Larson Keith D 4

What Happened
Keith D. Larson, General Counsel and Secretary of Venture Global, exercised stock options and immediately sold the resulting shares over April 15–16, 2026. He exercised two option lots of 555,556 shares each (strike $0.79), acquiring a total of 1,111,112 shares at a cash cost of $438,889 per exercise (total exercise cost ≈ $877,778). He then sold the same 1,111,112 shares in open-market transactions, generating gross proceeds of about $13.9 million (≈ $6.88M on Apr 15 and ≈ $7.02M on Apr 16).

Key Details

• Transactions: exercised options (Form 4 code M) and contemporaneous open-market sales (S). The filing also records derivative disposals at $0.00 reflecting conversion/settlement of the option instrument.
• Dates & prices:
  • Apr 15, 2026: exercised 555,556 shares at $0.79; sold 555,556 shares at a weighted avg $12.38 (sales ranged $12.15–$12.63) — proceeds ≈ $6,875,506. (F1)
  • Apr 16, 2026: exercised 555,556 shares at $0.79; sold 555,556 shares at a weighted avg $12.64 (sales ranged $12.08–$12.84) — proceeds ≈ $7,020,228. (F2)
• Total: 1,111,112 shares acquired via exercise and 1,111,112 shares sold; gross proceeds ≈ $13,895,734; total exercise cash ≈ $877,778.
• Shares owned after transaction: not disclosed in the provided filing details.
• Footnotes: F1/F2 note weighted-average sale prices and price ranges; upon SEC request, the reporting person will provide per-trade price detail. F3: the stock option exercised was fully vested and exercisable.
• Filing timeliness: Form 4 was filed April 16, 2026 (next day); no late-filing indication in the record provided.

Context

• This was effectively a cashless exercise: Larson exercised vested options and sold the resulting shares the same days, realizing cash proceeds after paying the exercise price. Such transactions are common for option holders to cover exercise/tax costs and do not by themselves indicate a view on the company’s long-term prospects.