SLTA V (GP), L.L.C. - 11 Mar 2025 Form 4 Insider Report for Vacasa, Inc. (VCSA)

Role: Director, 10%+ Owner
Signature: By: /s/ Andrew J. Schader, Managing Director and General Counsel of Silver Lake Group, L.L.C.
Issuer symbol: VCSA
Transactions as of: 11 Mar 2025
Transactions value $: $0
Form type: 4
Filing time: 13 Mar 2025, 17:50:54 UTC
Previous filing: 13 Jan 2025
Next filing: 02 May 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	VCSA	Class A Common Stock	Conversion of derivative security		+1.94M	+8599.72%		1.96M	11 Mar 2025	Held through SLP Venice Holdings, L.P.	F1, F2, F4, F5
holding	VCSA	Class A Common Stock						3.1M	11 Mar 2025	Held through SLP V Venice Feeder I, L.P.	F3, F4, F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	VCSA	Vacasa Holdings Units	Conversion of derivative security		-1.94M	-80%		484K	11 Mar 2025	Class A Common Stock	1.94M		Held through SLP Venice Holdings, L.P.	F1, F2, F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Pursuant to the terms of the limited liability company agreement of Vacasa Holdings, LLC, limited liability company units of Vacasa Holdings, LLC and an equal number of paired shares of Class B Common Stock are together redeemable by the holder on a one-for-one basis for, at the option of Vacasa, Inc. (the "Issuer") into (i) one share of Common Stock, subject to conversion rate adjustments for stock splits, stock dividends, reclassification and other similar transactions or (ii) an equivalent amount of cash. Upon redemption, Vacasa Holdings, LLC will cancel and retire for no consideration the redeemed shares of Class B Common Stock. Shares of Class B Common Stock of the Issuer have no economic rights and each share of Class B Common Stock entitles its holder to 1 vote per share.
F2	Represents securities held by SLP Venice Holdings, L.P.
F3	Represents securities held by SLP V Venice Feeder I, L.P.
F4	SLP V Aggregator GP, L.L.C. ("SLP V GP") is the general partner of SLP Venice Holdings, L.P. Silver Lake Technology Associates V, L.P. ("SLTA V") is the managing member of SLP V GP and the general partner of SLP V Venice Feeder I, L.P. SLTA V (GP), L.L.C. ("SLTA V GP") is the general partner of SLTA V. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA V GP. Messrs. Joerg Adams and Ryan Bone serve as members of the board of directors of the Issuer and are employees of an affiliate of SLG. Each of SLP V Venice Feeder I, L.P., SLP Venice Holdings, L.P., SLP V GP, SLTA V, SLTA V GP, and SLG may be deemed to be a director by deputization of the Issuer.
F5	Reflects the 1-for-20 reverse stock split effected by the Issuer on October 3, 2023.