GARRISON JOHN L JR 4

What Happened
Director John L. Garrison Jr. was credited with equity awards and deferred shares on March 24, 2026. The filing shows three acquisitions (code A) at a reporting price of $70.77 per share: 39.305 shares ($2,782), 529.923 shares (derivative, $37,503) and 24.337 shares (derivative, $1,722), totaling 593.565 shares and roughly $42,007. These were awards/deferred-share credits (not open-market purchases or sales).

Key Details

• Transaction date and reported price: March 24, 2026; $70.77 per share (used for valuation).
• Shares credited: 39.305; 529.923 (derivative); 24.337 (derivative) — total 593.565 shares, ~$42,007.
• Nature of transactions: Awards/deferred-share credits (Form 4 code A). Two items are listed as derivative instruments (see footnotes).
• Footnotes summary:
  • F1: Dividend equivalents under the RSU Deferral Plan credited as additional RSUs and denominated using the NYSE average price on the dividend payment date.
  • F2: Deferred shares represent deferral of quarterly director fees under the Deferred Compensation Plan; each deferred share converts to one common share upon settlement.
  • F3: Additional deferred shares from reinvested dividends on deferred shares. Deferred shares settle per the director’s deferral election (typically in a lump sum of stock on December 15 after leaving the board).
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Timeliness: Reported on March 26, 2026 for a March 24, 2026 transaction — filed within the normal two-business-day Form 4 reporting window (timely).

Context: These entries reflect compensation/deferral mechanics (RSU credits and dividend reinvestment) rather than open-market investing by the director. Deferred shares and dividend-equivalent RSUs are typically settled according to the director’s deferral election (often in stock upon departure from the board), so they do not necessarily indicate an immediate purchase or sale.