[Form 4] Guardant Health, Inc. Insider Trading Activity

Rhea-AI Filing Summary

LATAM Airlines Group S.A. (NYSE: LTM) – Schedule 13D/A (Amendment No. 4) filed 07/02/2025

The filing consolidates the holdings of Strategic Value Partners, LLC ("SVP") and a series of affiliated investment vehicles, together with SVP founder Victor Khosla. Collectively, the reporting persons disclose beneficial ownership of 76,307,210,279 shares (12.6% of the outstanding ADR-equivalent class). All voting and dispositive power is reported on a shared basis; none of the entities nor Mr. Khosla claim sole power over the shares.

Key ownership blocks

• Strategic Value Partners, LLC & Victor Khosla – 12.6%
• Ashton Gate S.à r.l. / SVP Special Situations V LLC – 5.2%
• Green Pasture S.à r.l. / SVP Capital Solutions LLC – 2.8%
• Grouse Moor S.à r.l. / SVP Special Situations IV LLC – 3.0%
• Other affiliated Luxembourg and Delaware vehicles each hold between 0.7% and 5.2%

Purpose of Amendment: Under Item 4, SVP reports a governance change. Effective 1 July 2025, Alvaro Fabian, a Managing Director of SVP, was appointed to LATAM’s Board of Directors pursuant to the existing Shareholders Agreement. He replaces William de Wulf, who resigned on 30 June 2025. No changes to economic ownership or additional acquisitions are disclosed in this amendment.

All reporting persons indicate “OO” (other) as the source of funds, and each signature is executed by Lewis Schwartz (CFO/Manager) on 02 July 2025, except Victor Khosla who signed personally.

Investor takeaway: The filing confirms that SVP remains a significant strategic holder with board representation, reinforcing its influence on LATAM’s post-restructuring direction while maintaining a stable 12.6% stake.

Positive

• SVP confirms a substantial 12.6% beneficial ownership, signaling continued long-term commitment to LATAM.
• Appointment of Alvaro Fabian to the Board adds a senior restructuring professional, potentially strengthening strategic oversight.

Negative

• None.

Insights

Financial Analyst

TL;DR: Ownership steady at 12.6%; governance seat refreshed, no new capital deployed.

The amendment signals continuity rather than incremental investment. Strategic Value Partners and affiliates retain a sizeable 12.6% position, aligning their interests with common shareholders but not altering the capital structure. The lack of sole voting power underscores the collaborative nature of SVP’s positioning, typical for a post-bankruptcy airline. Appointment of Alvaro Fabian, an SVP Managing Director with restructuring expertise, suggests ongoing oversight of LATAM’s turnaround but conveys no immediate financial impact. Overall effect on valuation or liquidity is neutral in the near term.

Corporate Governance Expert

TL;DR: Board refresh strengthens SVP influence, modest positive for governance.

Replacing William de Wulf with Alvaro Fabian keeps SVP’s allotted seat but places a senior deal-maker directly on LATAM’s board. That may accelerate strategic initiatives or capital market actions because Fabian sits at the heart of SVP’s decision-making process. While the overall stake is unchanged, active engagement typically enhances accountability and can improve alignment between minority shareholders and the restructuring sponsor. Given LATAM’s complex international shareholder base, a clear 12.6% block with board presence is consequential, albeit not transformative.

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
Estimated average burden
hours per response:			0.5

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^*

Saia John G.

(Last) (First) (Middle)

3100 HANOVER STREET

(Street)

PALO ALTO CA 94304

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Guardant Health, Inc. [ GH ]

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
Common Stock	07/01/2025		M		974	A	$0	44,542	D
Common Stock	07/01/2025		M		1,667	A	$0	46,209	D
Common Stock	07/01/2025		F		1,386(1)	D	$50.71	44,823	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
Restricted Stock Units	$0	07/01/2025		M			974	(2)	(3)	Common Stock	974	$0	4,870	D
Restricted Stock Units	$0	07/01/2025		M			1,667	(4)	(3)	Common Stock	1,667	$0	8,337	D

Explanation of Responses:

1. These shares were retained by the Company in order to meet the tax withholding obligations of the award-holder in connection with the vesting of an installment of the restricted stock units. The amount retained by the Company was not in excess of the amount of the tax liability.

2. This represents a restricted stock unit award granted on November 7, 2022 that vests over a four-year period. 25% of the shares subject to such award vested on October 1, 2023 and the remaining 75% of the shares vests in equal quarterly installments over the remaining three-year period thereafter.

3. Not applicable for Restricted Stock Units.

4. This represents a restricted stock unit award granted on December 13, 2023 that vests over a three-year period. 33% of the shares subject to such award vested on October 1, 2024 and the remaining 67% of the shares vests in equal quarterly installments over the remaining two-year period thereafter.

Remarks:

	/s/ John G. Saia	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

How much of LATAM Airlines Group (LTM) does Strategic Value Partners currently own?

The Schedule 13D/A reports 76,307,210,279 shares, representing 12.6% of the outstanding ADR class are beneficially owned by SVP and affiliates.

What triggered this Schedule 13D amendment for LATAM Airlines?

The sole material change is the appointment of Alvaro Fabian to LATAM’s Board on 1 July 2025, replacing William de Wulf.

Who is Alvaro Fabian and what role will he play at LATAM?

Alvaro Fabian is a Managing Director at Strategic Value Partners LLC and was appointed as SVP’s nominee to LATAM’s Board of Directors.

Did Strategic Value Partners buy additional LATAM shares in this filing?

No additional acquisitions are disclosed; the amendment simply restates the existing 12.6% stake and updates board representation.

When did William de Wulf resign from LATAM’s board?

William de Wulf resigned effective 30 June 2025, one day before Alvaro Fabian’s appointment.