Vecchione Kenneth 4

What Happened

• Kenneth Vecchione (Chairman, President & CEO, Director) exercised/conversion of derivative units and immediately disposed of the resulting shares to the issuer on July 15, 2026. The filing shows three dispositions: 539, 437 and 595 shares sold to the issuer at $81.79 each, generating total proceeds of $128,492. The related exercise/conversion entries show acquisition at $0 (derivative conversion).

Key Details

• Transaction date: 2026-07-15; filing date: 2026-07-17 (Form 4 filed timely).
• Dispositions: 539 shares @ $81.79 = $44,085; 437 shares @ $81.79 = $35,742; 595 shares @ $81.79 = $48,665. Total disposed = 1,571 shares for $128,492.
• Reported codes: M = exercise/conversion of derivative; D = disposition to the issuer.
• Shares owned after the transactions: not provided in the information supplied.
• Footnotes from the filing:
  • F1/F3/F4: Units vest and are payable solely in cash in monthly installments (1/36th) over specified 36‑month schedules beginning March 2024, March 2025, and March 2026, respectively.
  • F2: Each unit is the economic equivalent of one share of common stock.
  • F5: Reflects shares held in the 401(k) plan, including employer match, as of 7/9/2026.

Context

• The filing shows conversion/exercise of derivative units followed by immediate disposition to the issuer (cash settlement/surrender of shares as reported). This is a sale/settlement activity rather than a purchase; such transactions are often administrative (vesting/settlement or tax-related) rather than open‑market investment decisions. Transaction codes: M = exercise/conversion, D = disposition to issuer.