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 and sold those 107,500 shares in multiple open‑market transactions on July 6, 2026. The sales generated aggregate proceeds of approximately $14.54 million.
• The shares were sold in multiple blocks at reported per‑share weighted average prices spanning roughly $129.23 to $139.2999 (individual reported averages on the Form 4 range from $129.82 to $138.30). One or more of the sales were effected pursuant to a Rule 10b5‑1 trading plan.

Key Details

• Transaction date: July 6, 2026; Form 4 filed July 7, 2026 (appears timely).
• Conversion: 107,500 shares acquired via conversion of a derivative security at $0.00 (no cash exchange).
• Sales: 107,500 shares sold in multiple open‑market transactions; total proceeds ≈ $14,538,268.
• Ownership after transaction: Not specified in the provided excerpt of the filing — see the full Form 4 for "Amount Owned Following Reported Transaction."
• Notable footnotes: Shares are held by the David A. Duffield Trust (F1). Some sales were made under a Rule 10b5‑1 plan adopted Dec 2, 2025 (F2). Price lines are reported as weighted averages across specified price ranges and the filer offers to provide per‑price detail on request (F3–F12). Footnotes F13/F14 explain conversion mechanics between Class A and Class B common stock.

Context

• This was a conversion of derivative securities followed by open‑market sales (i.e., an insider disposing of stock), not a purchase. Conversions of Class B/Class A and subsequent sales are common for large holders; because Duffield is a 10% owner and sales were at least partly executed under a 10b5‑1 plan, these transactions are generally viewed as planned dispositions rather than ad hoc insider buys.
• For full detail (exact post‑transaction holdings and per‑trade prices), retail investors should consult the complete Form 4 filing and associated footnotes.