COCKLIN KIM R 4

What Happened
Director Kim R. Cocklin received a grant of 920.26 phantom stock units on 2026-03-06 (valued at $184.73 each, total ~$170,000) and on 2026-03-07 converted/exercised derivative units into 1,082 shares (valued at $184.73 each, total ~$199,878). The filing shows a related derivative instrument for 1,082 units was reported as disposed at $0, which reflects the conversion/cancellation of the derivative rather than a public sale of the shares.

Key Details

• Transactions reported: Grant (A) on 2026-03-06 — 920.26 phantom units @ $184.73 (value ~$170,000); Exercise/Conversion (M) on 2026-03-07 — 1,082 shares @ $184.73 (value ~$199,878); related derivative reported disposed @ $0 on 2026-03-07.
• Shares owned after the transaction: not specified in this filing.
• Footnotes of note:
  • F1: Phantom stock units = one share of common stock.
  • F2: Phantom units granted under the 1998 Long‑Term Incentive Plan and to be settled on termination of board service.
  • F3/F4: Restricted share unit language appears in the filing; F4 notes RSUs vest and are delivered one year from grant date.
• Filing date: Form filed 2026-03-10 (filing timeliness not indicated as late in the filing).

Context
The filing reflects an award of phantom/derivative units and their subsequent conversion into common shares. Code M denotes exercise or conversion of derivative securities; the “disposed @ $0” entry typically means the derivative instrument was canceled or converted rather than sold in the open market. These kinds of awards and conversions are routine for directors and are not by themselves a buy/sell signal.