InsiderTrades

Form 4 for DLTR Dollar Tree

Accepted 2026-06-25 12:41:26 ET · period of report 2026-06-24 · accession 0001104659-26-077658 · SEC index · Original document

Summary rows

Aggregated the way they appear in lists: one row per insider, transaction code and security table.

X Filed Traded Ticker Insider Title Type Price Qty Owned ΔOwn Value
DI 2026-06-25 12:41 2026-06-24 DLTR Mantle Ridge LP Dir by deputization C - Cnv Deriv — +602.2K 12.71M +5% —
DI 2026-06-25 12:41 2026-06-24 DLTR Mantle Ridge LP Dir by deputization S - Sale $111.31 -2.23M 10.48M -18% -$248.27M
DI 2026-06-25 12:41 2026-06-24 DLTR Mantle Ridge LP Dir by deputization J - Other $0.00 -10.27M 210.0K -98% $0
DI 2026-06-25 12:41 2026-06-24 DLTR Mantle Ridge LP Dir by deputization C - Cnv Deriv — -602.2K 34.0K -95% —
DMI 2026-06-25 12:41 2026-06-24 DLTR Mantle Ridge LP Dir by deputization S - Sale — -10.59M 0 -100% —

Purchase Sale Sale after option exercise All abbreviations

Every reported transaction

#TableSecurityDateCodeA/DSharesPriceOwned afterOwnExercise / expiryUnderlyingFootnotes
1 Common Common Stock, par value $0.01 per share 2026-06-24 C A 602,170 — 12,706,663 I See footnotes — — (F5) On June 24, 2026, one of the Mantle Ridge Funds physically settled a portion of the physically-settled share forward transactions that it was deemed to have entered into on July 11, 2025, with an unaffiliated third-party financial institution (the "Forward Counterparty"), receiving from the Forward Counterparty an aggregate of 602,170 Subject Securities at a forward price of $148.86 per share. (F5) On June 24, 2026, one of the Mantle Ridge Funds physically settled a portion of the physically-settled share forward transactions that it was deemed to have entered into on July 11, 2025, with an unaffiliated third-party financial institution (the "Forward Counterparty"), receiving from the Forward Counterparty an aggregate of 602,170 Subject Securities at a forward price of $148.86 per share. (F5) On June 24, 2026, one of the Mantle Ridge Funds physically settled a portion of the physically-settled share forward transactions that it was deemed to have entered into on July 11, 2025, with an unaffiliated third-party financial institution (the "Forward Counterparty"), receiving from the Forward Counterparty an aggregate of 602,170 Subject Securities at a forward price of $148.86 per share. (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.
2 Common Common Stock, par value $0.01 per share 2026-06-24 S D 2,230,455 $111.31 10,476,208 I See footnotes — — (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.
3 Common Common Stock, par value $0.01 per share 2026-06-24 J D 10,266,164 $0.00 210,044 I See footnotes — — (F6) The Reporting Persons caused the Mantle Ridge Funds to distribute the Subject Securities described in this row to direct and indirect owners of the Mantle Ridge Funds on a pro rata basis. No consideration was paid in connection with these distributions. (F7) The Reporting Persons have no plans to sell any further shares of the Issuer currently or in the foreseeable future. Paul C. Hilal intends to maintain these holdings and continue serving as a director of the board of directors of the Issuer. (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.
4 Derivative Share Forward Transactions 2026-06-24 C D 602,170 — 33,981 I See footnotes $148.86 · 2026-06-24 to 2028-07-14 602,170 Common Stock (F5) On June 24, 2026, one of the Mantle Ridge Funds physically settled a portion of the physically-settled share forward transactions that it was deemed to have entered into on July 11, 2025, with an unaffiliated third-party financial institution (the "Forward Counterparty"), receiving from the Forward Counterparty an aggregate of 602,170 Subject Securities at a forward price of $148.86 per share. (F5) On June 24, 2026, one of the Mantle Ridge Funds physically settled a portion of the physically-settled share forward transactions that it was deemed to have entered into on July 11, 2025, with an unaffiliated third-party financial institution (the "Forward Counterparty"), receiving from the Forward Counterparty an aggregate of 602,170 Subject Securities at a forward price of $148.86 per share. (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.
5 Derivative Share Forward Transactions 2026-06-24 S D 33,981 — 0 I See footnotes $148.86 · 2026-06-24 to 2028-07-14 33,981 Common Stock (F8) On June 24, 2026, each Mantle Ride Fund terminated certain of its physically-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F8) On June 24, 2026, each Mantle Ride Fund terminated certain of its physically-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.
6 Derivative Share Forward Transactions 2026-06-24 S D 900,360 — 0 I See footnotes $153.87 · 2026-06-24 to 2028-07-14 900,360 Common Stock (F8) On June 24, 2026, each Mantle Ride Fund terminated certain of its physically-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F8) On June 24, 2026, each Mantle Ride Fund terminated certain of its physically-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.
7 Derivative Cash Settled Share Forward Transactions 2026-06-24 S D 2,501,339 — 0 I See footnotes $153.87 · 2026-06-24 to 2028-07-14 2,501,339 Common Stock (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.
8 Derivative Cash Settled Share Forward Transactions 2026-06-24 S D 6,231,104 — 0 I See footnotes $148.86 · 2026-06-24 to 2028-07-14 6,231,104 Common Stock (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.
9 Derivative Cash Settled Share Forward Transactions 2026-06-24 S D 70,259 — 0 I See footnotes $105.21 · 2026-06-24 to 2026-12-14 70,259 Common Stock (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.
10 Derivative Cash Settled Share Forward Transactions 2026-06-24 S D 21,499 — 0 I See footnotes $105.48 · 2026-06-24 to 2026-12-14 21,499 Common Stock (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.
11 Derivative Cash Settled Share Forward Transactions 2026-06-24 S D 146,571 — 0 I See footnotes $105.71 · 2026-06-24 to 2026-12-14 146,571 Common Stock (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.
12 Derivative Cash Settled Share Forward Transactions 2026-06-24 S D 178,586 — 0 I See footnotes $104.25 · 2026-06-24 to 2026-12-14 178,586 Common Stock (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.
13 Derivative Cash Settled Share Forward Transactions 2026-06-24 S D 237,336 — 0 I See footnotes $105.37 · 2026-06-24 to 2026-12-14 237,336 Common Stock (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.
14 Derivative Cash Settled Share Forward Transactions 2026-06-24 S D 190,199 — 0 I See footnotes $104.87 · 2026-06-24 to 2026-12-14 190,199 Common Stock (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.
15 Derivative Cash Settled Share Forward Transactions 2026-06-24 S D 78,711 — 0 I See footnotes $105.77 · 2026-06-24 to 2026-12-14 78,711 Common Stock (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F9) On June 24, 2026, each Mantle Ride Fund terminated its cash-settled share forward transactions with the Forward Counterparty, using as a reference price for such termination $111.31. (F1) In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by MR Cobalt Advisor LLC, a Delaware limited liability company ("MR Cobalt"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). All Subject Securities reported on this Form 4 are rounded up to the nearest whole share. (F2) MR Cobalt, a wholly owned subsidiary of Mantle Ridge, advises the accounts of MR Cobalt Offshore Fund AB LLC and MR Cobalt Offshore Fund CB 02 LLC, each a Cayman Islands limited liability company, and MR Cobalt Offshore Fund CB01 LTD and MR Cobalt Offshore Fund CB03 LTD, each a Cayman Islands exempted company (all such funds and their subsidiaries together, the "Mantle Ridge Funds"). (F3) MR Cobalt, as the investment adviser to the Mantle Ridge Funds, and Mantle Ridge, as the sole member of MR Cobalt, each may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934 (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling MR Cobalt and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein. The transactions reported in this Form 4 principally relate to the distribution of shares of Common Stock and cash to and among the limited partners of the Mantle Ridge Funds. (F4) Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.