Rivers Kim A. 4

What Happened

• Rivers Kim, listed as a 10% owner of Trulieve Cannabis Corp. (TRUL), converted Multiple Voting Shares into Subordinate Voting Shares and received equity awards. On 2026-03-03 she converted 8,200 Multiple Voting Shares into 820,000 Subordinate Voting Shares (1-for-100 conversion). On 2026-03-13 she received awards/RSUs totaling 218,750 shares and an additional 155,561 RSU-type units, all at $0 (awards/grants). All reported transactions show $0 purchase price/value because these were conversions and equity awards, not cash purchases.

Key Details

• Transaction dates and amounts:
  • 2026-03-03: Conversion — disposed 8,200 Multiple Voting Shares and acquired 820,000 Subordinate Voting Shares (conversion rate 1 MV → 100 SV). Price: $0; value: $0. (Footnote F1)
  • 2026-03-13: Grants/Awards — acquired 218,750 shares @ $0 (award) and 155,561 shares @ $0 (derivative/RSU). Price: $0; value: $0. (Footnote F2)
• Shares owned after transactions (per footnotes):
  • Multiple Voting Shares held directly after conversion: 151,667 − 8,200 = 143,467 MV shares.
  • Additional MV shares held by Traunch IV LLC: 9,867 MV (reporting person disclaims beneficial ownership except to extent of pecuniary interest). (Footnote F3)
  • Newly acquired Subordinate Voting Shares from conversion: 820,000 SV shares.
  • Existing vested stock options to acquire 1,152,960 Subordinate Voting Shares (held directly). (Footnote F3)
• Notable footnotes:
  • F1: MV → SV conversion is one-for-100 and MV shares are convertible at any time with no expiration.
  • F2: RSUs represent contingent rights to receive subordinate shares; 50% vest Dec 1, 2027 and 50% vest Dec 1, 2028.
  • F3–F5: Additional holdings and option vesting schedules are disclosed (see filing); options vest in installments through Dec 1, 2028.
• Filing timeliness: The Form 4 was filed 2026-03-17 for transactions on 2026-03-03 and 2026-03-13 — this filing is late relative to the standard two-business-day Form 4 deadline.

Context

• These were not open‑market purchases or sales — the conversion is a structural exchange (MV → SV) and the other items are grants/RSUs. No cash changed hands, so these actions do not indicate a market purchase signal. As a 10% owner (not identified as an officer/CEO in this filing), Rivers Kim’s transactions largely reflect equity class conversion and compensation awards rather than routine buy/sell trading.
• RSUs vest over future dates (half in 2027, half in 2028); options referenced have multi-year vesting/exercise schedules — these are contingent and subject to vesting conditions, not immediate share sales.