DUFFIELD DAVID A 4

What Happened

• David A. Duffield (10% owner; trustee and sole beneficiary of the David A. Duffield Trust) converted 107,500 derivative shares into common stock (non-cash conversion reported at $0.00) and sold those 107,500 shares in multiple open-market transactions on March 23, 2026. The grouped sales generated approximately $14,708,650 in gross proceeds. This is a sale (not a purchase) and therefore typically viewed as a liquidity transaction rather than a direct bullish signal.

Key Details

• Transaction date: March 23, 2026; Form 4 filed March 25, 2026 (timely).
• Sales (open market) — grouped line items reported with weighted-average prices and ranges:
  • 2,500 shares at weighted avg $134.66 (range $134.21–$135.2099) — $336,656
  • 21,592 shares at weighted avg $135.76 (range $135.23–$136.2299) — $2,931,336
  • 48,797 shares at weighted avg $136.89 (range $136.23–$137.2299) — $6,679,777
  • 34,611 shares at weighted avg $137.55 (range $137.23–$138.2299) — $4,760,881
  • Total proceeds ≈ $14,708,650
• Conversion: 107,500 shares reported as "Conversion of derivative security" at $0.00 (non-cash). The conversion and subsequent sales net to zero change in share count from these transactions (107,500 converted → 107,500 sold).
• Held-by: Shares are held by the David A. Duffield Trust (revocable living trust); Reporting Person is trustee and sole beneficiary (Footnote F1).
• Trading plan: At least one sale was effected under a Rule 10b5-1 trading plan adopted December 2, 2025 (Footnote F2).
• Footnotes F7/F8: Describe mechanics of Class A/Class B conversion rights and that Class B shares are convertible into Class A; the conversion reported here is non-cash and governed by those rules.

Context

• This filing shows conversion of a derivative interest into common stock followed by prompt open-market sales — commonly a liquidity or portfolio-management event for significant holders (here a 10% owner/trust), not necessarily a statement about the company's near-term prospects.
• Because the conversion was recorded at $0 and the shares were immediately sold, this resembles an exercise/conversion followed by disposition; no cash purchase occurred.
• Filing was timely (reported two days after the transactions).