Millicom International Cellular (TIGO) director awarded 1,420 shares, 284 withheld

Rhea-AI Filing Summary

Millicom International Cellular SA director Bruce Churchill reported equity compensation activity involving the company’s common shares. On 20 May 2026, he received a grant of 1,420 common shares, recorded at no cash price. In connection with this award, the issuer withheld 284 common shares to satisfy tax obligations incurred upon transfer, based on a reference value of $73.92 per share. After these transactions, Churchill directly holds 26,729 common shares of Millicom.

Insider Trade Summary

Net Buyer: 1,136 shares

Net Buy 2 txns

Insider CHURCHILL BRUCE

Role Director

Sold 284 shs ($21K)

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	1,420	$0.00	$0.00
Sale	Common Shares	284	$73.92	$21K

Holdings After Transaction: Common Shares — 26,729 shares (Direct)

Footnotes (1)

1. F1. The issuer withheld 284 common shares solely to satisfy tax obligations incurred upon transfer. The price reported was the price the issuer used to calculate the value of the shares withheld.

Key Figures

Share grant: 1,420 common shares Shares withheld for taxes: 284 common shares Reference share value: $73.92 per share +1 more

4 metrics

Share grant 1,420 common shares Equity award to director Bruce Churchill on 20 May 2026

Shares withheld for taxes 284 common shares Issuer withheld shares to satisfy tax obligations on the transfer

Reference share value $73.92 per share Value used by issuer to calculate tax-related share withholding

Post-transaction holdings 26,729 common shares Direct Millicom shareholdings of Bruce Churchill after reported transactions

Key Terms

equity-based compensation, withheld 284 common shares, Rule 10b5-1

3 terms

equity-based compensation financial

"This award was recorded with no cash purchase price, reflecting equity-based compensation"

Equity-based compensation is pay given to employees or contractors in the form of company ownership—such as stock, stock options, or restricted shares—instead of or in addition to cash. It matters to investors because it aligns workers’ interests with shareholders (like giving employees a slice of the company pie), but can also dilute existing owners and appears as a real cost on financial statements, affecting earnings and share value.

withheld 284 common shares financial

"The issuer withheld 284 common shares solely to satisfy tax obligations"

Rule 10b5-1 regulatory

"The disclosure indicates the Rule 10b5-1 checkbox was not marked"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

FAQ

What insider share grant did TIGO director Bruce Churchill receive on May 20, 2026?

Bruce Churchill received a grant of 1,420 Millicom common shares on 20 May 2026. This award was recorded with no cash purchase price, reflecting equity-based compensation rather than an open-market stock purchase.

How many TIGO shares were withheld for taxes from Bruce Churchill’s award?

The issuer withheld 284 common shares solely to satisfy tax obligations arising from the share transfer. The company used a $73.92 per-share value to calculate the amount of stock required to cover those tax liabilities.

What are Bruce Churchill’s total direct TIGO shareholdings after these transactions?

Following the reported transactions, Bruce Churchill directly holds 26,729 Millicom common shares. This figure reflects the 1,420-share grant and the 284 shares withheld for taxes, as reported in the insider ownership data.

Was Bruce Churchill’s TIGO transaction conducted under a Rule 10b5-1 trading plan?

The disclosure indicates the Rule 10b5-1 checkbox was not marked, meaning these reported transactions were not affirmed as executed under a pre-arranged Rule 10b5-1 trading plan for Millicom stock.

Did Bruce Churchill sell TIGO shares on the open market in this Form 4?

The filing reports a transaction involving 284 shares, and a footnote clarifies the issuer withheld those shares for tax obligations. This indicates the shares were retained by the company rather than sold into the open market.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/06/2026 - 08:18 AM Accepted by SEC EDGAR 07/06/2026 - 08:17 AM Learn about SEC filing dates

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
Estimated average burden
hours per response:			0.5

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^*

CHURCHILL BRUCE

(Last) (First) (Middle)

C/O MILLICOM INTERNATIONAL CELLULAR S.A.

8400 NW 36TH STREET, SUITE 530

(Street)

DORAL FLORIDA 33166

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
MILLICOM INTERNATIONAL CELLULAR SA [ TIGO ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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
Common Shares	05/20/2026		A		1,420	A	$0	27,013	D
Common Shares	05/20/2026		S(1)		284	D	$73.92	26,729	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

Explanation of Responses:

1. The issuer withheld 284 common shares solely to satisfy tax obligations incurred upon transfer. The price reported was the price the issuer used to calculate the value of the shares withheld.

	/s/ Bruce Churchill	07/06/2026
	** 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).
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.
* Form 4: SEC 1474 (03-26)