Liu Xia 4

What Happened
Director Liu Xia received 131.28 phantom stock units (derivative award) on May 1, 2026, computed at $152.35 per share for a total value of $20,001. The award was granted as compensation for her annual Audit and Compliance Committee Chair fee and is recorded as a derivative (phantom stock), not an issuance of common shares.

Key Details

• Transaction date: 2026-05-01; Form 4 filed: 2026-05-04 (filed promptly; within Form 4 timing requirements).
• Transaction type/code: A — Award/Grant (derivative phantom stock units).
• Units granted: 131.28 phantom stock units; valuation basis: $152.35 (3/31/2026 closing price); total value: $20,001.
• Shares owned after transaction: Not disclosed on the filing.
• Footnotes:
  • Each phantom stock unit equals the economic equivalent of one common share and pays out in cash upon the director’s termination of service.
  • Units were accrued in Ms. Liu’s Director Deferred Compensation Plan as payment for a $20,000 chair fee and were computed using the 3/31/2026 closing price as required by the plan.

Context
This is routine director compensation (a derivative award), not an outright purchase of common stock. Phantom stock units provide economic exposure and are payable in cash at a later date, so this grant does not immediately increase outstanding common shares nor necessarily signal a change in the director’s view of the company.