Robinson Jill L. 4

What Happened
Jill L. Robinson, EVP, Chief Financial Officer & Treasurer of Atlanta Braves Holdings, exercised 20,000 derivative shares (options) at $27.18/share (cost $543,600) and the same day sold 20,000 common shares in an open-market transaction for roughly $40.00/share (proceeds ~$800,000). The Form 4 also reports a derivative disposition of 20,000 shares at $0 on the same date.

Key Details

• Transaction date: 2026-02-02 (filed 2026-02-03; filing appears timely).
• Exercise: 20,000 shares at $27.18 = $543,600 (code M).
• Sale: 20,000 shares at a reported price of $40.00; filing lists weighted-average sale price range $39.71–$40.22 (footnote F2); proceeds shown as $800,000 (code S).
• Additional derivative line: 20,000 share disposition at $0 reported (code M); the filing lists this separately in connection with the exercise.
• Sale executed pursuant to a prearranged Rule 10b5-1 sales plan adopted May 15, 2025 (footnote F1).
• Shares owned after the transactions: not specified in the filing.

Context
The sequence—exercising options and selling shares the same day—is commonly a cashless exercise or immediate sale of exercised shares; the reported 10b5-1 plan indicates the sale was prearranged. 10b5-1 sales are typically routine and do not by themselves imply a change in the insider’s view of the company. This filing does not indicate that Robinson is a 10% owner.