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Insider Trading Arrangements | 3 Months Ended
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Sep. 30, 2025 shares
Trading Arrangements, by Individual |
Non-Rule 10b5-1 Arrangement Adopted | false
Rule 10b5-1 Arrangement Terminated | false
Non-Rule 10b5-1 Arrangement Terminated | false
Mark S. Katz [Member] |
Trading Arrangements, by Individual |
Material Terms of Trading Arrangement | During the quarter ended September 30, 2025, Mark S. Katz, Executive Vice President, General Counsel and Corporate Secretary, adopted on August 21, 2025, a “Rule 10b5-1 trading arrangement” (as such term is defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a “10b5-1 Plan”) to sell (i) up to 5,500 shares of the Company’s Class A common stock that are issuable upon conversion of LLC C ommon Units and (ii) a number of shares of Class A common stock issuable upon conversion of up to 70,000 Class C Incentive Units of New LLC (the “Class C Units”), between the first potential sale date on November 20, 2025, and the expiration of his 10b5-1 Plan on March 13, 2026. The Class C Units are profits interests with a participation threshold, as of September 30, 2025, of $23.19. Pursuant to the terms of the award agreement for the Class C Units, the participation threshold is adjusted downward for distributions that the LLC makes to the Company. When the value of the Class A common stock exceeds the participation threshold of the Class C Units, the vested profits interests may be exchanged for LLC Common Units of equal value where the value of each Class C Unit is equal to the difference between the 20-day volume weighted average price of the Class A common stock immediately preceding the date of exchange and the participation threshold. On exchange, the LLC Common Units are immediately redeemed on a one-for-one basis for Class A common stock of the Company. For more information regarding Class C Incentive Units of New LLC and applicable participation threshold information, see “Note 8, Equity-Based Compensation” of the unaudited quarterly consolidated financial statements included herein.
Name | Mark S. Katz
Title | Executive Vice President, General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted | true
Adoption Date | August 21, 2025,
Expiration Date | March 13, 2026
Arrangement Duration | 113 days
Aggregate Available | 5,500

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