SBGI · Sinclair, Inc. · Insider Trading

Represents shares of Class A Common Stock received by the Reporting Person on September 30, 2026 as in-kind distributions from the Frederick G. Smith AFS 2025, Series I Irrevocable Trust, the Frederick G. Smith JRS 2025, Series I Irrevocable Trust, and the Frederick G. Smith EGS 2025, Series I Irrevocable Trust in satisfaction of annuity payments. The Reporting Person is the settlor and sole annuitant of each trust. The transactions effected only a change in the form of the Reporting Person's beneficial ownership, from indirect to direct, without changing the Reporting Person's pecuniary interest.

Reflects the closing price on September 29, 2026, the trading day immediately preceding the date of distribution, which was used to value the shares distributed and determine the number of shares required to satisfy the annuity payment.

Upon the consummation of all of the transactions contemplated by this filing, the Reporting Person shall own 333,000 shares of Class A Common Stock.

The Reporting person also directly owns 3,000,000 shares of Class B Common Stock, and he owns 17,819.116512 shares of Class A Common Stock held in a 401(k) unitized stock fund.

Represents shares of Class A Common Stock received by the Reporting Person on September 30, 2026 as in-kind distributions from the Frederick G. Smith AFS 2025, Series I Irrevocable Trust, the Frederick G. Smith JRS 2025, Series I Irrevocable Trust, and the Frederick G. Smith EGS 2025, Series I Irrevocable Trust in satisfaction of annuity payments. The Reporting Person is the settlor and sole annuitant of each trust. The transactions effected only a change in the form of the Reporting Person's beneficial ownership, from indirect to direct, without changing the Reporting Person's pecuniary interest.

Reflects the closing price on September 29, 2026, the trading day immediately preceding the date of distribution, which was used to value the shares distributed and determine the number of shares required to satisfy the annuity payment.

Upon the consummation of all of the transactions contemplated by this filing, the Reporting Person shall own 333,000 shares of Class A Common Stock.

The Reporting person also directly owns 3,000,000 shares of Class B Common Stock, and he owns 17,819.116512 shares of Class A Common Stock held in a 401(k) unitized stock fund.

The Reporting Person has the right to substitute the corpus of the trust.

Represents shares of Class A Common Stock received by the Reporting Person on September 30, 2026 as in-kind distributions from the Frederick G. Smith AFS 2025, Series I Irrevocable Trust, the Frederick G. Smith JRS 2025, Series I Irrevocable Trust, and the Frederick G. Smith EGS 2025, Series I Irrevocable Trust in satisfaction of annuity payments. The Reporting Person is the settlor and sole annuitant of each trust. The transactions effected only a change in the form of the Reporting Person's beneficial ownership, from indirect to direct, without changing the Reporting Person's pecuniary interest.

Reflects the closing price on September 29, 2026, the trading day immediately preceding the date of distribution, which was used to value the shares distributed and determine the number of shares required to satisfy the annuity payment.

Upon the consummation of all of the transactions contemplated by this filing, the Reporting Person shall own 333,000 shares of Class A Common Stock.

The Reporting person also directly owns 3,000,000 shares of Class B Common Stock, and he owns 17,819.116512 shares of Class A Common Stock held in a 401(k) unitized stock fund.

Represents shares of Class A Common Stock received by the Reporting Person on September 30, 2026 as in-kind distributions from the Frederick G. Smith AFS 2025, Series I Irrevocable Trust, the Frederick G. Smith JRS 2025, Series I Irrevocable Trust, and the Frederick G. Smith EGS 2025, Series I Irrevocable Trust in satisfaction of annuity payments. The Reporting Person is the settlor and sole annuitant of each trust. The transactions effected only a change in the form of the Reporting Person's beneficial ownership, from indirect to direct, without changing the Reporting Person's pecuniary interest.

Reflects the closing price on September 29, 2026, the trading day immediately preceding the date of distribution, which was used to value the shares distributed and determine the number of shares required to satisfy the annuity payment.

Upon the consummation of all of the transactions contemplated by this filing, the Reporting Person shall own 333,000 shares of Class A Common Stock.

The Reporting person also directly owns 3,000,000 shares of Class B Common Stock, and he owns 17,819.116512 shares of Class A Common Stock held in a 401(k) unitized stock fund.

The Reporting Person has the right to substitute the corpus of the trust.

Represents shares of Class A Common Stock received by the Reporting Person on September 30, 2026 as in-kind distributions from the Frederick G. Smith AFS 2025, Series I Irrevocable Trust, the Frederick G. Smith JRS 2025, Series I Irrevocable Trust, and the Frederick G. Smith EGS 2025, Series I Irrevocable Trust in satisfaction of annuity payments. The Reporting Person is the settlor and sole annuitant of each trust. The transactions effected only a change in the form of the Reporting Person's beneficial ownership, from indirect to direct, without changing the Reporting Person's pecuniary interest.

Reflects the closing price on September 29, 2026, the trading day immediately preceding the date of distribution, which was used to value the shares distributed and determine the number of shares required to satisfy the annuity payment.

Upon the consummation of all of the transactions contemplated by this filing, the Reporting Person shall own 333,000 shares of Class A Common Stock.

The Reporting person also directly owns 3,000,000 shares of Class B Common Stock, and he owns 17,819.116512 shares of Class A Common Stock held in a 401(k) unitized stock fund.

The Reporting Person has the right to substitute the corpus of the trust.

Represents shares of Class A Common Stock received by the Reporting Person on September 30, 2026 as in-kind distributions from the Frederick G. Smith AFS 2025, Series I Irrevocable Trust, the Frederick G. Smith JRS 2025, Series I Irrevocable Trust, and the Frederick G. Smith EGS 2025, Series I Irrevocable Trust in satisfaction of annuity payments. The Reporting Person is the settlor and sole annuitant of each trust. The transactions effected only a change in the form of the Reporting Person's beneficial ownership, from indirect to direct, without changing the Reporting Person's pecuniary interest.

Reflects the closing price on September 29, 2026, the trading day immediately preceding the date of distribution, which was used to value the shares distributed and determine the number of shares required to satisfy the annuity payment.

Upon the consummation of all of the transactions contemplated by this filing, the Reporting Person shall own 333,000 shares of Class A Common Stock.

The Reporting person also directly owns 3,000,000 shares of Class B Common Stock, and he owns 17,819.116512 shares of Class A Common Stock held in a 401(k) unitized stock fund.

Represents shares of Class B Common Stock received by the Reporting Person on September 23, 2026 as an in-kind distribution from the J. Duncan Smith 2025, Series I Irrevocable Trust in satisfaction of an annuity payment. The Reporting Person is the settlor and sole annuitant of the trust. The transaction effected only a change in the form of the Reporting Person's beneficial ownership, from indirect to direct, without changing the Reporting Person's pecuniary interest.

Reflects the closing price of the Common Stock on September 23, 2026, the date of distribution, which was used to value the shares distributed and determine the number of shares required to satisfy the annuity payment.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

The Reporting Person also owns 185 shares of Class A Common Stock and 21,498.357834 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 137,154 shares of Class B Common Stock divided equally among three irrevocable trusts, each for the benefit of a child of the Reporting Person, of which the Reporting Person is a co-trustee; (ii) 41,050 shares of Class B Common Stock held in irrevocable trust f/b/o family members; and (iii) 629,700 shares of Class B Common Stock held in irrevocable trust f/b/o the Reporting Person.

Represents shares of Class B Common Stock received by the Reporting Person on September 23, 2026 as an in-kind distribution from the J. Duncan Smith 2025, Series I Irrevocable Trust in satisfaction of an annuity payment. The Reporting Person is the settlor and sole annuitant of the trust. The transaction effected only a change in the form of the Reporting Person's beneficial ownership, from indirect to direct, without changing the Reporting Person's pecuniary interest.

Reflects the closing price of the Common Stock on September 23, 2026, the date of distribution, which was used to value the shares distributed and determine the number of shares required to satisfy the annuity payment.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

The Reporting Person also owns 185 shares of Class A Common Stock and 21,498.357834 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 137,154 shares of Class B Common Stock divided equally among three irrevocable trusts, each for the benefit of a child of the Reporting Person, of which the Reporting Person is a co-trustee; (ii) 41,050 shares of Class B Common Stock held in irrevocable trust f/b/o family members; and (iii) 629,700 shares of Class B Common Stock held in irrevocable trust f/b/o the Reporting Person.

The Reporting Person has the right to substitute the corpus of trust.

The Reporting Person exercised his right to substitute the corpus of the trust and withdrew the shares from the trust f/b/o the Reporting Person's child.

The Reporting person also directly owns 3,000,000 shares of Class B Common Stock and 189,000 shares of Class A Common Stock, and he owns 17,801.567198 shares of Class A Common Stock held in a 401(k) unitized stock fund.

The Reporting Person has the right to substitute the corpus of the trust.

The Reporting Person exercised his right to substitute the corpus of the trust and withdrew the shares from the trust f/b/o the Reporting Person's child.

The Reporting person also directly owns 3,000,000 shares of Class B Common Stock and 189,000 shares of Class A Common Stock, and he owns 17,801.567198 shares of Class A Common Stock held in a 401(k) unitized stock fund.

The Reporting Person has the right to substitute the corpus of the trust.

The Reporting Person exercised his right to substitute the corpus of the trust and withdrew the shares from the trust f/b/o the Reporting Person's child.

The Reporting person also directly owns 3,000,000 shares of Class B Common Stock and 189,000 shares of Class A Common Stock, and he owns 17,801.567198 shares of Class A Common Stock held in a 401(k) unitized stock fund.

The Reporting Person has the right to substitute the corpus of the trust.

Class A Common Stock held in a 401(k) unitized stock fund.

Common Stock issued as Restricted Stock.

After giving effect to all of the transactions reported on this Form 4, Reporting Person also owns 0 shares of Class A Common Stock held in a 401(k) unitized stock fund, 0 shares of Class A Common Stock held in an Employee Stock Purchase Plan, and 307,707 shares of Class A Common Stock issued as Stock Appreciation Rights.

Class A Common Stock issued as Restricted Stock.

The purchase price is a weighted average for the purchase reported. The range of prices for this purchase was $13.67-$13.84. The Reporting Person undertakes to provide, upon request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares purchased at each separate price.

Common Stock issued as Restricted Stock.

After giving effect to all of the transactions reported on this Form 4, Reporting Person also owns 0 shares of Class A Common Stock held in a 401(k) unitized stock fund, 0 shares of Class A Common Stock held in an Employee Stock Purchase Plan, and 307,707 shares of Class A Common Stock issued as Stock Appreciation Rights.

Class A Common Stock held in an Employee Stock Purchase Plan.

Common Stock issued as Restricted Stock.

After giving effect to all of the transactions reported on this Form 4, Reporting Person also owns 0 shares of Class A Common Stock held in a 401(k) unitized stock fund, 0 shares of Class A Common Stock held in an Employee Stock Purchase Plan, and 307,707 shares of Class A Common Stock issued as Stock Appreciation Rights.

The purchase price is a weighted average for the purchase reported. The range of prices for this purchase was $15.08 - $15.515. The Reporting Person undertakes to provide, upon request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares purchased at each separate price.

Class A Common Stock, of which the reporting person and the reporting person's spouse are the beneficiaries. The reporting person serves as a co-trustee of the trust and exercisesshared voting and investment power over the securities held therein.

The Reporting Person and the Reporting Person's family are the beneficiaries of the trust, and the Reporting Person serves as a trustee of the trust and exercises voting and investment power over the securities held therein.

8,617 shares transferred from Reporting Person, individually, to the Reporting Person's revocable trust.

N/A

Class A Common Stock issued as Restricted Stock. After the transaction reported on this Form 4, the Reporting Person also owns 14,571 shares of Class A Common Stock in a revocable trust, 4,686.301391 shares of Class A Common Stock held in a 401(k) unitized stock fund.

Issued pursuant to Stock Incentive Plan.

N/A

Issued pursuant to Stock Incentive Plan.

N/A

Issued pursuant to Stock Incentive Plan.

N/A

Issued pursuant to Stock Incentive Plan.

N/A

Issued pursuant to Stock Incentive Plan.

N/A

Class A Common Stock, of which the reporting person and the reporting person's spouse are the beneficiaries. The reporting person serves as a co-trustee of the trust and exercises shared voting and investment power over the securities held therein.

The Reporting Person and the Reporting Person's family are the beneficiaries of the trust, and the Reporting Person serves as a trustee of the trust and exercises voting and investment power over the securities held therein.

Issued pursuant to Stock Incentive Plan.

N/A

The purchase price is a weighted average for the purchase reported. The range of prices for this purchase was $14.40-$15.13. The Reporting Person undertakes to provide, upon request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares purchased at each separate price.

The sale price is a weighted average for the sale reported. The Reporting Person undertakes to provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares at each price. The range of prices for the sale was $12.83-$13.01.

Class A Common Stock, of which the reporting person and the reporting person's spouse are the beneficiaries. The reporting person serves as a co-trustee of the trust and exercises shared voting and investment power over the securities held therein.

The Reporting Person and the Reporting Person's family are the beneficiaries of the trust, and the Reporting Person serves as a trustee of the trust and exercises voting and investment power over the securities held therein.

The sale price is a weighted average for the sale reported. The Reporting Person undertakes to provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares at each price. The range of prices for the sale was $12.90-$13.06.

After giving effect to the transactions reported on this Form 4, the Reporting Person indirectly owns 25,027 shares of Class A Common Stock.

Class A Common Stock, of which the reporting person and the reporting person's spouse are the beneficiaries. The reporting person serves as a co-trustee of the trust and exercises shared voting and investment power over the securities held therein.

The Reporting Person and the Reporting Person's family are the beneficiaries of the trust, and the Reporting Person serves as a trustee of the trust and exercises voting and investment power over the securities held therein.

The sale price is a weighted average for the sale reported. The Reporting Person undertakes to provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares at each price. The range of prices for the sale was $13.035-$12.46.

After giving effect to the transactions reported on this Form 4, the Reporting Person indirectly owns 25,027 shares of Class A Common Stock.

Class A Common Stock, of which the reporting person and the reporting person's spouse are the beneficiaries. The reporting person serves as a co-trustee of the trust and exercises shared voting and investment power over the securities held therein.

The Reporting Person and the Reporting Person's family are the beneficiaries of the trust, and the Reporting Person serves as a trustee of the trust and exercises voting and investment power over the securities held therein.

Gift to Trust f/b/o Reporting Person's child.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

After giving effect to the transactions reported on this Form 4, the Reporting Person directly owns 2,911,072.227 shares of Class B Common Stock.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock, (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,520.369101 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

Gift to Trust f/b/o Reporting Person's child.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock, (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,520.369101 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

Acquired by gift from Reporting Person.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

After giving effect to the transactions reported on this Form 4, the Reporting Person directly owns 2,911,072.227 shares of Class B Common Stock.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock, (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,520.369101 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

The Reporting Person has the right to substitute the corpus of the trust.

Gift to Trust f/b/o Reporting Person's child.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

After giving effect to the transactions reported on this Form 4, the Reporting Person directly owns 2,911,072.227 shares of Class B Common Stock.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock, (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,520.369101 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

Acquired by gift from Reporting Person.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

After giving effect to the transactions reported on this Form 4, the Reporting Person directly owns 2,911,072.227 shares of Class B Common Stock.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock, (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,520.369101 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

The Reporting Person has the right to substitute the corpus of the trust.

Acquired by gift from Reporting Person.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

After giving effect to the transactions reported on this Form 4, the Reporting Person directly owns 2,911,072.227 shares of Class B Common Stock.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock, (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,520.369101 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

The Reporting Person has the right to substitute the corpus of the trust.

Acquired by gift from Reporting Person.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

The Reporting Person has the right to substitute the corpus of the trust.

Gift to Trust f/b/o Reporting Person's child.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

After giving effect to the transactions reported on this Form 4, the Reporting Person directly owns 2,911,072.227 shares of Class B Common Stock.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock, (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,520.369101 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

Reporting Person exercised his right to substitute the corpus of the trust and withdrew the shares from the trust.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

After giving effect to the transactions reported on this Form 4, the Reporting Person directly owns 6,911,072.227 shares of Class B Common Stock.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,060.183108 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

Reporting Person exercised his right to substitute the corpus of the trust and withdrew the shares from the trust.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

After giving effect to the transactions reported on this Form 4, the Reporting Person directly owns 6,911,072.227 shares of Class B Common Stock.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,060.183108 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

Reporting Person exercised his right to substitute the corpus of the trust and withdrew the shares from the trust.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

After giving effect to the transactions reported on this Form 4, the Reporting Person directly owns 6,911,072.227 shares of Class B Common Stock.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,060.183108 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

Reporting Person exercised his right to substitute the corpus of the trust and withdrew the shares from the trust.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

After giving effect to the transactions reported on this Form 4, the Reporting Person directly owns 6,911,072.227 shares of Class B Common Stock.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,060.183108 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

Reporting Person exercised his right to substitute the corpus of the trust and withdrew the shares from the trust.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

After giving effect to the transactions reported on this Form 4, the Reporting Person directly owns 6,911,072.227 shares of Class B Common Stock.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,060.183108 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

Reporting Person exercised his right to substitute the corpus of the trust and withdrew the shares from the trust.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

After giving effect to the transactions reported on this Form 4, the Reporting Person directly owns 6,911,072.227 shares of Class B Common Stock.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,060.183108 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

Reporting Person exercised his right to substitute the corpus of the trust and withdrew the shares from the trust.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

After giving effect to the transactions reported on this Form 4, the Reporting Person directly owns 6,911,072.227 shares of Class B Common Stock.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,060.183108 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

Reporting Person exercised his right to substitute the corpus of the trust and withdrew the shares from the trust.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

After giving effect to the transactions reported on this Form 4, the Reporting Person directly owns 6,911,072.227 shares of Class B Common Stock.

The Reporting Person also directly owns (i) 1,823,783 shares of Class A Common Stock (ii) 526,574 shares of Class A Common Stock issued as Restricted Stock, and (iii) 20,060.183108 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person f/b/o family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (iv) 803,178 shares of Class A Common Stock held f/b/o of David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.

The purchase price is a weighted average for the purchase reported. The range of prices for this purchase was $13.85-$14.35. The Reporting Person undertakes to provide, upon request by the Commission staff, the issuer or a security holder of the issuer, full information regarding the number of shares purchased at each separate price.

Class A Common Stock, of which 284,525 shares are issued as Restricted Stock. The Reporting Person also owns 7,942.145700 shares of Class A Common Stock held in a 401 (k) unitized stock a nd 14,803.1 shares of Class A Common Stock held in an Employee Stock Purchase Plan.

The first vesting date of restricted shares granted to the Reporting Person on March 8, 2024.

Designates withholding of shares to satisfy the Reporting Person's tax liability.

The total number of shares released to the Reporting Person was 5,635 shares of Class A Common Stock issued as Restricted Stock of which 2,652 shares were withheld by the issuer to satisfy the Reporting Person's tax liability.

Common Stock issued as Restricted Stock. Reporting Person also owns 1,079 shares of Class A Common Stock, 6,904.578205 shares of Class A Common Stock held in a 401(k)unitized stock fund and 3,822.19 shares of Class A Common Stock held in an Employee Stock Purchase Plan.

The first vesting date of restricted shares granted to the Reporting Person on March 8, 2024.

Designates withholding of shares to satisfy the Reporting Person's tax liability.

The total number of shares released to the Reporting Person was 22,540 shares of Class A Common Stock issued as Restricted Stock of which 11,056 shares were withheld by the issuer to satisfy the Reporting Person's tax liability.

Common Stock issued as Restricted Stock. The Reporting Person also owns 4,656.006471 shares of Class A Common Stock held in a 401(k) unitized stock fund, 396.777 shares of Class A Common Stock held in an Employee Stock Purchase Plan, and 307,707 shares of Class A Common Stock issued as Stock Appreciation Rights.

The first vesting date of restricted shares granted to the Reporting Person on March 8, 2024.

Designates withholding of shares to satisfy the Reporting Person's tax liability.

The total number of shares released to the Reporting Person was 18,783 shares of Class A Common Stock issued as Restricted Stock of which 9,214 shares were withheld by the issuer to satisfy the Reporting Person's tax liability.

Common Stock issued as Restricted Stock. Reporting Person also owns 3,334.644928 shares of Class A Common Stock held in a 40l(k) unitized stock fund.

The first vesting date of restricted shares granted to the Reporting Person on March 8, 2024.

Designates withholding of shares to satisfy the Reporting Person's tax liability.

The total number of shares released to the Reporting Person was 75,131 shares of Class A Common Stock issued as Restricted Stock of which 36,853 shares were withheld by the issuer to satisfy the Reporting Person's tax liability.

Common Stock issued as Restricted Stock. The Reporting Person also owns 365,747 shares of Class A Common Stock held in a revocable trust for which the Reporting Person serves as a co-trustee and 5,561.263044 shares of Class A Common Stock held in a 40l(k) unitized stock fund.

Acquired by gift from Reporting Person.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

The Reporting Person has the right to substitute the corpus of trust.

Gifted to Trust f/b/o Reporting Person's family members.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

The Reporting Person also owns 185 shares of Class A Common Stock and 21,498.357834 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 137,154 shares of Class B Common Stock divided equally among three irrevocable trusts, each for the benefit of a child of the Reporting Person, of which the Reporting Person is a co-trustee; and (ii) 506,250 shares of Class B Common Stock held in irrevocable trust f/b/o family members.

Reporting Person exercised his right to substitute the corpus of the trust and withdrew the shares from the trust f/b/o Reporting Person's children.

The Class B Common Stock is convertible at the Reporting Person's election and has no expiration date.

The Reporting Person also owns 185 shares of Class A Common Stock and 21,498.357834 shares of Class A Common Stock held in a 40l(k) unitized stock fund. The Reporting Person indirectly owns (i) 137,154 shares of Class B Common Stock divided equally among three irrevocable trusts, each for the benefit of a child of the Reporting Person, of which the Reporting Person is a co-trustee; and (ii) 506,250 shares of Class B Common Stock held in irrevocable trust f/b/o family members.