Form 4: Blake Sartini II Executes Final Equity Settlement for GDEN

EVP of Operations Blake Sartini II reports the final exercise and disposition of equity holdings following the merger of New Royal Holdco I Inc. into VICI Properties Inc.

Summary

• Blake Sartini II, EVP of Operations, exercised stock options for 145,000 shares at prices of $10.51 and $11.50.
• Multiple tranches of Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) were accelerated, vested, and converted to common stock.
• A total of 108,652 shares were withheld by the issuer to satisfy tax obligations and option exercise costs.
• The remaining 251,643 shares held by the reporting person were disposed of on April 30, 2026, as part of the merger reorganization.
• The reporting person now holds zero shares of New Royal Holdco I Inc. (GDEN) following the completion of the merger.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral, procedural filing documenting the final equity settlement of an executive following a completed merger.

Positives

• Full acceleration and vesting of all outstanding equity awards, including options, RSUs, and PSUs.
• Successful completion of the merger transaction as outlined in the Master Transaction Agreement.

Negatives

• The reporting person has fully divested their interest in the company, signaling the end of their equity participation in the issuer.

Risks

• The issuer has ceased to exist as an independent entity following the merger with VICI Properties Inc.
• The reporting person no longer maintains investment control or beneficial ownership in the successor entity.

Future Outlook

The filing does not provide a future outlook as the issuer has been acquired and the reporting person has fully divested their holdings.

Management Comments

• All transactions were executed in accordance with the Master Transaction Agreement dated November 6, 2025.

Industry Context

StockSavvy.ai notes that this filing represents the final administrative cleanup of executive equity positions following a major M&A event in the gaming and real estate investment trust (REIT) sector.

Comparison to Industry Standards

• The accelerated vesting of equity awards upon a change-in-control event is standard practice in executive compensation agreements.
• The exchange of shares for VICI Properties Inc. stock is consistent with the consolidation trends observed in the gaming-REIT space.

Related Party Transactions

• The reporting person previously held a pecuniary interest in D'Oro Holdings, LLC, but resigned from management and trustee roles in 2021.

Stakeholder Impact

• Shareholders are impacted by the finalization of the merger and the conversion of GDEN shares into VICI Properties Inc. equity.

Next Steps

• No further filings are expected for this reporting person regarding this issuer.

Key Dates

Keywords

GDEN, Merger, VICI Properties, Equity Settlement, Form 4, Insider Transaction