HENNING THOMAS EDWARD 4

What Happened
Thomas Henning (Director) acquired a grant/award of 1,738 shares (reported as a derivative award) on 2026-06-15 at a reported per-share value of $110.76, for a total value of $192,501. The transaction is coded as an award/acquisition (A) and represents phantom stock under the issuer’s directors’ compensation plan rather than an immediate open‑market purchase.

Key Details

• Transaction date and value: 2026-06-15; 1,738 shares × $110.76 = $192,501.
• Nature of grant: Reported as phantom stock granted under the issuer’s Directors Stock Compensation Plan (derivative award).
• Payment timing (per footnote): Phantom shares become payable in Class A common shares promptly after termination of Board service, payable either in a lump sum or in up to five annual installments as elected by the director.
• Filing: Form 4 filed 2026-06-17 for a 2026-06-15 transaction (appears to be filed within the typical two‑business‑day window).
• Ownership after transaction: Not specified in the filing.
• Other footnotes of note:
  • F1/F2: The filing discloses certain shares held in the reporting person’s and spouse’s IRAs were inadvertently omitted from prior Section 16 filings.
  • F3: 1-for-1 (conversion ratio/reference).
  • F5: Includes 574 shares acquired since June 18, 2025 via the dividend reinvestment feature of the Directors Stock Compensation Plan.

Context
Director awards of phantom stock are a common form of board compensation. Because these are derivative/phantom shares that vest/payable upon termination of board service, they do not represent an immediate market purchase or sale of stock and therefore don’t directly signal a near‑term trading intent.