{
  "schema": "aic-vesting-signal-note/1",
  "checked_on": "2026-09-29",
  "publication_status": "free_public_research_annotation",
  "scope": "Selected provisions of the September 16 Generac-Amazon warrant; not a complete agreement, amendment or current ownership audit.",
  "instrument": {
    "issuer": "Generac Holdings Inc.",
    "initial_warrantholder": "Amazon.com NV Investment Holdings LLC",
    "issue_date": "2026-09-16",
    "initial_maximum_underlying_shares": 1693745,
    "shares_vested_at_execution": 307954,
    "initial_exercise_price_usd": "200.9266",
    "maximum_and_price_subject_to_adjustment": true,
    "latest_vested_shares": null,
    "actual_customer_payments_received_usd": null,
    "actual_exercise_proceeds_usd": null
  },
  "filing": {
    "accession": "0001437749-26-030550",
    "filing_date": "2026-09-16",
    "accepted_as_displayed": "2026-09-16 16:24:26",
    "accepted_timezone": null,
    "period_of_report": "2026-09-16",
    "index_url": "https://www.sec.gov/Archives/edgar/data/1474735/000143774926030550/0001437749-26-030550-index.htm",
    "earliest_public_disclosure_date": null
  },
  "sources": [
    {
      "id": "eight_k",
      "url": "https://www.sec.gov/Archives/edgar/data/1474735/000143774926030550/gnrc20260915_8k.htm",
      "locator": "Item 1.01"
    },
    {
      "id": "warrant",
      "url": "https://www.sec.gov/Archives/edgar/data/1474735/000143774926030550/ex_1016888.htm",
      "locator": "Sections 2(i), 4, 8(iv); defined term Vesting Event; Annex A"
    }
  ],
  "observations": [
    {
      "id": "initial_vesting",
      "status": "reported_event",
      "reason": "execution_of_warrant",
      "date": "2026-09-16",
      "shares": 307954,
      "source_ids": [
        "eight_k",
        "warrant"
      ],
      "inferred_customer_cash_usd": null
    },
    {
      "id": "payment_trigger",
      "status": "contractual_condition_not_observed_payment",
      "reason": "qualifying_payments_net_of_offsets",
      "aggregate_payment_ladder_ceiling_usd": 8000000000,
      "ceiling_is_firm_purchase_commitment": false,
      "share_increment": null,
      "payment_increment_usd": null,
      "increments_publicly_redacted": true,
      "payment_scope": "Issuer and affiliates; Amazon-related generator payments net of defined offsets.",
      "source_ids": [
        "eight_k",
        "warrant"
      ]
    },
    {
      "id": "corporate_action",
      "status": "contractual_condition_not_observed_event",
      "reason": "defined_acquisition_or_qualifying_reclassification",
      "locator": "Section 8(iv)",
      "trigger_occurrence": null,
      "trigger_observation_status": "not_established_by_this_review",
      "description": "Accelerated vesting before the covered transaction.",
      "source_ids": [
        "warrant"
      ]
    },
    {
      "id": "late_offsets",
      "status": "contractual_adjustment_rule_not_observed_event",
      "locator": "Vesting Event definition, clause (iv)",
      "before_related_exercise": "An affected vesting event ceases to be deemed satisfied until sufficient additional qualifying payments.",
      "after_related_exercise": "Offsets count against payments needed for the next vesting event.",
      "actual_offset_amount_usd": null,
      "source_ids": [
        "warrant"
      ]
    },
    {
      "id": "notice_visibility",
      "status": "contractual_reporting_rule",
      "locator": "Section 2(i); Annex A",
      "recipient": "warrantholder",
      "timing": "After quarters with a vesting event, or a written request for a specified date.",
      "section_2_i_itself_requires_public_release": false,
      "other_public_disclosure_obligations_assessed": false,
      "source_ids": [
        "warrant"
      ]
    }
  ],
  "settlement_distinction": {
    "locator": "Section 4",
    "fractional_share_treatment": "round_down",
    "fractional_cash_payment_specified_in_section_4": false,
    "inference": "Do not import the AMD example's fractional-cash payment rule into this instrument.",
    "source_ids": [
      "warrant"
    ]
  },
  "research_inference": {
    "can_recover_exact_customer_cash_from_total_vested_share_count_alone": false,
    "reasons": [
      "Multiple vesting triggers",
      "Redacted payment/share increments",
      "Defined offsets and their later adjustment",
      "Private contractual notice is distinct from public observation"
    ],
    "proposed_fields": [
      "vesting_reason",
      "condition_status",
      "offset_adjustment",
      "event_date",
      "source_publication_date",
      "observation_channel"
    ],
    "is_issuer_claim": false
  },
  "published_on": "2026-09-29"
}