Hagen Jonathan Hirt 4

What Happened
Director Hagen Jonathan Hirt acquired 39.474 "Share Credits" on January 31, 2026, recorded as an other acquisition (code J) of a derivative right. The filing lists a per-share/credit value of $283.01, for a notional value of approximately $11,172. These were credited under the company’s directors’ deferred compensation arrangements rather than as an open-market stock purchase.

Key Details

• Transaction date: 2026-01-31; Form 4 filed: 2026-02-02 (appears filed within the normal 2-business-day window).
• Reported instrument: Share Credits (derivative right to receive Class A common stock later).
• Amount: 39.474 share credits at $283.01 each; total notional value ≈ $11,172.
• Shares owned after the transaction: not specified in the provided filing.
• Notable footnotes in the filing:
  • F3/F4: Acquired under the Directors' Deferred Compensation Plan; these Share Credits represent the right to receive an equivalent number of Class A shares when the director's service ends and have no exercise/expiration dates.
  • F2: Conversion price not applicable to shares granted under the Outside Directors' Deferred Compensation Plan.
  • F1/F5: Additional filing notes explain a disclaimer of beneficial ownership for securities held by a family member (F1) and the company’s Class B→Class A conversion rules (F5).

Context
Share Credits are deferred-compensation bookkeeping units that convert to actual Class A shares (or their value) when the director leaves service; they are not an immediate open-market purchase and do not indicate an active cash investment. Such deferred awards are routine for non-employee directors and should be viewed as compensation rather than a direct market signal.