Zerhouni Elias A. 4

What Happened

• Elias A. Zerhouni, a director of Danaher Corp (DHR), exercised stock options on July 15, 2026. He acquired 3,298 shares by exercising options with an exercise price of $71.88 (total exercise cost reported as $237,060).
• To cover tax withholding, 1,181 of those shares were surrendered/disposed at the market price of $200.79 per share (total value $237,133). After the withholding, Zerhouni retained a net 2,117 shares (3,298 exercised − 1,181 withheld).

Key Details

• Transaction date: 2026-07-15 (Form 4 filed 2026-07-16). Filing appears timely.
• Exercise price: $71.88 per share; market price used for withholding: $200.79 per share.
• Gross shares exercised: 3,298 (code M = option exercise). Shares withheld/disposed for taxes: 1,181 (code F = payment of tax liability).
• Net shares retained after the transaction: 2,117.
• Shares owned after transaction: not reported in the provided Form 4 data.
• Notable: the F code indicates shares were surrendered to cover tax liabilities (a common cashless exercise mechanism).

Context

• This was an option exercise with partial share surrender to satisfy tax obligations (commonly called a cashless exercise). The exercise created newly acquired shares, but a portion was immediately withheld/disposed to pay taxes — not an open-market sale intended as portfolio rebalancing.
• Transaction codes: M = exercise/conversion of derivative (option exercise); F = payment of exercise price or tax liability (share surrender).