Insider Filing: Richard R. Green Receives Equity Under 2023 Incentive Plan

Rhea-AI Filing Summary

Richard R. Green, a director of Liberty Global Ltd. (symbols include LBTYA), acquired shares on 09/30/2025 as part of director compensation. He received 1,332 Class A common shares at $11.46 and 1,332 Class C common shares at $11.75 under the Liberty Global 2023 Incentive Plan to satisfy the equity portion of his director fees. After the transaction he beneficially owned 11,222 Class A shares and 22,034 Class C shares.

He also received 444 Class A share fund units and 444 Class C share fund units that represent economic equivalents payable in shares under the Deferred Compensation Plan, corresponding to 444 underlying Class A shares (reported beneficial ownership 2,484) and 444 underlying Class C shares (reported beneficial ownership 5,146). The Form 4 was signed on 10/01/2025 by an attorney-in-fact.

Positive

• Equity compensation issued under the Liberty Global 2023 Incentive Plan, aligning the director's economic interests with shareholders
• Use of Deferred Compensation Plan to defer a portion of fees into share fund units, providing clear disclosure of future share settlement

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director compensation issued as equity; modest share additions, no change to control or material dilution.

The reported transactions are compensatory equity issued under the 2023 Incentive Plan and Deferred Compensation Plan for director fees. Transaction sizes (1,332 shares per class) are small relative to a public float and are reported at market-based conversion prices of $11.46 and $11.75. These grants align the director's interests with shareholders but do not indicate cash transfers or financing activity. No derivative exercises or dispositions were reported that would materially affect cap structure.

Corporate Governance Expert

TL;DR: Standard governance practice: equity-based director compensation with deferred units; disclosure complies with Section 16 reporting.

The filings state the equity was issued as the equity portion of director fees and certain amounts were deferred into share fund units payable in shares. This structure is common for aligning directors with shareholder outcomes while permitting deferred settlement. The Form 4 discloses both immediate share acquisitions and deferred economic equivalents, with clear ownership counts after the transaction. No unusual vesting or related-party arrangements are disclosed.

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).

1. Name and Address of Reporting Person^*

Green Richard R

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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 Shares	09/30/2025		A		1,332(1)	A	$11.46	11,222	D
Class C Common Shares	09/30/2025		A		1,332(1)	A	$11.75	22,034	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
Class A Share Fund Units	(2)	09/30/2025		A		444		(2)	(2)	Class A Common Shares	444	(3)	2,484	D
Class C Share Fund Units	(2)	09/30/2025		A		444		(2)	(2)	Class C Common Shares	444	(3)	5,146	D

Explanation of Responses:

1. Acquired in accordance with the terms of the Liberty Global 2023 Incentive Plan for the equity portion of the fees paid to the Reporting Person for his services as a director. The number of shares was determined using the closing market price of the applicable class of common shares on September 30, 2025.

2. The share fund units represent the economic equivalent of one share of the corresponding class of the Issuer's common shares. The share fund units confer no voting or other rights of stock ownership. The share fund units will be payable, in shares of the corresponding class of the Issuer's common shares, in accordance with the Deferred Compensation Plan.

3. The share fund units represent the deferral of shares for a portion of the fees paid to the Reporting Person for his services as a director. The number of share fund units acquired is based on the closing prices of the Class A and Class C common shares on September 30, 2025, with the value of any fractional shares deferred in cash.

Remarks:

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

	/s/ Cory Smith, Attorney-in-Fact	10/01/2025
	** 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

What shares did Richard R. Green acquire in the Form 4 for Liberty Global (LBTYA)?

He acquired 1,332 Class A common shares at $11.46 and 1,332 Class C common shares at $11.75 on 09/30/2025.

How many Liberty Global shares does Richard R. Green own after the reported transactions?

Following the transactions he beneficially owned 11,222 Class A common shares and 22,034 Class C common shares as reported.

What are the share fund units reported on the Form 4 and what do they mean?

He received 444 Class A and 444 Class C share fund units, which are economic equivalents payable in shares under the Deferred Compensation Plan and confer no voting rights.

Why were the shares issued to Richard R. Green?

The shares were acquired as the equity portion of fees paid for his services as a director under the Liberty Global 2023 Incentive Plan.

When was the Form 4 filed and who signed it?

The transaction date was 09/30/2025 and the Form 4 shows a signature by an attorney-in-fact, /s/ Cory Smith, dated 10/01/2025.