MCCARTHY MICHAEL R 4

What Happened
Director Michael R. McCarthy was granted 808 Phantom Stock Units (derivative award) on 2026-07-01. The award is reported at $277.73 per unit, for a notional value of $224,406. This is an award/compensation grant (transaction code A), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-07-01; Form 4 filed 2026-07-02 (timely filing). Accession: 0000100885-26-000224.
• Units granted: 808 Phantom Stock Units at $277.73 each; total reported value $224,406.
• Shares/units owned after transaction: Not disclosed in the provided filing.
• Footnotes: F1 — distribution ratio for Phantom Stock Units is 1:1. F2 — Phantom Stock Units are payable in cash only commencing at retirement.
• Transaction type: Derivative award (A). This is compensation, not a cash purchase or sale.

Context
Phantom Stock Units are a cash-settled derivative that track the company’s stock value; they do not represent immediate share ownership and will be paid in cash when the director retires. Such awards are common for directors’ compensation and should be viewed as compensation rather than a direct market-confidence signal.