Gulfo Adele M. 4

What Happened

• Director Gulfo Adele M. was credited with derivative awards: 4.000 phantom shares and 0.453 phantom shares (total 4.453 units) on 2026-06-17. Each unit was valued at $363.62, producing reported values of $1,454 and $165 (combined ≈ $1,619). These are listed as awards (derivative transactions), not open-market purchases or sales.

Key Details

• Transaction date: 2026-06-17; Form 4 filed: 2026-06-18 (timely filing).
• Price per unit: $363.62; units received: 4.000 and 0.453 (derivative phantom stock units).
• Shares/units owned after transaction: filing notes the balance "includes multiple phantom stock grants, phantom stock accruals and previously accrued dividend equivalents" (footnote F4); the filing does not present a single common-share total.
• Notable footnotes:
  • Dividend equivalent rights accrued to previously granted phantom stock awards under the Amended and Restated 2002 Equity Compensation Plan (F2) and to previously acquired phantom stock under the Deferred Compensation Plan for Non-Employee Directors (F5).
  • Vesting/payout for these dividend equivalents occurs on the earliest of death, disability, or vesting/payout of the underlying award (F3).
• Transaction code: A = Award (derivative). This appears to be routine director compensation rather than a market purchase (no 10b5-1, sale, or tax-withholding noted).

Context

• These are phantom stock units/derivative awards that track share value and dividend equivalents; they generally convert to cash or stock only upon specified vesting/payout events, so they are not immediate open-market purchases.
• Awards to directors are typically routine compensation and do not by themselves indicate a change in the insider’s market outlook.