DUFFIELD DAVID A 4

What happened
David A. Duffield (reported as a 10% owner; trustee/sole beneficiary of the David A. Duffield Trust) converted 107,500 derivative securities into shares and sold those 107,500 shares in multiple open‑market transactions on March 13, 2026. The sales produced total proceeds of approximately $14.26 million. The conversion entries are recorded at $0 (standard for a conversion), and the disposals reflect the open‑market sale receipts.

Key details

• Transaction date: March 13, 2026; Form 4 filed March 17, 2026 (timely).
• Sales (all open‑market disposals):
  • 26,820 shares @ $131.67 — $3,531,365 (weighted avg; range $130.92–$131.9199)
  • 41,934 shares @ $132.25 — $5,545,688 (weighted avg; range $131.92–$132.9199)
  • 22,046 shares @ $133.34 — $2,939,532 (weighted avg; range $132.92–$133.9199)
  • 14,156 shares @ $134.36 — $1,901,961 (weighted avg; range $133.92–$134.9199)
  • 2,544 shares @ $135.14 — $343,804 (weighted avg; range $134.92–$135.9199)
  • Total sold: 107,500 shares; total proceeds ≈ $14,262,350.
• Conversion: 107,500 derivative securities converted (recorded as conversion at $0).
• Ownership/vehicle: Shares are held by the David A. Duffield Trust dated July 14, 1988; Duffield is trustee and sole beneficiary (Footnote F1).
• Trading plan: At least one sale was effected pursuant to a Rule 10b5‑1 trading plan adopted Dec 2, 2025 (Footnote F2).
• Post‑transaction holdings: Total holdings after these transactions are not provided in the excerpt supplied.

Context

• This filing shows a conversion of derivative securities followed by open‑market sales; that pattern is common when holders convert Class B or other convertible interests into tradable shares and then sell. Footnotes F8/F9 explain the issuer’s Class A/Class B conversion mechanics.
• Sales under an established Rule 10b5‑1 plan indicate preplanned transactions rather than ad‑hoc trades; no inference should be drawn about Duffield’s view of the company from these routine, planned dispositions.