[Form 4] Liberty Broadband Corporation Series A Cumulative Redeemable Preferred Stock Insider Trading Activity

Rhea-AI Filing Summary

Form 4 – Liberty Broadband Corp. (LBRDK)

Chief Legal & Administrative Officer Renee L. Wilm reported code “J” transactions on 17 Jul 2025 reflecting mechanical adjustments to her equity awards after Liberty Broadband’s 14 Jul 2025 spin-off of GCI Liberty. No open-market buying or selling occurred; all entries are priced at $0.00 and were approved under Rule 16b-3.

• Restricted stock units: 5,700 Series C RSUs were credited and 5,306 RSUs debited to realign awards. The revised grant vests 50% on 9 Dec 2025 and 50% on 9 Dec 2026.
• Stock options: Multiple grants were proportionally adjusted, e.g., +26,989 options at $110.25, +19,445 at $118.15, +63,917 at $72.31, with mirror disposals of earlier options. Most awards are already exercisable; others retain original vesting schedules through 2026-2030.

Economic ownership is unchanged; adjustments merely maintain pre-spin value. Wilm continues to hold all derivative securities directly.

Insights

Financial Analyst

TL;DR: Administrative equity re-statement; no cash flow, no change in economic exposure—neutral for valuation.

All code "J" entries stem from the GCI Liberty spin-off. Such transactions preserve strike prices and share counts to keep Wilm’s compensation whole. Because no shares were bought or sold and the board pre-approved the changes, there is no implied bullish or bearish signal for LBRDK. Investors can treat the filing as compliance housekeeping rather than an event affecting float, dilution, or insider sentiment.

Corporate Governance Expert

TL;DR: Routine Rule 16b-3 adjustment demonstrates proper board oversight—neutral impact.

The board’s use of Rule 16b-3 ensures the adjustment is exempt from short-swing profit rules, illustrating good governance practice. Retention-linked vesting schedules remain intact, supporting executive alignment. However, because ownership economics are intact, the filing carries no strategic implications for shareholders.

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

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

1. Name and Address of Reporting Person^*

Wilm Renee L

(Last) (First) (Middle)

12300 LIBERTY BLVD.

(Street)

ENGLEWOOD CO 80112

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Liberty Broadband Corp [ LBRDK ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

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

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-LBRDK	(1)	07/17/2025		J(2)	V	5,700		(3)	(3)	Series C Common Stock	5,700	$0.0000(2)	5,700	D
Restricted Stock Units-LBRDK	(1)	07/17/2025		J(2)	V		5,306	(3)	12/09/2026(3)	Series C Common Stock	5,306	$0.0000(2)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$110.25	07/17/2025		J(4)	V	26,989		(5)	11/04/2026	Series C Common Stock	26,989	$0.0000(4)	26,989	D
Stock Option - LBRDK (Right to Buy)	$118.44	07/17/2025		J(4)	V		25,123	(5)	11/04/2026	Series C Common Stock	25,123	$0.0000(4)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$118.15	07/17/2025		J(4)	V	19,445		(5)	11/14/2026	Series C Common Stock	19,445	$0.0000(4)	19,445	D
Stock Option - LBRDK (Right to Buy)	$126.92	07/17/2025		J(4)	V		18,101	(5)	11/14/2026	Series C Common Stock	18,101	$0.0000(4)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$153.58	07/17/2025		J(4)	V	8,138		(5)	12/07/2027	Series C Common Stock	8,138	$0.0000(4)	8,138	D
Stock Option - LBRDK (Right to Buy)	$153.39	07/17/2025		J(4)	V	5,227		(5)	12/07/2027	Series C Common Stock	5,227	$0.0000(4)	5,227	D
Stock Option - LBRDK (Right to Buy)	$164.78	07/17/2025		J(4)	V		4,866	(5)	12/07/2027	Series C Common Stock	4,866	$0.0000(4)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$164.99	07/17/2025		J(4)	V		7,576	(5)	12/07/2027	Series C Common Stock	7,576	$0.0000(4)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$71.17	07/17/2025		J(4)	V	23,606		(6)	12/11/2030	Series C Common Stock	23,606	$0.0000(4)	23,606	D
Stock Option - LBRDK (Right to Buy)	$76.45	07/17/2025		J(4)	V		21,974	(6)	12/11/2030	Series C Common Stock	21,974	$0.0000(4)	0.0000	D
Stock Option - LBRDK (Right to Buy)	$72.31	07/17/2025		J(4)	V	63,917		(7)	12/13/2030	Series C Common Stock	63,917	$0.0000(4)	63,917	D
Stock Option - LBRDK (Right to Buy)	$77.68	07/17/2025		J(4)	V		59,497	(7)	12/13/2030	Series C Common Stock	59,497	$0.0000(4)	0.0000	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of Series C Common Stock.

2. On July 14, 2025, Liberty Broadband Corporation completed the spin-off of GCI Liberty, Inc. (the "Spin-Off"), which was effected by the distribution to each holder of its common stock as of 5:00 p.m., New York City time, on June 30, 2025, of 0.20 of a share of GCI Liberty, Inc.'s Series A, Series B and Series C GCI Group common stock for each whole share of the corresponding series of Liberty Broadband Corporation's common stock, with cash (with no interest) paid in lieu of fractional shares. In connection with the Spin-Off, all restricted stock unit awards held by the Reporting Person in the Issuer's Series C Common Stock were adjusted in a manner designed to preserve the value associated with the original awards prior to the Spin-Off. The number of shares for each adjusted award was determined on July 17, 2025. Otherwise, such award remains subject to the terms and conditions of the corresponding original award.

3. This restricted stock unit award vests in two substantially equal installments on December 9, 2025 and 2026.

4. In connection with the Spin-Off, all stock options held by the Reporting Person in the Issuer's Series C Common Stock were adjusted in a manner designed to preserve the value associated with the original awards prior to the Spin-Off. The number of shares and the exercise price for each adjusted award were determined on July 17, 2025. Otherwise, such award remains subject to the terms and conditions of the corresponding original award.

5. This option award is fully exercisable.

6. This option award vests in three substantially equal installments on December 11, 2024, 2025, and 2026.

7. Represents a retention grant which vested 50% on December 13, 2024 and will vest 25% on December 13, 2025 and 2026, subject to the Reporting Person's continued service to the Issuer through the applicable vesting dates.

Remarks:

The adjustments described above were approved by the Issuer's board of directors pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended.

	/s/ Brittany A. Uthoff as Attorney-in-Fact for Renee L. Wilm	07/23/2025
	** 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.
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FAQ

Why did Renee L. Wilm file a Form 4 for Liberty Broadband (LBRDK) on 23 Jul 2025?

The filing records equity award adjustments made on 17 Jul 2025 to reflect Liberty Broadband’s spin-off of GCI Liberty; no shares were traded for cash.

What does transaction code "J" mean in this Liberty Broadband Form 4?

Code "J" indicates other non-open-market transactions—here, adjustments to options and RSUs caused by the corporate spin-off.

How many restricted stock units were adjusted for Wilm?

She received 5,700 RSUs and had 5,306 RSUs removed, aligning the award with post-spin capitalization.

Were any LBRDK shares bought or sold on the open market?

No. All entries are administrative adjustments priced at $0.00; there were no market purchases or sales.

How does the GCI Liberty spin-off affect Wilm’s stock options?

Strike prices and share counts were recalculated—e.g., +26,989 options at $110.25—to keep the options’ economic value unchanged.

When will the adjusted RSUs vest?

The RSUs vest in two equal tranches: 9 Dec 2025 and 9 Dec 2026.