Liberty Latin America (LILA) SVP reports ESPP share activity

Rhea-AI Filing Summary

Liberty Latin America senior executive John M. Winter reported routine share activity tied to the company’s Employee Stock Purchase Plan (ESPP). On December 31, 2025, he acquired 320 Class C common shares through the ESPP match benefit and 509 Class C common shares under the ESPP using its “look-back” pricing feature.

On the same date, the issuer withheld 184 and 40 Class C common shares to cover tax obligations related to these ESPP purchases and the match benefit. After these transactions, Winter directly beneficially owned 392,058 Class C common shares, plus 176 shares held indirectly through an IRA and 18,147 shares held indirectly 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^*

WINTER JOHN M

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, CLO AND SECRETARY

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	320	A	$0	391,773	D
Class C Common Shares	12/31/2025		F(2)	V	184	D	$7.46	391,589	D
Class C Common Shares	12/31/2025		A(3)	V	509	A	$6.43(4)	392,098	D
Class C Common Shares	12/31/2025		F(2)	V	40	D	$7.46	392,058	D
Class C Common Shares								176	I	By IRA
Class C Common Shares								18,147	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	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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction did LILA executive John M. Winter report?

John M. Winter reported routine equity activity involving Liberty Latin America Class C shares on December 31, 2025. He acquired ESPP shares and had some shares withheld by the company to satisfy related tax liabilities, updating his direct and indirect beneficial ownership positions accordingly.

How many Liberty Latin America Class C shares does John M. Winter own after the Form 4?

After the reported transactions, John M. Winter directly beneficially owned 392,058 Class C common shares of Liberty Latin America. He also indirectly held 176 shares through an IRA and 18,147 shares through a 401(k) plan, as disclosed in the ownership table.

What is the Liberty Latin America ESPP "match benefit" mentioned in the filing?

The match benefit refers to additional shares Winter acquired under the Liberty Latin America Employee Stock Purchase Plan. The filing notes these match shares were obtained in transactions exempt under Rule 16b-3(d) and Rule 16b-3(c), reflecting a company matching feature on employee purchases.

How was the ESPP purchase price determined for LILA shares on this Form 4?

The ESPP used a “look-back” feature to set the purchase price. The plan compares the closing price of Liberty Latin America’s Class C shares on the first and last trading days of the contribution period, then uses the lower price to determine the ESPP purchase price.

Why were some Liberty Latin America shares withheld in John M. Winter’s Form 4?

The Form 4 explains that certain Class C common shares were withheld by Liberty Latin America to satisfy tax liabilities. These taxes arose from ESPP share purchases using the look-back feature and from the issuance of shares under the plan’s match benefit component.

What roles does John M. Winter hold at Liberty Latin America (LILA)?

John M. Winter is identified as an officer of Liberty Latin America, serving as Senior Vice President, Chief Legal Officer, and Secretary. The Form 4 clarifies he is not listed as a director or 10% owner, but reports transactions as a single reporting person.