Intrator Michael N 4

What Happened
Michael N. Intrator (listed as a 10% owner) reported large share dispositions on July 7–8, 2026. The filing shows multiple open‑market/private sales totaling 369,489 shares for aggregate proceeds of approximately $30.8 million. The report also shows conversion of 107,692 derivative securities (e.g., Class B → Class A), which are reflected in the filing as acquisitions/dispositions (no price shown for the conversion). Several sales were effected under a Rule 10b5‑1 trading plan.

Key Details

• Dates: Transactions occurred July 7 and July 8, 2026; Form 4 filed July 9, 2026 (no late filing flag shown).
• Quantity & proceeds: 369,489 shares sold for ~ $30.8M total (individual blocks ranged from ~1,120 to 200,000 shares across multiple trades).
• Prices: Reported prices and weighted averages span roughly $79.61 to ~$89.88 (footnotes show weighted ranges up to $90.13 for some blocks).
• Derivative activity: Conversion of 107,692 derivative shares reported (per filing footnote, Class B shares are convertible to Class A). The conversion entries are shown with N/A for price.
• Trading plan and holdings: Some sales were made pursuant to a Rule 10b5‑1 plan adopted Nov 20, 2025 (footnote). Other footnotes show holdings through entities/trusts (PMI GRAT, Intrator Family trusts, Omnadora) and related beneficial‑ownership disclaimers.

Context

• Sales vs purchases: These are sales (liquidity-taking), not purchases; sales are common for diversification or tax/planning purposes and do not necessarily signal a change in company outlook.
• 10% owner note: As a 10% owner (not labeled as an operating executive in this filing), some shares are held through trusts and an investment entity; the filing disclaims beneficial ownership in certain holdings except for pecuniary interest.
• Derivative explanation: “Conversion of derivative security” here means convertible shares were converted into common shares (per the charter conversion feature) and are reported separately from the open‑market sales.