Jeremiah Rawlins Bickham - May 13, 2025 Form 4 Insider Report for RYAN SPECIALTY HOLDINGS, INC. (RYAN)

Role: President
Signature: /s/ Mark S. Katz, as Attorney-in-Fact
Stock symbol: RYAN
Transactions as of: May 13, 2025
Transactions value $: $0
Form type: 4
Date filed: 5/15/2025, 06:00 PM
Previous filing: Apr 2, 2025
Next filing: May 19, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
BICKHAM JEREMIAH RAWLINS	President	155 NORTH WACKER DRIVE, SUITE 4000, CHICAGO	/s/ Mark S. Katz, as Attorney-in-Fact	2025-05-15	0001871157

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	RYAN	Class B Common Stock	Conversion of derivative security	$0	-50K	-21.79%	$0.00	180K	May 13, 2025	Direct	F1
transaction	RYAN	Class A Common Stock	Conversion of derivative security	$0	+50K	+2315.89%	$0.00	52.2K	May 13, 2025	Direct

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	RYAN	Common Units	Conversion of derivative security		-50K	-21.79%		180K	May 13, 2025	Class A Common Stock	50K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Shares of Class B Common Stock, par value $0.001 per share, ("Class B Common Stock") do not represent economic interests in the Issuer. Except as provided in the Issuer's certificate of incorporation or as required by applicable law, holders of Class B Common Stock will be initially entitled to 10 votes per share on all matters to be voted on by the Issuer's stockholders generally. Upon exchange of Common Units ("Common Units") of New Ryan Specialty, LLC that are held by the Reporting Person and reported in Table II hereof, for an equal number of shares of Class A Common Stock, par value $0.001 per share, ("Class A Common Stock") of the Issuer, an equal number of shares of the Issuer's Class B Common Stock will be cancelled for no consideration.
F2	Each Common Unit, together with a share of Class B Common Stock, may be converted by the holder into one share of Class A Common Stock at any time. The LLC Common Units do not expire.

Content

Shares of Class B Common Stock, par value $0.001 per share, ("Class B Common Stock") do not represent economic interests in the Issuer. Except as provided in the Issuer's certificate of incorporation or as required by applicable law, holders of Class B Common Stock will be initially entitled to 10 votes per share on all matters to be voted on by the Issuer's stockholders generally. Upon exchange of Common Units ("Common Units") of New Ryan Specialty, LLC that are held by the Reporting Person and reported in Table II hereof, for an equal number of shares of Class A Common Stock, par value $0.001 per share, ("Class A Common Stock") of the Issuer, an equal number of shares of the Issuer's Class B Common Stock will be cancelled for no consideration.

Each Common Unit, together with a share of Class B Common Stock, may be converted by the holder into one share of Class A Common Stock at any time. The LLC Common Units do not expire.