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Nasdaq · USD

INDI

indie Semiconductor, Inc.

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Tapewire entity
2432
SEC CIK
0001841925
Parsed reports
359

Last 12 months

Inside the activity.

0 purchase rows · 104 sale rows

Disclosed non-derivative P/S rows, by transaction month. Includes amendments and private transactions.
Monthly counts
MonthPurchasesSales
Nov 202508
Dec 2025010
Jan 2026010
Feb 202600
Mar 2026023
Apr 2026011
May 202609
Jun 2026011
Jul 202606
Aug 202607
Sep 202609
Oct 202600

Latest available

Insider transactions

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Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.

Transaction dateOwner / reported roleActivity / securityShares / unitsReported priceReported valueDetails
December 01, 2025 Filed Dec 3, 2025 23:18 UTC
McClymont DonaldDirector · Chief Executive Officer
Exercise / conversionClass A Common Stock 25,593 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-307087 · ownership.xml · nonDerivative · entry 1

McClymont Donald · CIK 0001866018 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 161,195

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

Read SEC document
December 01, 2025 Filed Dec 3, 2025 23:24 UTC
Aoki IchiroDirector · President
Exercise / conversionRestricted Stock Units · Derivative 3,233 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-307093 · ownership.xml · derivative · entry 5

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Common Stock · 3,233 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of Class A common stock.

F3 · derivative.exercise_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a percentage of cash salary as part of a voluntary equity compensation program as approved by the Board of Directors in June 2023. The number of underlying shares is equal to the amount of the forgone salary, divided by the closing trading price of INDI on the date of grant.

F3 · derivative.expiration_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a percentage of cash salary as part of a voluntary equity compensation program as approved by the Board of Directors in June 2023. The number of underlying shares is equal to the amount of the forgone salary, divided by the closing trading price of INDI on the date of grant.

Read SEC document
December 01, 2025 Filed Dec 3, 2025 23:24 UTC
Aoki IchiroDirector · President
GrantRestricted Stock Units · Derivative 3,233 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-307093 · ownership.xml · derivative · entry 4

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,233

Underlying: Class A Common Stock · 3,233 shares

Expires not disclosed

F2 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of Class A common stock.

F3 · derivative.exercise_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a percentage of cash salary as part of a voluntary equity compensation program as approved by the Board of Directors in June 2023. The number of underlying shares is equal to the amount of the forgone salary, divided by the closing trading price of INDI on the date of grant.

F3 · derivative.expiration_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a percentage of cash salary as part of a voluntary equity compensation program as approved by the Board of Directors in June 2023. The number of underlying shares is equal to the amount of the forgone salary, divided by the closing trading price of INDI on the date of grant.

Read SEC document
December 01, 2025 Filed Dec 3, 2025 23:24 UTC
Aoki IchiroDirector · President
Exercise / conversionClass A Common Stock 3,233 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-307093 · ownership.xml · nonDerivative · entry 1

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 85,867

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

Read SEC document
December 01, 2025 Filed Dec 3, 2025 23:13 UTC Exercise / conversionRestricted Stock Units · Derivative 2,694 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-307080 · ownership.xml · derivative · entry 3

OWENS JEFFREY J · CIK 0001193575 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Common Stock · 2,694 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of Class A common stock.

F2 · derivative.exercise_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a quarterly cash retainer and chairperson fees, if any, as part of a voluntary independent director compensation program as approved by the Board of Directors in June 2023. The number of underlying shares is equal to the amount of the forgone quarterly cash retainer and chairperson fees, if any, divided by the closing trading price of INDI on the date of grant.

F2 · derivative.expiration_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a quarterly cash retainer and chairperson fees, if any, as part of a voluntary independent director compensation program as approved by the Board of Directors in June 2023. The number of underlying shares is equal to the amount of the forgone quarterly cash retainer and chairperson fees, if any, divided by the closing trading price of INDI on the date of grant.

Read SEC document
December 01, 2025 Filed Dec 3, 2025 23:13 UTC GrantRestricted Stock Units · Derivative 2,694 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-307080 · ownership.xml · derivative · entry 2

OWENS JEFFREY J · CIK 0001193575 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,694

Underlying: Class A Common Stock · 2,694 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of Class A common stock.

F2 · derivative.exercise_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a quarterly cash retainer and chairperson fees, if any, as part of a voluntary independent director compensation program as approved by the Board of Directors in June 2023. The number of underlying shares is equal to the amount of the forgone quarterly cash retainer and chairperson fees, if any, divided by the closing trading price of INDI on the date of grant.

F2 · derivative.expiration_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a quarterly cash retainer and chairperson fees, if any, as part of a voluntary independent director compensation program as approved by the Board of Directors in June 2023. The number of underlying shares is equal to the amount of the forgone quarterly cash retainer and chairperson fees, if any, divided by the closing trading price of INDI on the date of grant.

Read SEC document
December 01, 2025 Filed Dec 3, 2025 23:13 UTC Exercise / conversionClass A Common Stock 2,694 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-307080 · ownership.xml · nonDerivative · entry 1

OWENS JEFFREY J · CIK 0001193575 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 160,511

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

Read SEC document
December 01, 2025 Filed Dec 3, 2025 23:08 UTC Exercise / conversionRestricted Stock Units · Derivative 3,233 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-307069 · ownership.xml · derivative · entry 3

Brink Diane D · CIK 0001729127 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Common Stock · 3,233 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of Class A common stock.

F2 · derivative.exercise_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a quarterly cash retainer and chairperson fees, if any, as part of a voluntary independent director compensation program as approved by the Board of Directors in June 2023. The number of underlying shares is equal to the amount of the forgone quarterly cash retainer and chairperson fees, if any, divided by the closing trading price of INDI on the date of grant.

F2 · derivative.expiration_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a quarterly cash retainer and chairperson fees, if any, as part of a voluntary independent director compensation program as approved by the Board of Directors in June 2023. The number of underlying shares is equal to the amount of the forgone quarterly cash retainer and chairperson fees, if any, divided by the closing trading price of INDI on the date of grant.

Read SEC document
December 01, 2025 Filed Dec 3, 2025 23:08 UTC GrantRestricted Stock Units · Derivative 3,233 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-307069 · ownership.xml · derivative · entry 2

Brink Diane D · CIK 0001729127 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,233

Underlying: Class A Common Stock · 3,233 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of Class A common stock.

F2 · derivative.exercise_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a quarterly cash retainer and chairperson fees, if any, as part of a voluntary independent director compensation program as approved by the Board of Directors in June 2023. The number of underlying shares is equal to the amount of the forgone quarterly cash retainer and chairperson fees, if any, divided by the closing trading price of INDI on the date of grant.

F2 · derivative.expiration_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a quarterly cash retainer and chairperson fees, if any, as part of a voluntary independent director compensation program as approved by the Board of Directors in June 2023. The number of underlying shares is equal to the amount of the forgone quarterly cash retainer and chairperson fees, if any, divided by the closing trading price of INDI on the date of grant.

Read SEC document
December 01, 2025 Filed Dec 3, 2025 23:08 UTC Exercise / conversionClass A Common Stock 3,233 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-307069 · ownership.xml · nonDerivative · entry 1

Brink Diane D · CIK 0001729127 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 166,832

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

Read SEC document
November 21, 2025 Filed Nov 25, 2025 00:00 UTC
Wu NaixiChief Financial Officer
SaleClass A Common Stock 3,483 $3.30 $11,499.12
Disclosure

SEC source: 0001193125-25-293984 · ownership.xml · nonDerivative · entry 3

Wu Naixi · CIK 0002095553 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 87,178

F2 · kind: Represents shares of Class A common stock sold in the open market in accordance with a sell-all election made at the start of a program period of a voluntary equity compensation program as approved by the Board of Directors in June 2023. This election was made during an open trading window while Ms. Wu was not in possession of material non-public information.

Read SEC document
November 21, 2025 Filed Nov 25, 2025 00:00 UTC
Wu NaixiChief Financial Officer
SaleClass A Common Stock 3,613 $3.30 $11,928.32
Disclosure

SEC source: 0001193125-25-293984 · ownership.xml · nonDerivative · entry 2

Wu Naixi · CIK 0002095553 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 90,661

F1 · kind: Represent shares of Class A common stock sold in the open market to pay for withholding taxes in connection with the vesting of restricted stock units.

Read SEC document
November 20, 2025 Filed Nov 25, 2025 00:00 UTC
Wu NaixiChief Financial Officer
Exercise / conversionRestricted Stock Units · Derivative 7,096 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-293984 · ownership.xml · derivative · entry 6

Wu Naixi · CIK 0002095553 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Common Stock · 7,096 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of Class A common stock.

F4 · derivative.exercise_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a percentage of cash salary as part of a voluntary equity compensation program as approved by the Board of Directors in June 2023.

F4 · derivative.expiration_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a percentage of cash salary as part of a voluntary equity compensation program as approved by the Board of Directors in June 2023.

Read SEC document
November 20, 2025 Filed Nov 25, 2025 00:00 UTC
Wu NaixiChief Financial Officer
GrantRestricted Stock Units · Derivative 7,096 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-293984 · ownership.xml · derivative · entry 5

Wu Naixi · CIK 0002095553 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,096

Underlying: Class A Common Stock · 7,096 shares

Expires not disclosed

F3 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of Class A common stock.

F4 · derivative.exercise_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a percentage of cash salary as part of a voluntary equity compensation program as approved by the Board of Directors in June 2023.

F4 · derivative.expiration_date: Represents Restricted Stock Units ("RSUs") that were fully vested as of the grant date. These RSUs represent shares received in lieu of a percentage of cash salary as part of a voluntary equity compensation program as approved by the Board of Directors in June 2023.

Read SEC document
November 20, 2025 Filed Nov 25, 2025 00:00 UTC
Wu NaixiChief Financial Officer
Exercise / conversionClass A Common Stock 7,096 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-293984 · ownership.xml · nonDerivative · entry 1

Wu Naixi · CIK 0002095553 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 94,274

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

Read SEC document
November 19, 2025 Filed Nov 20, 2025 00:00 UTC
Aoki IchiroDirector · President
Exercise / conversionADK Class A Units · Derivative 25,000 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001193125-25-288499 · ownership.xml · derivative · entry 12

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,439,362

Underlying: Class A Common Stock · 4,939,362 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · security: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

F7 · derivative.expiration_date: N/A

Read SEC document
November 19, 2025 Filed Nov 20, 2025 00:00 UTC
Aoki IchiroDirector · President
SaleClass A Common Stock 25,000 $3.44 $86,057.50
Disclosure

SEC source: 0001193125-25-288499 · ownership.xml · nonDerivative · entry 9

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 82,634

F3 · kind: Represents shares of Class A common stock sold in the open market.

F6 · price: The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $3.44 to $3.445, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.

Read SEC document
November 19, 2025 Filed Nov 20, 2025 00:00 UTC
Aoki IchiroDirector · President
Exercise / conversionClass A Common Stock 25,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-288499 · ownership.xml · nonDerivative · entry 8

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 107,634

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · kind: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

Read SEC document
November 19, 2025 Filed Nov 20, 2025 00:00 UTC
Aoki IchiroDirector · President
Exercise / conversionClass V Common Stock 25,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-288499 · ownership.xml · nonDerivative · entry 7

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,439,362

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Cancellation of Class V Common Stock upon Reporting Person's exchange of ADK Class A Units for an equal number of shares of Class A Common Stock. See note 2.

Read SEC document
November 18, 2025 Filed Nov 20, 2025 00:00 UTC
Aoki IchiroDirector · President
Exercise / conversionADK Class A Units · Derivative 75,000 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001193125-25-288499 · ownership.xml · derivative · entry 11

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,464,362

Underlying: Class A Common Stock · 4,939,362 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · security: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

F7 · derivative.expiration_date: N/A

Read SEC document
November 18, 2025 Filed Nov 20, 2025 00:00 UTC
Aoki IchiroDirector · President
SaleClass A Common Stock 75,000 $3.50 $262,215.00
Disclosure

SEC source: 0001193125-25-288499 · ownership.xml · nonDerivative · entry 6

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 82,634

F3 · kind: Represents shares of Class A common stock sold in the open market.

F5 · price: The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $3.455 to $3.55, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.

Read SEC document
November 18, 2025 Filed Nov 20, 2025 00:00 UTC
Aoki IchiroDirector · President
Exercise / conversionClass A Common Stock 75,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-288499 · ownership.xml · nonDerivative · entry 5

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 157,634

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · kind: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

Read SEC document
November 18, 2025 Filed Nov 20, 2025 00:00 UTC
Aoki IchiroDirector · President
Exercise / conversionClass V Common Stock 75,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-288499 · ownership.xml · nonDerivative · entry 4

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,464,362

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Cancellation of Class V Common Stock upon Reporting Person's exchange of ADK Class A Units for an equal number of shares of Class A Common Stock. See note 2.

Read SEC document
November 17, 2025 Filed Nov 20, 2025 00:00 UTC
Aoki IchiroDirector · President
Exercise / conversionADK Class A Units · Derivative 75,000 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001193125-25-288499 · ownership.xml · derivative · entry 10

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,539,362

Underlying: Class A Common Stock · 4,939,362 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · security: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

F7 · derivative.expiration_date: N/A

Read SEC document
November 17, 2025 Filed Nov 20, 2025 00:00 UTC
Aoki IchiroDirector · President
SaleClass A Common Stock 75,000 $3.66 $274,470.00
Disclosure

SEC source: 0001193125-25-288499 · ownership.xml · nonDerivative · entry 3

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 82,634

F3 · kind: Represents shares of Class A common stock sold in the open market.

F4 · price: The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $3.57 to $3.715, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.

Read SEC document
November 17, 2025 Filed Nov 20, 2025 00:00 UTC
Aoki IchiroDirector · President
Exercise / conversionClass A Common Stock 75,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-288499 · ownership.xml · nonDerivative · entry 2

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 157,634

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · kind: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

Read SEC document
November 17, 2025 Filed Nov 20, 2025 00:00 UTC
Aoki IchiroDirector · President
Exercise / conversionClass V Common Stock 75,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-288499 · ownership.xml · nonDerivative · entry 1

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,539,362

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Cancellation of Class V Common Stock upon Reporting Person's exchange of ADK Class A Units for an equal number of shares of Class A Common Stock. See note 2.

Read SEC document
November 14, 2025 Filed Nov 17, 2025 23:22 UTC
Aoki IchiroDirector · President
Exercise / conversionADK Class A Units · Derivative 75,000 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001193125-25-284900 · ownership.xml · derivative · entry 8

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,614,362

Underlying: Class A Common Stock · 4,939,362 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · security: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

F6 · derivative.expiration_date: N/A

Read SEC document
November 14, 2025 Filed Nov 17, 2025 23:22 UTC
Aoki IchiroDirector · President
SaleClass A Common Stock 75,000 $3.91 $293,092.50
Disclosure

SEC source: 0001193125-25-284900 · ownership.xml · nonDerivative · entry 6

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 82,634

F3 · kind: Represents shares of Class A common stock sold in the open market.

F5 · price: The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $3.87 to $3.935, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.

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November 14, 2025 Filed Nov 17, 2025 23:22 UTC
Aoki IchiroDirector · President
Exercise / conversionClass A Common Stock 75,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-284900 · ownership.xml · nonDerivative · entry 5

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 157,634

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · kind: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

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November 14, 2025 Filed Nov 17, 2025 23:22 UTC
Aoki IchiroDirector · President
Exercise / conversionClass V Common Stock 75,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-284900 · ownership.xml · nonDerivative · entry 4

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,614,362

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Cancellation of Class V Common Stock upon Reporting Person's exchange of ADK Class A Units for an equal number of shares of Class A Common Stock. See note 2.

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November 13, 2025 Filed Nov 17, 2025 23:22 UTC
Aoki IchiroDirector · President
Exercise / conversionADK Class A Units · Derivative 250,000 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001193125-25-284900 · ownership.xml · derivative · entry 7

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,689,362

Underlying: Class A Common Stock · 4,939,362 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · security: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

F6 · derivative.expiration_date: N/A

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November 13, 2025 Filed Nov 17, 2025 23:22 UTC
Aoki IchiroDirector · President
SaleClass A Common Stock 250,000 $3.92 $979,375.00
Disclosure

SEC source: 0001193125-25-284900 · ownership.xml · nonDerivative · entry 3

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 82,634

F3 · kind: Represents shares of Class A common stock sold in the open market.

F4 · price: The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $3.815 to $4.055, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.

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November 13, 2025 Filed Nov 17, 2025 23:22 UTC
Aoki IchiroDirector · President
Exercise / conversionClass A Common Stock 250,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-284900 · ownership.xml · nonDerivative · entry 2

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 332,634

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · kind: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

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November 13, 2025 Filed Nov 17, 2025 23:22 UTC
Aoki IchiroDirector · President
Exercise / conversionClass V Common Stock 250,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-284900 · ownership.xml · nonDerivative · entry 1

Aoki Ichiro · CIK 0001865423 · Director · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,689,362

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Cancellation of Class V Common Stock upon Reporting Person's exchange of ADK Class A Units for an equal number of shares of Class A Common Stock. See note 2.

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November 11, 2025 Filed Nov 14, 2025 00:43 UTC
Wu NaixiChief Financial Officer
SaleClass A Common Stock 5,261 $4.18 $21,990.98
Disclosure

SEC source: 0001193125-25-280722 · ownership.xml · nonDerivative · entry 2

Wu Naixi · CIK 0002095553 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 87,178

F1 · kind: Represent shares of Class A common stock sold in the open market to pay for withholding taxes in connection with the vesting of restricted stock units.

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November 10, 2025 Filed Nov 14, 2025 00:43 UTC
Wu NaixiChief Financial Officer
Exercise / conversionRestricted Stock Units · Derivative 10,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-280722 · ownership.xml · derivative · entry 4

Wu Naixi · CIK 0002095553 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Common Stock · 10,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of Class A common stock.

F3 · derivative.exercise_date: Such restricted stock units vest at the rate of 25% annually beginning on November 10, 2022.

F3 · derivative.expiration_date: Such restricted stock units vest at the rate of 25% annually beginning on November 10, 2022.

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November 10, 2025 Filed Nov 14, 2025 00:43 UTC
Wu NaixiChief Financial Officer
Exercise / conversionClass A Common Stock 10,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-280722 · ownership.xml · nonDerivative · entry 1

Wu Naixi · CIK 0002095553 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 92,439

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

Read SEC document
November 06, 2025 Filed Nov 11, 2025 01:56 UTC
Wu NaixiChief Financial Officer
GrantRestricted Stock Units · Derivative 200,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-274907 · ownership.xml · derivative · entry 1

Wu Naixi · CIK 0002095553 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 200,000

Underlying: Class A Common Stock · 200,000 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of Class A common stock.

F2 · derivative.exercise_date: The time-based restricted stock units shall vest and become nonforfeitable with respect to thirty-three and one third percent (33 1/3%) of the total number of restricted stock units on each of the first, second, and third anniversaries of the grant date.

F2 · derivative.expiration_date: The time-based restricted stock units shall vest and become nonforfeitable with respect to thirty-three and one third percent (33 1/3%) of the total number of restricted stock units on each of the first, second, and third anniversaries of the grant date.

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October 15, 2025 Filed Oct 17, 2025 21:45 UTC
McClymont DonaldDirector · Chief Executive Officer
Exercise / conversionADK Class A Units · Derivative 200,000 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001193125-25-242670 · ownership.xml · derivative · entry 5

McClymont Donald · CIK 0001866018 · Director · Chief Executive Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 4,966,425

Underlying: Class A Common Stock · 5,366,425 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · security: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

F5 · derivative.expiration_date: N/A

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October 15, 2025 Filed Oct 17, 2025 21:45 UTC
McClymont DonaldDirector · Chief Executive Officer
SaleClass A Common Stock 200,000 $6.01 $1,201,320.00
Disclosure

SEC source: 0001193125-25-242670 · ownership.xml · nonDerivative · entry 3

McClymont Donald · CIK 0001866018 · Director · Chief Executive Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 135,602

F3 · kind: The sales made in this Form 4 were made pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 13, 2025. The Reporting Person's Rule 10b5-1 plan includes automated open market sales of the Issuer's Class A common stock on predetermined dates and prices through June 30, 2027.

F4 · price: The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $6.0066 to $6.0066, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.

Read SEC document
October 15, 2025 Filed Oct 17, 2025 21:45 UTC
McClymont DonaldDirector · Chief Executive Officer
Exercise / conversionClass A Common Stock 200,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-242670 · ownership.xml · nonDerivative · entry 2

McClymont Donald · CIK 0001866018 · Director · Chief Executive Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 335,602

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · kind: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

Read SEC document
October 15, 2025 Filed Oct 17, 2025 21:45 UTC
McClymont DonaldDirector · Chief Executive Officer
Exercise / conversionClass V Common Stock 200,000 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-242670 · ownership.xml · nonDerivative · entry 1

McClymont Donald · CIK 0001866018 · Director · Chief Executive Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 4,966,425

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Cancellation of Class V Common Stock upon Reporting Person's exchange of ADK Class A Units for an equal number of shares of Class A Common Stock. See note 2.

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September 22, 2025 Filed Sep 25, 2025 00:00 UTC
McClymont DonaldDirector · Chief Executive Officer
Exercise / conversionADK Class A Units · Derivative 188,700 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001193125-25-216098 · ownership.xml · derivative · entry 5

McClymont Donald · CIK 0001866018 · Director · Chief Executive Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 5,166,425

Underlying: Class A Common Stock · 5,366,425 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F5 · derivative.expiration_date: N/A

Read SEC document
September 22, 2025 Filed Sep 25, 2025 00:00 UTC
McClymont DonaldDirector · Chief Executive Officer
SaleClass A Common Stock 188,700 $4.01 $756,554.91
Disclosure

SEC source: 0001193125-25-216098 · ownership.xml · nonDerivative · entry 3

McClymont Donald · CIK 0001866018 · Director · Chief Executive Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 135,602

F3 · kind: The sales made in this Form 4 were made pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 13, 2025. The Reporting Person's Rule 10b5-1 plan includes automated open market sales of the Issuer's Class A common stock on predetermined dates and prices through June 30, 2027.

F4 · price: The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $4.00 to $4.045, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.

Read SEC document
September 22, 2025 Filed Sep 25, 2025 00:00 UTC
McClymont DonaldDirector · Chief Executive Officer
Exercise / conversionClass A Common Stock 188,700 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-216098 · ownership.xml · nonDerivative · entry 2

McClymont Donald · CIK 0001866018 · Director · Chief Executive Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 324,302

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · kind: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

Read SEC document
September 22, 2025 Filed Sep 25, 2025 00:00 UTC
McClymont DonaldDirector · Chief Executive Officer
Exercise / conversionClass V Common Stock 188,700 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-216098 · ownership.xml · nonDerivative · entry 1

McClymont Donald · CIK 0001866018 · Director · Chief Executive Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 5,166,425

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Cancellation of Class V Common Stock upon Reporting Person's exchange of ADK Class A Units for an equal number of shares of Class A Common Stock. See note 2.

Read SEC document
September 15, 2025 Filed Sep 17, 2025 21:48 UTC
McClymont DonaldDirector · Chief Executive Officer
Exercise / conversionADK Class A Units · Derivative 11,300 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001193125-25-206410 · ownership.xml · derivative · entry 5

McClymont Donald · CIK 0001866018 · Director · Chief Executive Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 5,355,125

Underlying: Class A Common Stock · 5,366,425 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · security: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

F5 · derivative.expiration_date: N/A

Read SEC document
September 15, 2025 Filed Sep 17, 2025 21:48 UTC
McClymont DonaldDirector · Chief Executive Officer
SaleClass A Common Stock 11,300 $4.00 $45,200.00
Disclosure

SEC source: 0001193125-25-206410 · ownership.xml · nonDerivative · entry 3

McClymont Donald · CIK 0001866018 · Director · Chief Executive Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 135,602

F3 · kind: The sales made in this Form 4 were made pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 13, 2025. The Reporting Person's Rule 10b5-1 plan includes automated open market sales of the Issuer's Class A common stock on predetermined dates and prices through June 30, 2027.

F4 · price: The price reported in Column 4 is a weighted average price. The shares reported in this Form 4 were sold in separate transactions at prices ranging from $4.00 to $4.01, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the price range set forth in this footnote.

Read SEC document
September 15, 2025 Filed Sep 17, 2025 21:48 UTC
McClymont DonaldDirector · Chief Executive Officer
Exercise / conversionClass A Common Stock 11,300 $0.00 $0.00
Disclosure

SEC source: 0001193125-25-206410 · ownership.xml · nonDerivative · entry 2

McClymont Donald · CIK 0001866018 · Director · Chief Executive Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 146,902

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · kind: Class A Common Stock received upon conversion of ADK Class A Units. The ADK Class A Units may be exchanged by the Reporting Person at any time after December 10, 2021 for an equal amount of shares of Class A Common Stock or, at the election of the Issuer, cash equal to the fair market value of such shares. Upon the Reporting Person's exchange of an ADK Class A Unit for Class A Common Stock, an equivalent number of shares of Class V Common Stock will be cancelled.

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Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.