NOYES CHRISTOPHER J 4

What Happened
Christopher J. Noyes, CFO of Liberty Latin America (tickers: LILA, LILAB, LILAK), exercised/converted a total of 215,701 derivative units on March 15, 2026 and had 133,198 shares withheld to satisfy tax/withholding obligations (total withheld cash ≈ $1,026,513). The filing also shows grants on March 13, 2026 totaling 559,401 derivative awards (RSUs and share appreciation rights) that vest over multiple years per the footnotes. After the withholdings, about 82,503 net shares were issued to Noyes (215,701 converted − 133,198 withheld).

Key Details

• Transaction dates: Grants awarded March 13, 2026; conversions/exercises and withholding occurred March 15, 2026; Form 4 filed March 17, 2026 (timely).
• Exercises/conversions: 215,701 derivative units converted into shares (multiple line items).
• Withheld to pay taxes (code F): 133,198 shares withheld at prices of $7.58 and $7.77 per share, totaling approximately $1,026,513.
• Grants (code A on 3/13): 559,401 derivative awards (mix of RSUs and SARs), granted with $0 exercise price in some lines.
• Footnote highlights: RSUs represent rights to one share at settlement; RSUs and SARs vest in scheduled annual installments (see filing footnotes for specific vesting years).
• Shares owned after transaction: Not specified in the provided filing summary.
• Filing timeliness: Report filed within the Form 4 deadline (no indication of a late filing).

Context

• This was primarily an exercise/conversion of company awards with a net-share settlement style outcome (shares converted and a portion withheld to cover taxes), not an open-market purchase or discretionary sale. Such withholdings to cover tax liabilities are common when restricted units or option exercises vest and do not necessarily signal an intent to sell remaining shares.
• For retail investors, purchases (cash outflows) typically signal direct insider buying interest; exercises with tax withholding are administrative and routine.