Perez Daniel Antonio 4

What Happened
Daniel Antonio Perez (reported as a 10% owner) converted 7,260 shares of the issuer’s Class B common stock into Class A common stock and then disposed of 7,260 shares by gift on February 17, 2026. Each conversion and the gift were reported at $0.00 per share (no cash consideration). One conversion line shows the derivative conversion as both an acquisition and an immediate disposition (reflecting the conversion and transfer).

Key Details

• Transaction date: 2026-02-17; Form 4 filed 2026-02-18 (timely filing).
• Actions reported: Conversion of derivative security (C) — 7,260 shares acquired; Gift (G) — 7,260 shares disposed; Conversion (C) — 7,260 shares disposed (derivative).
• Price: $0.00 per share for all reported items (gift/automatic conversion).
• Shares owned after transaction: Not specified in the provided filing details.
• Footnote: Class B shares are convertible into Class A shares at the holder’s election or automatically upon certain transfers (see issuer’s charter).
• No indication of a 10b5-1 plan, tax withholding, or sale-for-cash in the reported entries.

Context

• This was a gift, not a sale — gifts do not necessarily indicate the insider’s view on the company’s prospects.
• The transactions involve conversion of Class B to Class A common stock (a structural/ownership change) that often occurs automatically when shares are transferred; the Form 4 shows the conversion and immediate transfer.
• As a 10% owner, Perez is a significant shareholder; transfers by large holders can reflect estate planning or other non-market reasons rather than trading sentiment.