BORNEMAN J RALPH JR 4

What Happened

• Director J. Ralph Borneman received 39.475 Share Credits on April 20, 2026, recorded as an "other acquisition" (Form 4 code J). The credits are valued at $253.63 each for a total value of $10,012. This was a non‑market acquisition through the company's director deferred compensation arrangements, not an open‑market purchase.

Key Details

• Transaction date and price: April 20, 2026 — 39.475 share credits @ $253.63 each (total $10,012).
• Type: Derivative acquisition (Share Credits) under the Directors' Deferred Compensation Plan.
• Shares owned after transaction: Not disclosed in the filing.
• Footnotes of note:
  • These are Share Credits under the Outside Directors' Stock Plan (convertible to Class A shares when the director's service ends; no exercisable/expiration dates).
  • Acquired under the Directors' Deferred Compensation Plan; conversion price not applicable to these shares.
• Filing timeliness: Form filed on April 21, 2026 (the day after the transaction); no late filing indicated.

Context

• Share Credits are a deferred‑compensation mechanism that represent the right to receive equivalent Class A shares in the future (typically when board service ends). They are not immediate stock purchases or sales and do not create tradable shares today. Such director deferred‑comp transactions are routine compensation events and should be read differently from open‑market buys or sales.