Liberty Latin America (LILA) CEO updates ESPP share holdings

Rhea-AI Filing Summary

Liberty Latin America Ltd. President and CEO Nair Balan, who is also a director, reported several employee stock purchase plan transactions in Class C common shares dated December 31, 2025.

He acquired 156 shares under the ESPP match benefit at $0 per share and 88 shares at $6.43 per share using the plan’s look-back feature. To cover related tax liabilities, the issuer withheld 78 shares and 6 shares at a price of $7.46 per share. After these transactions, Balan directly held 1,653,902 Class C shares, with additional indirect holdings of 1,139 shares through an IRA and 18,863 shares through a 401(k) plan.

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).

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^*

Nair Balan

(Last) (First) (Middle)

1550 WEWATTA STREET

SUITE 800

(Street)

DENVER CO 80202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Liberty Latin America Ltd. [ LILA ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025

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 C Common Shares	12/31/2025		A(1)	V	156	A	$0	1,653,898	D
Class C Common Shares	12/31/2025		F(2)	V	78	D	$7.46	1,653,820	D
Class C Common Shares	12/31/2025		A(3)	V	88	A	$6.43(4)	1,653,908	D
Class C Common Shares	12/31/2025		F(2)	V	6	D	$7.46	1,653,902	D
Class C Common Shares								1,139	I	By IRA
Class C Common Shares								18,863	I	By 401(k) Plan

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

Explanation of Responses:

1. These shares were acquired pursuant to the "match benefit" of ESPP in a transaction that was exempt under both Rule 16b-3(d) and Rule 16b-3(c).

2. Represents common shares that have been withheld by the Issuer to satisfy the tax liability in connection with the purchase of shares under the ESPP and its look-back feature and the issuance of shares pursuant to the "match benefit."

3. These shares were acquired under the Liberty Latin America Employee Stock Purchase Plan in transactions that were exempt under both Rule 16b-3(d) and Rule 16b-3(c).

4. The Employee Stock Purchase Plan's "look-back" feature was used to determine the purchase price for these shares. The "look-back" feature compares the closing price of the Issuer's Class C common shares on the first and last trading days of the contribution period, with the lower of the two being used to determine the purchase price.

Remarks:

The trading symbols for the Issuer's classes of common shares are LILA, LILAB, and LILAK.

	/s/ John M. Winter, Attorney-in-Fact	02/10/2026
	** 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).
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FAQ

What insider activity did Liberty Latin America (LILA) report for Nair Balan?

Liberty Latin America reported that President and CEO Nair Balan acquired Class C common shares through its Employee Stock Purchase Plan and had a portion of shares withheld to satisfy related tax liabilities, all on December 31, 2025, as reflected in a Form 4 filing.

How many Liberty Latin America Class C shares does Nair Balan own after this Form 4?

After the reported transactions, Nair Balan directly held 1,653,902 Class C common shares. He also reported indirect ownership of 1,139 shares through an IRA and 18,863 shares through a 401(k) plan, all as of the December 31, 2025 transaction date.

What shares did Nair Balan acquire under Liberty Latin America’s ESPP?

On December 31, 2025, Nair Balan acquired 156 Class C common shares at $0 per share via the ESPP match benefit and 88 additional Class C shares at $6.43 per share using the plan’s look-back pricing feature, with both acquisitions reported as exempt under Rule 16b-3.

Why were some Liberty Latin America shares withheld in Nair Balan’s Form 4?

The Form 4 states that 78 shares and 6 shares of Class C common stock were withheld by Liberty Latin America to satisfy tax liabilities tied to ESPP purchases and the match benefit, with the withholding price reported as $7.46 per share on December 31, 2025.

What is the look-back feature mentioned in Liberty Latin America’s ESPP?

The ESPP look-back feature compares the closing prices of Liberty Latin America’s Class C shares on the first and last trading days of the contribution period, then uses the lower of those two prices to determine the purchase price for participant shares acquired under the plan.

What roles does Nair Balan hold at Liberty Latin America?

According to the Form 4, Nair Balan serves as both a director and as President and Chief Executive Officer of Liberty Latin America Ltd., making him a key insider whose equity transactions in the company’s Class C common shares are reportable under Section 16 rules.