FAULK MICHELLE 4

What Happened

• Michelle Faulk, Vice President & Controller, reported exercising/conversion of derivative awards on May 2, 2026. She acquired 175 shares at $189.74 per share for a total cash cost of $33,205. Seventy shares were withheld to satisfy tax withholding under the 1998 Long-Term Incentive Plan (value ~ $13,282). The filing also reports conversion/settlement of 175 restricted share units (RSUs) that vested and were delivered (reported at $0.00 per share).

Key Details

• Transaction date: May 2, 2026; Form 4 filed May 4, 2026 (timely).
• Prices/values: 175 shares acquired at $189.74 ($33,205); 70 shares withheld for taxes at $189.74 (~$13,282); 175 RSUs settled at $0.00 (per filing presentation).
• Shares owned after the transactions: Not specified in the provided filing details.
• Footnotes of note: F2 — shares withheld for tax under the 1998 LTIP; F5 — RSUs vested and were delivered; F1 & F3 — updates to end-of-period holdings related to dividend reinvestment and retirement plan.
• Transaction codes: M = exercise/conversion of derivative; F = payment of exercise price or tax liability (share withholding).

Context

• This was an exercise/conversion and RSU vesting event with shares withheld to cover taxes — a routine, administrative outcome rather than an open-market sale. The net effect increased Faulk’s direct ownership by the acquired shares minus withheld shares. No filing lateness or 10% owner implications were indicated.