Quarterly report [Sections 13 or 15(d)]

Insider Trading Arrangements

v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
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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 Common 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