Nair Balan 4

What Happened
Nair Balan, President, CEO and a director of Liberty Latin America (tickers: LILA, LILAB, LILAK), converted/exercised company derivative awards into 648,364 shares on March 15, 2026. The filing also shows awards granted on March 13, 2026 totaling 1,790,088 RSUs/SARs (derivative awards). To cover taxes/exercise costs, 281,349 shares were surrendered/withheld at $7.77 per share, producing proceeds of $2,186,081; the net new shares retained by Balan after withholding are approximately 367,015. Several entries show $0.00 consideration because these were share-settled derivative conversions (RSU/SAR settlements), not open-market purchases.

Key Details

• Transaction dates: Awards granted 2026-03-13; exercises/conversions and tax-withholding occurred 2026-03-15. Form filed 2026-03-17.
• Shares granted (derivatives) on 3/13: 1,790,088 RSUs/SARs (various grant lines).
• Shares acquired by conversion/exercise on 3/15: 648,364 shares.
• Shares withheld/surrendered for taxes/exercise (code F) on 3/15: 281,349 shares at $7.77/share = $2,186,081.
• Net shares added (approx.): 367,015.
• Footnotes: awards are RSUs and Share Appreciation Rights (SARs) that vest in scheduled installments (see filing footnotes F1–F6 for various vesting schedules, 2024–2029).
• Transaction codes in filing: A = Award/Grant, M = Exercise/Conversion of derivative, F = Payment of exercise price or tax liability.
• Filing timeliness: No indication of a late filing; report covers 3/13–3/15 activity and was filed on 3/17.

Context

• These were derivative awards (RSUs/SARs) being settled/exercised and partly net-settled by withholding shares to cover tax liabilities—a common, administrative result of vesting/exercise rather than an open-market sale.
• Withholding/surrender of shares to pay taxes is routine and does not necessarily signal bullish or bearish insider sentiment.
• The filing does not state total beneficial ownership after the transactions in the supplied details.