BADGER NORMAN J 4

What Happened

• Norman J. Badger, Senior Vice President of Publix Super Markets, disposed of 20,000 shares to the issuer on March 20, 2026 at $19.65 per share, generating proceeds of $393,000.
• Earlier (period of report Mar 2, 2026) Badger acquired 1,071.056 derivative/plan shares at $19.65 per share (total value ≈ $21,046). The acquired position is reported as a derivative interest tied to company plans.

Key Details

• Transactions and prices:
  • Sale (Disposition to issuer): 20,000 shares @ $19.65 on 2026-03-20 — proceeds $393,000.
  • Acquisition (derivative/plan): 1,071.056 shares @ $19.65 on 2026-03-02 — value ≈ $21,046.
• Filing date: Form 4 filed 2026-03-23 (covers both transactions).
  • The Mar 20 sale was reported within the typical two-business-day window (filed Mar 23).
  • The Mar 2 acquisition was reported on Mar 23 — notably later than the standard two-business-day filing deadline for Form 4, which may indicate a late report for that item.
• Shares owned after these transactions: Not disclosed in the excerpt provided.
• Footnotes of note:
  • F1 / F2: Some acquisitions were made under the Publix 401(k) SMART Plan or the Publix Employee Stock Ownership Plan and are exempt under Rule 16b-3(c) (plan-related transactions).
  • F3: SERP shares noted are economic equivalents of common stock and become payable in common stock upon the reporting person's termination under the Supplemental Executive Retirement Plan.

Context

• The sale was a disposition to the issuer (i.e., shares returned/sold to the company), not an open-market sale; such transactions can reflect tax-withholding, plan mechanics, or other routine corporate procedures rather than a market-timing view.
• The acquisition is a derivative/plan-based award (SERP/plan stock equivalent) — these are plan-driven and typically become common shares or payable at termination; they are not the same as an open-market purchase, so they provide limited signal about the insider’s near-term sentiment.