GRASSLE JENELE C 4

What Happened
Director Jenele C. Grassle exercised multiple option tranches on February 25, 2026, covering a total of 3,900 shares (five tranches). The exercises had strike prices of $134.25, $143.20, $156.00, $164.84 and $176.20, producing gross values of $107,400; $114,560; $124,800; $123,630; and $132,150 respectively (total acquired value $602,540). The filing reports identical disposals of those same shares on the same date, so there is no net increase in shares held.

Key Details

• Transaction date: 2026-02-25; Form 4 filed 2026-02-27 (timely filing).
• Option exercise tranches (shares @ exercise price → gross value):
  • 800 @ $134.25 → $107,400
  • 800 @ $143.20 → $114,560
  • 800 @ $156.00 → $124,800
  • 750 @ $164.84 → $123,630
  • 750 @ $176.20 → $132,150
• Total shares exercised: 3,900; total value: $602,540. Total shares disposed (same day): 3,900; total proceeds reported equal $602,540.
• Transaction code: M (exercise or conversion of derivative security). Dispositions labeled as derivative.
• Shares owned after the transactions: not specified in the provided extract of the filing.
• Footnote F1: "25% per year for four years" — indicates a 4-year vesting (25% per year) related to the options.
• Filing timeliness: Filed two days after the transactions (appears timely).

Context
M = exercise of an option or other derivative. Because the exercised shares were reported disposed on the same day, this is effectively a cashless exercise or immediate sale (commonly done to cover exercise cost, taxes, or to convert option value to cash). Such paired exercise-and-sell transactions are generally routine and do not necessarily indicate a change in the insider’s view of the company.