Liberty Global (LBTYA) CEO Michael Fries awarded 320,148 RSUs vesting 2027

Rhea-AI Filing Summary

Liberty Global Ltd. President and CEO Michael T. Fries reported an equity award of 320,148 Restricted Share Units (RSUs) for Class C common shares at a stated price of $0.00 per unit. Each RSU represents the right to receive one Class C share.

These RSUs relate to Performance Share Units (PSUs) granted on March 27, 2024, which are earned based on stock price performance hurdles measured between May 10, 2024 and December 31, 2026. As of year-end 2025, 50% of those PSUs were earned based on relative total shareholder return and converted into time-vesting RSUs.

The 320,148 RSUs reported will vest in full on February 15, 2027, assuming the performance conditions already met remain satisfied where applicable and Mr. Fries remains employed through that vesting date. Following this award, his directly held RSUs total 320,148 units.

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

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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).

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^*

FRIES MICHAEL T

(Last) (First) (Middle)

1550 WEWATTA STREET, STE 1000

(Street)

DENVER CO 80202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Liberty Global Ltd. [ LBTY ]

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/13/2026

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 Share Units C	(1)	02/13/2026		A		320,148(2)		(3)	(3)	Class C Common Shares	320,148	(1)	320,148	D

Explanation of Responses:

1. Each Restricted Share Unit ("RSU") represents a right to receive one share of Issuer's Class C common shares.

2. The reporting person was granted Performance Share Units (PSUs) on March 27, 2024, which are earned upon satisfaction of performance conditions based on achievement of stock price hurdles over a three-year period from May 10, 2024, to December 31, 2026. The PSUs vest on February 15, 2027, assuming the performance conditions are met. Under their terms, the performance conditions are tested at year end 2025 and at year end 2026. As a result of the Issuer's performance against a relative total shareholder return as of year end 2025, 50% of these PSUs were earned against that performance condition and therefore converted into time-vesting RSUs. These RSUs will vest on February 15, 2027, assuming continued employment. The remaining PSUs will be tested at year end 2026 and if the performance conditions are met, will also vest on February 15, 2027.

3. The RSUs will vest in full on February 15, 2027.

Remarks:

The trading symbols for the Issuer's classes of common shares are LBTYA, LBTYB, and LBTYK.

	/s/ Michael T. Fries	02/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Liberty Global (LBTYA) report for Michael T. Fries?

Liberty Global reported that President and CEO Michael T. Fries acquired 320,148 Restricted Share Units (RSUs) tied to the company’s Class C common shares, reflecting equity-based compensation rather than an open-market stock purchase or sale.

How many Liberty Global RSUs did Michael T. Fries receive in this Form 4?

Michael T. Fries received 320,148 Restricted Share Units (RSUs) for Liberty Global’s Class C common shares. After this grant, the filing shows he holds a total of 320,148 RSUs directly, all subject to future vesting conditions.

What are the key vesting terms of Michael T. Fries’ new Liberty Global RSUs?

The 320,148 RSUs will vest in full on February 15, 2027. Vesting depends on Mr. Fries’ continued employment through that date, reflecting a long-term incentive structure tied to retention at Liberty Global.

How are these Liberty Global RSUs linked to prior Performance Share Units (PSUs)?

The RSUs stem from Performance Share Units granted March 27, 2024. Based on Liberty Global’s relative total shareholder return through year-end 2025, 50% of those PSUs were earned and converted into time-vesting RSUs reported in this Form 4.

Over what period are Liberty Global’s PSU performance conditions measured for Michael T. Fries?

The PSUs are measured on stock price hurdles over a three-year period from May 10, 2024 to December 31, 2026, with performance testing at year-end 2025 and again at year-end 2026 before final vesting on February 15, 2027.

Does Michael T. Fries pay cash for the Liberty Global RSUs reported?

No cash payment is indicated for these awards; the RSUs were reported with a transaction price of $0.00 per unit, consistent with equity compensation grants rather than market purchases of Liberty Global shares.