[Form 4] Ryan Specialty Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Yelp Inc. (YELP) – Form 4 Insider Transaction

Chief Product Officer Craig Saldanha disclosed a sale of 1,000 common shares on 07/23/2025. The transaction, coded “S,” was executed at $35.23 per share under a Rule 10b5-1 trading plan adopted 08/30/2024, generating proceeds of roughly $35k. After the sale, Saldanha still directly owns 212,720 shares, meaning he reduced his holding by less than 0.5 %. No derivative securities were involved, and no other insiders are listed on the filing.

Insights

Securities Analyst

TL;DR: 1,000‐share 10b5-1 sale is immaterial; neutral signal.

The dollar value (~$35k) and fractional size (<0.5 % of holdings) make the trade statistically insignificant for valuation or sentiment. Execution under a pre-planned 10b5-1 program further reduces informational content, suggesting routine liquidity rather than opportunistic timing. I view the impact on YELP’s investment thesis as neutral.

Corporate Governance Expert

TL;DR: Routine compliance filing; no governance red flags detected.

The Form 4 is properly signed by an attorney-in-fact and references a duly adopted 10b5-1 plan, aligning with best-practice disclosure standards. Share retention of over 212k indicates the executive remains substantially aligned with shareholders. Overall governance impact is neutral.

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

OMB Number:			3235-0287
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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^*

Hamilton Janice M

(Last) (First) (Middle)

155 NORTH WACKER DRIVE, SUITE 4000

(Street)

CHICAGO IL 60606

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RYAN SPECIALTY HOLDINGS, INC. [ RYAN ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/22/2025

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 Stock	07/22/2025		M		5,821	A	(1)	10,586	D
Class A Common Stock	07/22/2025		F		2,312	D	$65.27	8,274	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
Restricted LLC Units	(2)	07/22/2025		M			5,821	(2)	(2)	Class A Common Stock	5,821	$0	46,568	D

Explanation of Responses:

1. The Restricted LLC Units of New Ryan Specialty, LLC (the "LLC") vested and, at the option of the Issuer, settled into shares of Class A common stock of the Issuer.

2. Represents Restricted LLC Units of New Ryan Specialty, LLC granted on July 23, 2021 which vest 10% each year from July 22, 2024 to July 22, 2030 and 30% on July 22, 2031. Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3). Each Restricted LLC Unit represents a contingent right to receive on vesting (i) one Common Unit of the LLC and one share of Class B common stock of the Issuer or (ii) at the option of the issuer, one share of Class A common stock of the Issuer. The Common Units are exchangeable on a one-for-one basis for Class A Common Stock of the Issuer.

Remarks:

	/s/ Mark S. Katz, as Attorney-in-Fact	07/22/2025
	** 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).
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