MILLER ALAN B 4

What Happened
Alan B. Miller (reported as a 10% owner) exercised stock options on 2026-03-10. He acquired 62,500 shares at $138.80 (value $8,675,000) and 70,212 shares at $152.68 (value $10,719,968), a total of 132,712 shares for approximately $19,394,968. To satisfy tax/withholding obligations, 114,258 shares were disposed (code F) with an indicated value of $21,665,602. The net result appears to be a gain of about 18,454 shares retained following the exercises and withholding.

Key Details

• Transaction date: 2026-03-10; Form 4 filed 2026-03-11 (appears timely).
• Option exercises (code M): 62,500 shares at $138.80 and 70,212 shares at $152.68.
• Tax/withholding (code F): 114,258 shares disposed, $21,665,602.
• Net shares added (approx): 132,712 acquired − 114,258 withheld = 18,454 shares retained.
• Footnotes: F1 — Mr. Miller disclaims beneficial ownership of these securities; F2 — options vested ratably on 3/17/2022, 3/17/2023, 3/17/2024 and 3/17/2025.
• Shares owned after the transaction: not specified in the filing.

Context

• This was an option exercise with shares withheld/sold to cover tax obligations (a common, routine post-exercise action), sometimes called a cashless or net-share settlement for taxes.
• As a 10% owner, Miller is a large stakeholder; the F1 disclaimer indicates he disclaims beneficial ownership of the reported securities for purposes of Section 16.
• Such withholding/sales to cover taxes are administrative and don’t necessarily reflect a change in sentiment about the company.