John C. Malone - 29 Mar 2023 Form 4 Insider Report for Liberty Broadband Corp (LBRDA)

Role
Director, 10%+ Owner
Signature
/s/ Brittany A. Uthoff as Attorney-in-Fact for John C. Malone
Issuer symbol
LBRDA
Transactions as of
29 Mar 2023
Net transactions value
$0
Form type
4
Filing time
31 Mar 2023, 17:52:02 UTC
Previous filing
28 Mar 2023
Next filing
27 Apr 2023
SEC
View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction LBRDA Call option(obligation to sell) Sale -400,000 -50% 400,000 29 Mar 2023 Series C Common Stock 400,000 $114.00 Direct F1, F2
transaction LBRDA Put option (right to sell) Purchase +400,000 400,000 29 Mar 2023 Series C Common Stock 400,000 $71.55 Direct F1, F2
transaction LBRDA Call option(obligation to sell) Expiration of short derivative position -400,000 -100% 0 29 Mar 2023 Series C Common Stock 400,000 $228.01 Direct F1, F3
transaction LBRDA Put option (right to sell) Other -400,000 -100% 0 29 Mar 2023 Series C Common Stock 400,000 $145.93 Direct F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On March 29, 2023, the reporting person agreed to amend a "zero-cost collar" arrangement (the "Transaction") previously entered into on September 14, 2021, pursuant to which the exercise prices of the previous European put and call options were amended. Pursuant to the Transaction, the amended options are European call options and European put options over an aggregate of 400,000 shares of Series C Common stock. Only one of the options can be in the money on the expiration date, at which time the in-the-money options will be exercised, and the other options will expire. If neither the put options nor the call options are in the money on the expiration date, both the put and call options will expire. The Transaction will be settled in cash unless the reporting person elects physical settlement.
F2 The Transaction is divided into 5 components, each of which are with respect to 80,000 shares of Series C common stock. The components mature on the sequential trading days over the period beginning on August 21, 2028 and ending on August 25, 2028.
F3 Reflects the deemed cancellation of the options entered into in connection with the "zero-cost collar" arrangement on September 14, 2021 referenced in footnote 1.