Glat Neil 4

What Happened

• Director Glat Neil reported conversion/exercise of 27,050 derivative shares on June 17, 2026 (reported as code M) and a related disposition of 27,050 derivative shares the same day; both entries show $0 consideration. On June 18, 2026 he was reported as receiving 28,318 Restricted Stock Units (RSUs) (code A), also shown with $0 consideration. The filing lists no cash amounts for these transactions.

Key Details

• Transaction dates and types:
  • 2026-06-17: Exercise/conversion of derivative (M) — 27,050 shares acquired @ $0.00; 27,050 shares disposed @ $0.00 (reported as derivative).
  • 2026-06-18: Grant/award (A) — 28,318 RSUs @ $0.00.
• Consideration/value: All entries report $0.00 consideration; the filing shows no cash paid or received.
• Shares owned after transaction: Not disclosed in this Form 4.
• Footnotes of note:
  • F1: Each RSU represents a contingent right to one share of Class A common stock; RSUs have no expiration.
  • F2: The RSUs referenced vested in full on June 17, 2026.
  • F3: The 28,318 RSUs will vest in full at the earlier of June 18, 2027 or the day before the issuer’s next annual meeting.
• Filing timeliness: Transaction period is 2026-06-17 and the Form 4 was filed 2026-06-22 (appears to be filed after the two-business-day deadline).

Context

• Code M indicates exercise or conversion of a derivative instrument; here the filing shows conversion/exercise activity on 6/17 and a corresponding derivative disposition the same day. The $0 consideration may reflect a non-cash conversion or reporting convention for RSU-related entries — the filing does not show sale proceeds.
• The June 18 entry is a grant of RSUs (an award), not an open-market purchase — awards vest per the schedule in the footnotes and do not by themselves indicate immediate buying or selling of stock.
• These filings are informational; they document insider holdings and awards but do not by themselves explain the insider’s motivations.