OPTION AWARD DISCLOSURE

We provide the following discussion of the timing of option awards in relation to the disclosure of material nonpublic information, as required by Item 402(x) of Regulation S-K. The Company’s long-standing practice has been to grant LTI equity awards on a predetermined schedule. At the first quarterly meeting of any new fiscal year, the Committee or, with respect to the CEO’s equity award, the Board, reviews and approves the value and amount of the equity compensation to be awarded (inclusive of RSUs, PSUs, and stock options) to executive officers. The grant of approved equity awards then occurs a week after the Board’s first quarterly meeting. The first quarterly meeting of the Board typically occurs after the Company’s release of the financial results for the prior fiscal year through the filing of a Current Report on Form 8-K and accompanying earnings release and earnings call, but before the filing of the Company’s Annual Report on Form 10-K for that fiscal year.

The Committee does not take material nonpublic information into account when determining the timing and terms of LTI equity awards. Instead, the timing of grants is in accordance with the yearly compensation cycle, with awards granted at the start of the new fiscal year to incentivize the executives to deliver on the Company’s strategic objectives for the new fiscal year.

The Company has not timed the disclosure of material nonpublic information to affect the value of executive compensation. Any coordination between a grant and the release of information that could be expected to affect such grant’s value is precluded by the predetermined schedule. Over the last three years, the average percentage change in the value of the Company’s common stock from the last trading day before the filing of the Company’s Annual Report on Form 10-K to the trading day immediately following such filing is 0.91%, demonstrating that the release of the Company’s Annual Report on Form 10-K, and any material nonpublic information contained therein, does not meaningfully influence the Company’s stock price, and by extension, the value of stock options or other LTI equity awards at the time of grant.

The following table contains information required by Item 402(x)(2) of Regulation S-K about stock options granted to the Company’s NEOs in the last completed fiscal year during the period from four business days before to one business day after the filing of the Company’s Annual Report on Form 10-K. The Company did not grant any stock options to NEOs of the Company in the last completed fiscal year during the period from four business days before to one business day after the filing of any of the Company’s Quarterly Reports on Form 10-Q, or the filing or furnishing of any Current Report on Form 8-K that discloses material nonpublic information.


									Percentage Change in the Closing Market Price
									of the Securities Underlying the Award
									Between the Trading Day Ending Immediately
									Prior to the Disclosure of Material Nonpublic
									Information and the Trading Day Beginning
			Number of Securities		Exercise Price		Grant Date Fair Value		Immediately Following the Disclosure of
Name	Grant Date		Underlying the Award		of the Award ($/sh)		of the Award		Material Nonpublic Information
John C. May		12/13/2023		45,278	$	377.01	$	4,439,055	(1.48)	%
Joshua A. Jepsen		12/13/2023		10,554	$	377.01	$	1,034,714	(1.48)	%
Ryan D. Campbell		12/13/2023		10,554	$	377.01	$	1,034,714	(1.48)	%
Rajesh Kalathur		12/13/2023		10,554	$	377.01	$	1,034,714	(1.48)	%
Cory J. Reed		12/13/2023		10,554	$	377.01	$	1,034,714	(1.48)	%