Jacobson Roberta S. 4

What Happened
Roberta S. Jacobson, a director of Liberty Latin America (tickers LILA / LILAB / LILAK), had two derivative exercises and two grants reported in a Form 4 covering March 13–15, 2026. The filing shows exercises/conversions of 1,122 and 2,244 shares (total 3,366 shares) reported with an exercise price of $0.00 (acquired). The filing also reports disposals of those same 1,122 and 2,244 share amounts on March 15 (listed as "Disposed," price N/A). Separately, Ms. Jacobson received two awards of restricted share units (RSUs) totaling 19,356 RSUs (6,452 and 12,904) on March 13; each RSU represents a right to one share at settlement (footnote F1). No cash value or sale proceeds are reported in the filing.

Key Details

• Transaction dates: grants/awards dated 2026-03-13; exercises/conversions and related disposals dated 2026-03-15.
• Reported prices: exercises listed at $0.00 per share (acquisitions); disposals show N/A price.
• Quantity: exercised 3,366 shares (1,122 + 2,244); granted 19,356 RSUs (6,452 + 12,904).
• Shares owned after transaction: not disclosed in the provided filing details.
• Footnote: F1 — each RSU equals the right to receive one Class A or Class C common share at settlement.
• Timeliness: Form 4 filed 2026-03-17 for transactions on Mar 13–15 — filing appears timely (no late filing flag).

Context

• Transaction codes: A = grant/award (RSUs); M = exercise/conversion of derivatives. RSUs are derivative awards that settle into shares later; they are not immediate open‑market purchases.
• The pairing of acquired and disposed entries for the exercised shares suggests the exercised shares were transferred or otherwise disposed of the same day (common reasons include withholding for taxes or immediate sale), but the Form 4 does not specify the reason or any cash amounts.
• These entries are routine insider equity activity (awarded RSUs and conversion/exercise events) and should be interpreted as record of compensation/settlement rather than an open‑market purchase signaling a direct bullish bet.