FRIES MICHAEL T 4

What Happened

• Michael T. Fries, Executive Chairman and Director of Liberty Latin America (tickers LILA, LILAB, LILAK), exercised/converted derivative awards and received grant awards. On 2026-03-13 he was granted two restricted share unit (RSU) awards (20,430 and 40,860 RSUs). On 2026-03-15 he exercised/converted derivatives resulting in the issuance of 23,678 and 47,356 underlying shares (reported at $0 exercise price). To cover tax withholding, 6,808 shares (valued at $7.58 each, $51,605) and 14,960 shares (valued at $7.77 each, $116,239) were withheld — 21,768 shares withheld in total (~$167,844). These filings reflect award settlement and tax-withholding rather than an open-market investment or discretionary sale.

Key Details

• Transaction dates: Grants on 2026-03-13; exercises/conversions and tax-withholding on 2026-03-15. Filing date: 2026-03-17.
• Exercise/Conversion: 23,678 shares and 47,356 shares acquired at $0.00 (reported as derivative exercises, code M).
• Tax withholding (code F): 6,808 shares @ $7.58 = $51,605; 14,960 shares @ $7.77 = $116,239; total withheld = 21,768 shares (~$167,844).
• Grants (code A): 20,430 RSUs and 40,860 RSUs granted on 2026-03-13. Footnote: each RSU represents a right to receive one share at settlement.
• Shares owned after the transactions are not specified in the excerpt of the filing.
• Filing timeliness: Transactions dated 3/13 and 3/15 were reported on 3/17 — appears to be filed within the usual Form 4 reporting window.

Context

• These actions are largely administrative/compensatory: RSU grants and the conversion/exercise of derivative awards followed by withholding of shares to satisfy tax obligations. The $0 exercise price and the F-code withholdings indicate settlement/tax withholding, not an open-market sale for liquidity purposes.
• For retail investors: purchases (buys) can be stronger signals than routine award settlements; withholding to cover taxes is common and does not necessarily signal confidence or lack thereof.