MILLER ALAN B 4

What Happened

• Alan B. Miller (identified as a 10% owner) surrendered shares to cover tax liabilities related to option activity. He disposed of 1,399 shares on 2026-03-19 at $189.58 each ($265,222) and 1,177 shares on 2026-03-21 at $185.82 each ($218,710), totaling 2,576 shares worth about $483,932.
• These transactions are recorded as "F" (payment of exercise price or tax liability)—a routine withholding of shares rather than an open-market sale.

Key Details

• Transaction dates and amounts:
  • 2026-03-19: 1,399 shares @ $189.58 = $265,222 (disposed)
  • 2026-03-21: 1,177 shares @ $185.82 = $218,710 (disposed)
  • Total surrendered: 2,576 shares, ~$483,932
• Shares owned after the transactions: Not specified in the provided filing.
• Footnote: The filing (F1) states Mr. Miller disclaims beneficial ownership of these securities; the report should not be taken as an admission that he is the beneficial owner for Section 16 purposes.
• Filing/timeliness: Form 4 was filed 2026-03-23 for transactions dated 2026-03-19 and 2026-03-21; no late filing flag is indicated.

Context

• Code F typically reflects shares withheld to satisfy tax withholding obligations arising from option exercises or similar equity events (a cashless/tax-surrender mechanism), not an intentional market sale for cash.
• As a 10% owner, Miller’s holdings and transactions can reflect entity-level arrangements; the disclaimer in the footnote suggests these shares may be held or managed in a way that Miller does not claim direct beneficial ownership.