Horowitz Jeff Peter 4

What Happened
Jeff Horowitz, Chief Compliance Officer of BitGo Holdings, settled a total of 2,084 cash‑settled phantom stock units on May 22, 2026. The Form 4 reports two derivative conversions/exercises: 521 units and 1,563 units, both marked as cash‑settled (no per‑share price reported). These Units represent the economic equivalent of Class A common shares and were paid out in cash rather than issued as shares.

Key Details

• Transaction date: May 22, 2026 (Form 4 filed June 12, 2026 — the filing was late relative to the usual 2‑business‑day Form 4 deadline).
• Reported items: exercise/conversion of derivative (code M) for 521 Units and 1,563 Units (total 2,084 Units). No exercise price or sale price is reported (cash‑settled).
• Shares owned after transaction: not explicitly stated on this Form 4; the filing notes the Reporting Person's total Class A holdings were adjusted because Units previously counted in earlier filings are now reported in Table II.
• Footnotes of note:
  • F1: Each Unit = economic equivalent of one Class A share; Units were settled for cash on May 22, 2026.
  • F2/F4: The reported Units reflect recent vesting (April/May 2026 vest dates); larger balances remain subject to future monthly vesting through March 1, 2028 and December 18, 2028 respectively.
  • F3: The award does not expire—it either vests or is canceled prior to vesting.

Context
Phantom stock units are cash‑settled instruments that track the economic value of shares; settlement here means Horowitz received cash proceeds rather than issued Class A shares. This is a routine vesting/settlement event rather than an open‑market purchase or sale indicating a change in ownership intent. Remaining Units continue to vest monthly per the schedules disclosed in the footnotes.