GCMG · GCM Grosvenor Inc.

As a result of the sales reported herein, the Reporting Persons no longer own 10% or more of GCM Grosvenor, Inc. ("GCMG")'s outstanding Class A common stock. The Reporting Persons are filing this Form 4 to report that they are no longer Reporting Persons of GCMG.

Prior to the transactions reported herein, CF Finance Holdings, LLC ("Holdings") was the record holder of 2,951,535 shares of Class A common stock of GCMG and CF GCM Investor, LLC ("Investor") was the record owner of 3,500,000 shares of Class A common stock of GCMG. After the consummation of the transactions reported herein, Holdings is the record owner of 2,947,535 shares of Class A common stock of GCMG and Investor is the record owner of 2,946,894 shares of Class A common stock of GCMG.

Cantor Fitzgerald, L.P. ("CFLP") is the sole member of each of Holdings and Investor. CF Group Management, Inc. ("CFGM") is the managing general partner of CFLP. Mr. Brandon Lutnick is the Chairman and Chief Executive Officer of CFLP and CFGM and also the trustee with decision making control of trusts that hold all of the voting shares of CFGM. As such, each of CFLP, CFGM and Mr. Brandon Lutnick may be deemed to have beneficial ownership of the securities directly held by Holdings and Investor. Each such entity or person disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly.

Price reflects the weighted average price for the transactions reported in this line. The range of prices for the transactions reported in this line is $13.50 to $13.65.

As a result of the sales reported herein, the Reporting Persons no longer own 10% or more of GCM Grosvenor, Inc. ("GCMG")'s outstanding Class A common stock. The Reporting Persons are filing this Form 4 to report that they are no longer Reporting Persons of GCMG.

Prior to the transactions reported herein, CF Finance Holdings, LLC ("Holdings") was the record holder of 2,951,535 shares of Class A common stock of GCMG and CF GCM Investor, LLC ("Investor") was the record owner of 3,500,000 shares of Class A common stock of GCMG. After the consummation of the transactions reported herein, Holdings is the record owner of 2,947,535 shares of Class A common stock of GCMG and Investor is the record owner of 2,946,894 shares of Class A common stock of GCMG.

Cantor Fitzgerald, L.P. ("CFLP") is the sole member of each of Holdings and Investor. CF Group Management, Inc. ("CFGM") is the managing general partner of CFLP. Mr. Brandon Lutnick is the Chairman and Chief Executive Officer of CFLP and CFGM and also the trustee with decision making control of trusts that hold all of the voting shares of CFGM. As such, each of CFLP, CFGM and Mr. Brandon Lutnick may be deemed to have beneficial ownership of the securities directly held by Holdings and Investor. Each such entity or person disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly.

Price reflects the weighted average price for the transactions reported in this line. The range of prices for the transactions reported in this line is $14.20 to $14.27.

As a result of the sales reported herein, the Reporting Persons no longer own 10% or more of GCM Grosvenor, Inc. ("GCMG")'s outstanding Class A common stock. The Reporting Persons are filing this Form 4 to report that they are no longer Reporting Persons of GCMG.

Prior to the transactions reported herein, CF Finance Holdings, LLC ("Holdings") was the record holder of 2,951,535 shares of Class A common stock of GCMG and CF GCM Investor, LLC ("Investor") was the record owner of 3,500,000 shares of Class A common stock of GCMG. After the consummation of the transactions reported herein, Holdings is the record owner of 2,947,535 shares of Class A common stock of GCMG and Investor is the record owner of 2,946,894 shares of Class A common stock of GCMG.

Cantor Fitzgerald, L.P. ("CFLP") is the sole member of each of Holdings and Investor. CF Group Management, Inc. ("CFGM") is the managing general partner of CFLP. Mr. Brandon Lutnick is the Chairman and Chief Executive Officer of CFLP and CFGM and also the trustee with decision making control of trusts that hold all of the voting shares of CFGM. As such, each of CFLP, CFGM and Mr. Brandon Lutnick may be deemed to have beneficial ownership of the securities directly held by Holdings and Investor. Each such entity or person disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly.

Price reflects the weighted average price for the transactions reported in this line. The range of prices for the transactions reported in this line is $13.75 to $14.25.

Each Restricted Stock Unit ("RSU") represents the contingent right to receive one share of Class A Common Stock of the Issuer.

This award of RSUs was granted pursuant to the Issuer's Amended and Restated 2020 Incentive Award Plan, in lieu of quarterly cash compensation at the election of the Reporting Person, and is fully vested as of the date of grant. Shares of Class A Common Stock in settlement of vested RSUs will be delivered upon the earliest to occur of the Reporting Person's "separation from service" from the Issuer, a "change in control event" of the Issuer or the Reporting Person's death or disability.

Each Restricted Stock Unit ("RSU") represents the contingent right to receive one share of Class A Common Stock of the Issuer.

This award of RSUs was granted pursuant to the Issuer's Amended and Restated 2020 Incentive Award Plan, in lieu of quarterly cash compensation at the election of the Reporting Person, and is fully vested as of the date of grant. Shares of Class A Common Stock in settlement of vested RSUs will be delivered upon the earliest to occur of the Reporting Person's "separation from service" from the Issuer, a "change in control event" of the Issuer or the Reporting Person's death or disability.

This award of Class A Common Stock of the Issuer was granted pursuant to the Issuer's Amended and Restated 2020 Incentive Award Plan, in lieu of quarterly cash compensation at the election of the Reporting Person, and is fully vested as of the date of grant.

Each Restricted Stock Unit ("RSU") represents the contingent right to receive one share of Class A Common Stock of the Issuer.

This award of RSUs was granted pursuant to the Issuer's Amended and Restated 2020 Incentive Award Plan, in lieu of quarterly cash compensation at the election of the Reporting Person, and is fully vested as of the date of grant. Shares of Class A Common Stock in settlement of vested RSUs will be delivered upon the earliest to occur of the Reporting Person's "separation from service" from the Issuer, a "change in control event" of the Issuer or the Reporting Person's death or disability.

Represents RSUs that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on March 1, 2025. 12,083 RSUs vested on May 31, 2026, 12,083 RSUs will vest on May 31, 2027 and 12,084 RSUs will vest on May 31, 2028, subject to the Reporting Person's continued service through the applicable vesting date. 12,083 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 12,083 vested RSUs on May 31, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents RSUs that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on March 1, 2025. 12,083 RSUs vested on May 31, 2026, 12,083 RSUs will vest on May 31, 2027 and 12,084 RSUs will vest on May 31, 2028, subject to the Reporting Person's continued service through the applicable vesting date. 12,083 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 12,083 vested RSUs on May 31, 2026.

Represents restricted stock units ("RSUs") that were granted under the Issuer's 2020 Incentive Award Plan on March 1, 2023. 25,000 RSUs vested on May 31, 2024, 25,000 RSUs vested on May 31, 2025 and 25,000 RSUs vested on May 31, 2026. 25,000 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 25,000 vested RSUs on May 31, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents restricted stock units ("RSUs") that were granted under the Issuer's 2020 Incentive Award Plan on March 1, 2023. 12,500 RSUs vested on May 31, 2024, 12,500 RSUs vested on May 31, 2025 and 12,500 RSUs vested on May 31, 2026. 12,500 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 12,500 vested RSUs on May 31, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents RSUs that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on March 1, 2024. 24,242 RSUs vested on May 31, 2025, 24,242 RSUs vested on May 31, 2026 and 24,243 RSUs will vest on May 31, 2027, subject to the Reporting Person's continued service through the applicable vesting date. 24,242 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 24,242 vested RSUs on May 31, 2026.

Represents shares of Class A Common Stock that have been withheld by the Issuer to satisfy tax withholding obligations in connection with the net settlement of RSUs that vested on May 31, 2026. The shares withheld represent a reduction of shares issued to the Reporting Person upon settlement of vested RSUs and do not constitute any open-market sale.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents RSUs that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on March 1, 2024. 12,121 RSUs vested on May 31, 2025, 12,121 RSUs vested on May 31, 2026 and 12,122 RSUs will vest on May 31, 2027, subject to the Reporting Person's continued service through the applicable vesting date. 12,121 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 12,121 vested RSUs on May 31, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents RSUs that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on March 1, 2025. 50,000 RSUs vested on May 31, 2026, 50,000 RSUs will vest on May 31, 2027 and 50,000 RSUs will vest on May 31, 2028, subject to the Reporting Person's continued service through the applicable vesting date. 50,000 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 50,000 vested RSUs on May 31, 2026.

Represents restricted stock units ("RSUs") that were granted under the Issuer's 2020 Incentive Award Plan on March 1, 2023. 25,000 RSUs vested on May 31, 2024, 25,000 RSUs vested on May 31, 2025 and 25,000 RSUs vested on May 31, 2026. 25,000 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 25,000 vested RSUs on May 31, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents shares of Class A Common Stock that have been withheld by the Issuer to satisfy tax withholding obligations in connection with the net settlement of RSUs that vested on May 31, 2026. The shares withheld represent a reduction of shares issued to the Reporting Person upon settlement of vested RSUs and do not constitute any open-market sale.

Represents RSUs that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on March 1, 2024. 24,242 RSUs vested on May 31, 2025, 24,242 RSUs vested on May 31, 2026 and 24,243 RSUs will vest on May 31, 2027, subject to the Reporting Person's continued service through the applicable vesting date. 24,242 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 24,242 vested RSUs on May 31, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents RSUs that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on March 1, 2025. 9,114 RSUs vested on May 31, 2026, 9,114 RSUs will vest on May 31, 2027 and 9,116 RSUs will vest on May 31, 2028, subject to the Reporting Person's continued service through the applicable vesting date. 9,114 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 9,114 vested RSUs on May 31, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents RSUs that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on March 1, 2024. 16,161 RSUs vested on May 31, 2025, 16,161 RSUs vested on May 31, 2026 and 16,163 RSUs will vest on May 31, 2027, subject to the Reporting Person's continued service through the applicable vesting date. 16,161 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 16,161 vested RSUs on May 31, 2026.

Represents shares of Class A Common Stock that have been withheld by the Issuer to satisfy tax withholding obligations in connection with the net settlement of RSUs that vested on May 31, 2026. The shares withheld represent a reduction of shares issued to the Reporting Person upon settlement of vested RSUs and do not constitute any open-market sale.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents restricted stock units ("RSUs") that were granted under the Issuer's 2020 Incentive Award Plan on March 1, 2023. 25,000 RSUs vested on May 31, 2024, 25,000 RSUs vested on May 31, 2025 and 25,000 RSUs vested on May 31, 2026. 25,000 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 25,000 vested RSUs on May 31, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents restricted stock units ("RSUs") that were granted under the Issuer's 2020 Incentive Award Plan on March 1, 2023. 16,666 RSUs vested on May 31, 2024, 16,666 RSUs vested on May 31, 2025 and 16,668 RSUs vested on May 31, 2026. 16,668 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 16,668 vested RSUs on May 31, 2026.

Represents shares of Class A Common Stock that have been withheld by the Issuer to satisfy tax withholding obligations in connection with the net settlement of RSUs that vested on May 31, 2026. The shares withheld represent a reduction of shares issued to the Reporting Person upon settlement of vested RSUs and do not constitute any open-market sale.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents restricted stock units ("RSUs") that were granted under the Issuer's 2020 Incentive Award Plan on March 1, 2023. 25,000 RSUs vested on May 31, 2024, 25,000 RSUs vested on May 31, 2025 and 25,000 RSUs vested on May 31, 2026. 25,000 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 25,000 vested RSUs on May 31, 2026.

Represents restricted stock units ("RSUs") that were granted under the Issuer's 2020 Incentive Award Plan on March 1, 2023. 12,500 RSUs vested on May 31, 2024, 12,500 RSUs vested on May 31, 2025 and 12,500 RSUs vested on May 31, 2026. 12,500 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 12,500 vested RSUs on May 31, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents RSUs that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on March 1, 2025. 50,000 RSUs vested on May 31, 2026, 50,000 RSUs will vest on May 31, 2027 and 50,000 RSUs will vest on May 31, 2028, subject to the Reporting Person's continued service through the applicable vesting date. 50,000 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 50,000 vested RSUs on May 31, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents RSUs that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on March 1, 2024. 12,121 RSUs vested on May 31, 2025, 12,121 RSUs vested on May 31, 2026 and 12,122 RSUs will vest on May 31, 2027, subject to the Reporting Person's continued service through the applicable vesting date. 12,121 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 12,121 vested RSUs on May 31, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents restricted stock units ("RSUs") that were granted under the Issuer's 2020 Incentive Award Plan on March 1, 2023. 16,666 RSUs vested on May 31, 2024, 16,666 RSUs vested on May 31, 2025 and 16,668 RSUs vested on May 31, 2026. 16,668 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 16,668 vested RSUs on May 31, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents RSUs that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on March 1, 2024. 16,161 RSUs vested on May 31, 2025, 16,161 RSUs vested on May 31, 2026 and 16,163 RSUs will vest on May 31, 2027, subject to the Reporting Person's continued service through the applicable vesting date. 16,161 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 16,161 vested RSUs on May 31, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents RSUs that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on March 1, 2025. 9,114 RSUs vested on May 31, 2026, 9,114 RSUs will vest on May 31, 2027 and 9,116 RSUs will vest on May 31, 2028, subject to the Reporting Person's continued service through the applicable vesting date. 9,114 shares of Class A Common Stock of the Issuer were delivered to the Reporting Person in settlement of 9,114 vested RSUs on May 31, 2026.

Reflects charitable donation made by the Reporting Person.

Reflects charitable donation made by the Reporting Person.

Represents Restricted Stock Units ("RSUs") that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on January 15, 2026, vested in full on April 15, 2026 and were settled in full on April 15, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents shares of Class A Common Stock withheld by the Issuer to satisfy tax withholding obligations in connection with the net settlement of vested RSUs on April 15, 2026. The share withholding for tax withholding obligations does not constitute any open-market sale.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents Restricted Stock Units ("RSUs") that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on January 15, 2026, vested in full on April 15, 2026 and were settled in full on April 15, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents Restricted Stock Units ("RSUs") that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on January 15, 2026, vested in full on April 15, 2026 and were settled in full on April 15, 2026.

Represents Restricted Stock Units ("RSUs") that were granted under the Issuer's Amended and Restated 2020 Incentive Award Plan on January 15, 2026, vested in full on April 15, 2026 and were settled in full on April 15, 2026.

Each RSU represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents shares of Class A Common Stock withheld by the Issuer to satisfy tax withholding obligations in connection with the net settlement of vested RSUs on April 15, 2026. The share withholding for tax withholding obligations does not constitute any open-market sale.

This award of Class A Common Stock of the Issuer was granted pursuant to the Issuer's Amended and Restated 2020 Incentive Award Plan, in lieu of quarterly cash compensation at the election of the Reporting Person, and is fully vested as of the date of grant.

Consists of Series B Convertible Junior Preferred Stock (the "Series B Preferred Stock") of FTAI Infrastructure Inc. (the "Issuer") held by LIF AIV 1, L.P. ("LIF AIV") and Labor Impact Fund, L.P. ("Labor Impact Fund"). Each share of Series B Preferred Stock is convertible at any time at the option of the holder into a number of shares of common stock, par value $0.01 per share ("Common Stock"), of the Issuer equal to the quotient of the Liquidation Value (as defined in the Certificate of Designations governing the Series B Preferred Stock) in effect at the time of conversion divided by the Conversion Price (each as defined in the Certificate of Designations governing the Series B Preferred Stock).

LIF AIV and Labor Impact Fund received a dividend on 160,000 shares of Series B Preferred Stock owned by LIF AIV and Labor Impact Fund on the dividend record date by way of an increase in the Stated Value of such Series B Preferred Stock. Such dividend represents a quarterly compounding regular dividend equal to 10% per annum with respect to the immediately preceding quarter in accordance with the terms of the Certificate of Designations governing the Series B Preferred Stock.

Represents the additional number of shares of Common Stock into which the Series B Preferred Stock owned by LIF AIV and Labor Impact Fund is convertible as a result of the dividend. As of the date hereof, the Series B Preferred Stock owned in the aggregate by LIF AIV and Labor Impact Fund is convertible into a total of 21,817,927 shares of Common Stock.

The shares of Series B Preferred Stock reported herein are held directly by LIF AIV and Labor Impact Fund, and indirectly by: (i) GCM Investments GP, LLC ("GCM GP") as the general partner of each of LIF AIV and Labor Impact Fund; (ii) Grosvenor Capital Management Holdings, LLLP ("Grosvenor Capital Holdings") as the sole member of GCM GP; (iii) GCM Grosvenor Holdings, LLC ("GCM Holdings") as the general partner of Grosvenor Capital Holdings; (iv) GCM Grosvenor Inc. ("GCM Grosvenor") as the sole member of GCM Holdings; (v) GCM V, LLC ("GCM V") as a shareholder of GCM Grosvenor; and (vi) Michael J. Sacks, as the manager of GCM V (collectively, the "Reporting Persons").

Each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock underlying the Series B Preferred Stock except to the extent of its or his pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

Each Restricted Stock Unit ("RSU") represents the contingent right to receive one share of Class A Common Stock of the Issuer.

This award of RSUs was granted pursuant to the Issuer's Amended and Restated 2020 Incentive Award Plan, in lieu of quarterly cash compensation at the election of the Reporting Person, and is fully vested as of the date of grant. Shares of Class A Common Stock in settlement of vested RSUs will be delivered upon the earliest to occur of the Reporting Person's "separation from service" from the Issuer, a "change in control event" of the Issuer or the Reporting Person's death or disability.

Each Restricted Stock Unit ("RSU") represents the contingent right to receive one share of Class A Common Stock of the Issuer.

This award of RSUs was granted pursuant to the Issuer's Amended and Restated 2020 Incentive Award Plan, in lieu of quarterly cash compensation at the election of the Reporting Person, and is fully vested as of the date of grant. Shares of Class A Common Stock in settlement of vested RSUs will be delivered upon the earliest to occur of the Reporting Person's "separation from service" from the Issuer, a "change in control event" of the Issuer or the Reporting Person's death or disability.

Each Restricted Stock Unit ("RSU") represents the contingent right to receive one share of Class A Common Stock of the Issuer.

This award of RSUs was granted pursuant to the Issuer's Amended and Restated 2020 Incentive Award Plan, in lieu of quarterly cash compensation at the election of the Reporting Person, and is fully vested as of the date of grant. Shares of Class A Common Stock in settlement of vested RSUs will be delivered upon the earliest to occur of the Reporting Person's "separation from service" from the Issuer, a "change in control event" of the Issuer or the Reporting Person's death or disability.

Reflects charitable donation made by the Reporting Person.

Represents shares of Class A Common Stock that have been withheld by the Issuer to satisfy tax withholding obligations in connection with the net settlement of RSUs that vested on March 1, 2026. The shares withheld represent a reduction of shares issued to the Reporting Person upon settlement of vested RSUs and do not constitute any open-market sale.

Each Restricted Stock Unit ("RSU") represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents a grant of RSUs under the Issuer's Amended and Restated 2020 Incentive Award Plan on March 1, 2026. The RSUs will vest in three equal installments on May 15, 2027, May 15, 2028 and May 15, 2029, subject to the Reporting Person's continued service through the applicable vesting date. Delivery of Class A Common Stock in settlement of vested RSUs will occur on the delivery date set forth in the applicable award agreement.

Each Restricted Stock Unit ("RSU") represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Each Restricted Stock Unit ("RSU") represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Each Restricted Stock Unit ("RSU") represents the contingent right to receive one share of Class A Common Stock of the Issuer.

Represents a grant of RSUs under the Issuer's Amended and Restated 2020 Incentive Award Plan on March 1, 2026 made in accordance with the Reporting Person's employment agreement. The RSUs will vest in full on August 15, 2026, subject to the Reporting Person's continued service through the vesting date. Delivery of Class A Common Stock in settlement of vested RSUs will occur on the delivery date set forth in the applicable award agreement unless the Issuer elects to settle the RSUs in cash, or a combination of Class A Common Stock and cash, in the Issuer's sole discretion.