Mel Williams - Nov 13, 2025 Form 4 Insider Report for P10, Inc. (PX)

Role: Other*, 10%+ Owner
Signature: By: Dominic Hong, as Attorney-in-Fact for the Reporting Person, /s/ Dominic Hong
Stock symbol: PX
Transactions as of: Nov 13, 2025
Transactions value $: -$166,175
Form type: 4
Date filed: 11/24/2025, 05:54 PM
Previous filing: Sep 25, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Williams Mel	Other*, 10%+ Owner	C/O P10, INC., 4514 COLE AVENUE, SUITE 1600, DALLAS	By: Dominic Hong, as Attorney-in-Fact for the Reporting Person, /s/ Dominic Hong	2025-11-24	0001890819

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PX	Class A Common Stock	Conversion of derivative security		+18.4K			18.4K	Nov 13, 2025	By TrueBridge Ascent LLC	F1, F2, F3
transaction	PX	Class A Common Stock	Sale	-$166K	-18.4K	-100%	$9.02	0	Nov 21, 2025	By TrueBridge Ascent LLC	F3, F4
holding	PX	Class A Common Stock						4.02M	Nov 13, 2025	By The Mel Williams Irrevocable Trust u/a/d August 12, 2015	F5
holding	PX	Class A Common Stock						71K	Nov 13, 2025	Direct	F6

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

Type	Sym	Class	Transaction	Shares	Change %	Shares After	Date	Underlying Class	Amount	Ownership	Footnotes
transaction	PX	Class B Common Stock	Conversion of derivative security	-18.4K	-13.71%	116K	Nov 13, 2025	Class A Common Stock	18.4K	By TrueBridge Ascent LLC	F1, F2, F3
holding	PX	Class B Common Stock				4.29M	Nov 13, 2025	Class A Common Stock	4.29M	By The Mel Williams Irrevocable Trust u/a/d August 12, 2015	F1, F2, F5
holding	PX	Class B Common Stock				105K	Nov 13, 2025	Class A Common Stock	105K	By MAW Management Co.	F1, F2, F7

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

Explanation of Responses:

Id	Content
F1	Holders of Class B Common Stock may elect to convert such shares on a one-for-one basis into Class A Common Stock at any time. After a Sunset (as defined below) becomes effective, each share of Class B Common Stock will automatically convert into Class A Common Stock.
F2	Continued from footnote 2: A "Sunset" is triggered by any of the earlier of the following: (i) the Sunset Holders (as defined in the amended and restated certificate of incorporation of the Issuer (the "Charter")) cease to maintain direct or indirect beneficial ownership of 10% of the outstanding shares of Class A Common Stock (determined assuming all outstanding shares of Class B Common Stock have been converted into Class A Common Stock), (ii) the Sunset Holders collectively cease to maintain direct or indirect beneficial ownership of at least 25% of the aggregate voting power of the outstanding shares of Common Stock, and (iii) upon the tenth anniversary of the effective date of the Charter. On November 13, 2025, TrueBridge Ascent LLC converted 18,427 shares of Class B Common Stock into an equivalent number of shares of Class A Common Stock.
F3	Represents securities of the Issuer owned directly by TrueBridge Ascent LLC. The Reporting Person, as a manager of TrueBridge Ascent LLC, may be deemed to be deemed to beneficially own the securities of the Issuer owned directly by TrueBridge Ascent LLC. The Reporting Person disclaims beneficial ownership of the securities of the Issuer reported herein, except to the extent of his pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that the Reporting Person is a beneficial owner of the securities of the Issuer reported herein.
F4	Price reflects the weighted average sale price for the shares, which were sold in multiple transactions at prices that ranged from $9.00 to $9.04. Upon request, the Reporting Person will provide information regarding the number of shares sold at each price within the range to the Issuer, any security holder of the issuer, or the SEC staff.
F5	Represents securities of the Issuer owned directly by The Mel Williams Irrevocable Trust u/a/d August 12, 2015 (the "Williams Trust"). Alliance Trust Company, as trustee of the Williams Trust, may be deemed to beneficially own the securities of the Issuer owned directly by the Williams Trust. The Reporting Person disclaims beneficial ownership of the securities of the Issuer reported herein, except to the extent of his pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that the Reporting Person is a beneficial owner of the securities of the Issuer reported herein.
F6	Represents securities of the Issuer owned directly by the Reporting Person.
F7	Represents securities of the Issuer owned directly by MAW Management Co. ("MAW Management"). The Reporting Person, as the president of MAW Management, may be deemed to beneficially own the securities of the Issuer owned directly by MAW Management. The Reporting Person disclaims beneficial ownership of the securities of the Issuer reported herein, except to the extent of his pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that the Reporting Person is a beneficial owner of the securities of the Issuer reported herein.

Remarks:

This Form is being filed by Mel Williams (the "Reporting Person"). The Reporting Person may be deemed a member of a Section 13(d) group that collectively beneficially owns more than 10% of the Issuer's Common Stock. The Reporting Person disclaims beneficial ownership of the securities of the Issuer reported herein, except to the extent of his pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that the Reporting Person is a beneficial owner of the securities of the Issuer reported herein.