WINTER JOHN M 4

What Happened

• John M. Winter, SVP, CLO and Secretary of Liberty Latin America (tickers LILA / LILAB / LILAK), converted multiple equity-based awards into common shares (exercise/conversion) and had shares withheld to satisfy tax obligations. On 2026-03-13 the filing shows grants/awards of a mix of RSUs and other derivative awards (totaling 447,522 units across several award lines). On 2026-03-15 Winter exercised/converted a total of 172,561 derivative units into common shares. To cover tax withholding related to those conversions, the company withheld/retired 89,321 shares, producing aggregate cash proceeds of $688,365 (with withholding prices reported at $7.58 and $7.77 per share).

Key Details

• Transaction dates: awards granted 2026-03-13; exercises/conversions and tax-withholding occurred 2026-03-15; Form 4 filed 2026-03-17. No late filing flag noted.
• Exercises (code M): 16,583; 20,997; 19,940; 33,167; 41,994; 39,880 — total 172,561 shares acquired via conversion.
• Tax withholding (code F, shares disposed to issuer): 8,582; 10,886; 10,319; 17,164; 21,732; 20,638 — total 89,321 shares withheld for taxes; cash value reported $688,365 (mix of $7.58 and $7.77 per share).
• Some exercise/conversion lines are reported with $0 proceeds (these reflect conversion of derivative awards to shares rather than an open-market sale).
• Footnotes: awards include Restricted Share Units (RSUs) and Share Appreciation Rights (SARs). RSU/SAR vesting schedules vary across awards (see footnotes F2–F6 for vesting in 2024–2029).
• Transaction codes explained: A = grant/award, M = exercise/conversion of derivative, F = payment of exercise price or tax withholding (share-for-tax withholding).
• Shares owned after the transactions are not disclosed in the provided summary of the filing.

Context

• This appears to be a routine exercise/conversion of equity awards with a sell-to-cover / share-withholding to satisfy tax withholding — common when RSUs or similar awards vest/are converted. These transactions are not open-market purchases or sales by the insider indicating market sentiment; they primarily reflect award settlement and tax payment.