[Form 4] The AZEK Company Inc. Insider Trading Activity

Rhea-AI Filing Summary

Lanvin Group Holdings Ltd (LANV) – Schedule 13G/A (Amendment 1) filed by Meritz Securities Co., Ltd.

The Korean broker-dealer has updated its beneficial ownership report to disclose that it now holds 0 ordinary shares of Lanvin Group Holdings Ltd, representing 0.0% of the outstanding class. The filing confirms that Meritz possesses no sole or shared voting or dispositive power over any Lanvin shares. Because the position has fallen to 5% or less, Meritz states this amendment satisfies Rule 13d-1 requirements and certifies the shares were acquired and held in the ordinary course of business, not to influence control of the issuer.

The document contains no financial performance data, transactions, or strategic commentary from Lanvin. It is strictly an ownership update and related certifications, signed by CEO Kim Jong Min on 2 July 2025.

Positive

• None.

Negative

• Complete divestiture – Meritz Securities now reports 0 shares and 0.0% ownership, eliminating an institutional holder from LANV’s shareholder base.

Insights

Securities Analyst

TL;DR – Meritz exits LANV entirely; removal of institutional holder is modestly negative for sentiment.

The filing shows Meritz Securities now owns zero Lanvin shares versus a prior report that warranted Schedule 13G status. Institutional liquidation can expand free float and signal diminished conviction, though absolute market impact depends on Meritz’s former stake size, which is not disclosed here. Still, losing a reportable shareholder marginally weakens the ownership profile and could pressure near-term trading if the divestiture occurred recently. No operational or financial metrics are provided, so the update is purely ownership-related.

Corporate Governance Expert

TL;DR – Governance neutral; compliance maintained, but feedback loop from active owner disappears.

From a governance perspective, Meritz’s exit removes a potentially engaged institutional voice. The amendment affirms regulatory compliance and states the shares were not held to influence control, so no activism vector is lost. However, a decline in concentrated ownership can weaken oversight incentives. Overall governance impact is limited but skews slightly negative given reduced monitoring by a sophisticated investor.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Walbridge Morgan

(Last) (First) (Middle)

1330 W. FULTON ST.

SUITE 350

(Street)

CHICAGO IL 60607

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AZEK Co Inc. [ AZEK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/01/2025		D		23,694(1)	D	(2)(3)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance-Based Restricted Stock Units	(4)(5)	07/01/2025		D			47,849(1)	(4)(5)	(4)(5)	Common Stock	47,849	(4)(5)	0	D
Non-qualified stock options (right-to-buy)	$20.67	07/01/2025		D			8,466(1)	(6)(7)	06/01/2032	Common Stock	8,466	(6)(7)	0	D
Non-qualified stock options (right-to-buy)	$20.18	07/01/2025		D			16,630(1)	(6)(7)	12/12/2032	Common Stock	16,630	(6)(7)	0	D
Non-qualified stock options (right-to-buy)	$38.15	07/01/2025		D			8,762(1)	(6)(7)	12/15/2033	Common Stock	8,762	(6)(7)	0	D
Non-qualified stock options (right-to-buy)	$53.51	07/01/2025		D			5,540(1)	(6)(7)	12/15/2034	Common Stock	5,540	(6)(7)	0	D

Explanation of Responses:

1. Represents shares (including in respect of shares underlying, as applicable, Company RSU Awards, Company PSU Awards and Company Stock Options (each as defined in the Agreement and Plan of Merger, dated as of March 23, 2025 (as amended, the "Merger Agreement"), by and among The AZEK Company Inc. ("AZEK"), James Hardie Industries plc ("JHX") and Juno Merger Sub Inc.)) disposed of pursuant to the closing of the transactions contemplated by the Merger Agreement.

2. In accordance with the Merger Agreement, upon the Effective Time (as defined in the Merger Agreement), each share of Company Common Stock (as defined in the Merger Agreement) that was issued and outstanding immediately prior to the Effective Time (subject to certain exceptions) was converted into the right to receive $26.45 in cash, without interest (the "Cash Consideration"), and 1.0340 (the "Exchange Ratio") JHX ordinary shares, with cash in lieu of fractional JHX ordinary shares, where any such aggregated fractional shares are rounded to four (4) decimal places and multiplied by JHX's five-trading day volume-weighted average price ending on June 30, 2025, the trading day immediately prior to the closing of the transactions contemplated by the Merger Agreement (the "Parent Share Price") (collectively, the "Merger Consideration"). The Parent Share Price was $26.053018.

3. Upon the Effective Time, each then-outstanding Company RSU Award held by the reporting person was assumed by JHX and converted into (A) a time-based restricted stock unit award of JHX covering a number of JHX ordinary shares (rounded to the nearest whole number of shares) equal to the product obtained by multiplying (1) the number of shares of Company Common Stock (as defined in the Merger Agreement) subject to the Company RSU Award by (2) the Exchange Ratio and (B) a cash award having a value equal to the product obtained by multiplying (1) the number of shares of Company Common Stock subject to the Company RSU Award by (2) the Cash Consideration. Each time-based restricted stock unit award of JHX and each cash award is subject to the same terms and conditions as were applicable to the Company RSU Award immediately prior to the Effective Time, including the vesting schedule.

4. Upon the Effective Time, each then-outstanding Company PSU Award was assumed by JHX and converted into (A) a time-based restricted stock unit award of JHX covering a number of JHX ordinary shares (rounded to the nearest whole number of shares) equal to the product obtained by multiplying (1) the number of shares of Company Common Stock subject to the Company PSU Award by (2) the Exchange Ratio and (B) a cash award having a value equal to the product obtained by multiplying (1) the number of shares of Company Common Stock subject to the Company PSU Award by (2) the Cash Consideration. For purposes of the foregoing calculations, the number of shares of Company Common Stock subject to the Company PSU Award was determined based on (i) for fiscal years 2024 and 2025, actual performance and (ii) for fiscal years 2026 and 2027, target performance.

5. (Continued from footnote 4) Each time-based restricted stock unit award of JHX and each cash award is subject to the same terms and conditions as were applicable to such Company PSU Award immediately prior to the Effective Time, including the vesting schedule (except that the performance-based vesting conditions do not apply from and after the Effective Time).

6. Upon the Effective Time, each then-outstanding Company Stock Option held by the reporting person was assumed by JHX and converted into an option to purchase a number of JHX ordinary shares (rounded down to the nearest whole number of shares) equal to the product of (A) the number of shares of Company Common Stock subject to such Company Stock Option multiplied by (B) the Equity Award Exchange Ratio, with an exercise price per JHX ordinary share equal to the quotient (rounded up to the nearest whole cent) obtained by dividing (A) the exercise price per share of Company Common Stock subject to such Company Stock Option by (B) the Equity Award Exchange Ratio. The Equity Award Exchange Ratio is defined as the sum of (A) the quotient (rounded to four (4) decimal places) obtained by dividing (x) the Cash Consideration by (y) the Parent Share Price and (B) the Exchange Ratio.

7. (Continued from footnote 6) Each stock option of JHX is subject to the same terms and conditions as were applicable to such Company Stock Option immediately prior to the Effective Time, including the vesting schedule.

	/s/ Morgan Walbridge	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Why did Meritz Securities file a Schedule 13G/A for LANV on 2 Jul 2025?

To disclose that its beneficial ownership has dropped to 0 shares (0.0%), bringing it below the 5% reporting threshold.

How many Lanvin Group shares does Meritz Securities currently own?

The filing states 0 ordinary shares are beneficially owned.

Does Meritz have any voting or dispositive power over LANV shares?

No. The amendment reports no sole or shared voting or dispositive power.

Is the ownership change related to a takeover or control effort at Lanvin Group?

Meritz certifies the shares were held in the ordinary course of business and not for the purpose of influencing control.

Who signed the Schedule 13G/A on behalf of Meritz Securities?

CEO Kim Jong Min signed the document on 2 July 2025.