on the Form 4.
• Many entries reflect accelerated vesting/conversion of RSUs/PSUs and option exercises per the Master Transaction Agreement (see Form 4 footnotes F1–F6, F8).
• Shares owned after the transactions are not provided in the excerpt — see the full Form 4 for post-transaction holdings.

Context

• These transactions are largely corporate-event driven (accelerated vesting and settlement tied to the Master Transaction Agreement and Equity Award Settlement Date), not routine open-market buys or voluntary insider sales.
• Several exercises and immediate dispositions appear to be cashless/settlement actions: options exercised or awards converted, with some resulting shares withheld to satisfy exercise price and tax withholding.
• This filing documents corporate settlement mechanics (vesting, tax withholding, merger exchange) rather than a discretionary buy or sell signaling personal trading intent.