Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 2025
shares
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| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | During the three months ended September 30, 2025, none of the Company’s directors or officers adopted, terminated or modified a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as such terms are defined in Item 408 of Regulation S-K) except as follows and which are intended to satisfy the affirmative defense of Rule 10b5-1(c): •on August 29, 2025, Bryan Smith, Chief People Officer, adopted a Rule 10b5-1 trading plan for the sale of up to 10,633 shares of our common stock subject to certain conditions and which plan expires on May 1, 2026; •on September 8, 2025, John E. Zecca, Global Chief Legal, Risk and Regulatory Officer, adopted a Rule 10b5-1 trading plan for the sale of 4,500 shares of our common stock subject to certain conditions and which plan expires on September 8, 2026; and •on September 11, 2025, Adena T. Friedman, Chair and Chief Executive Officer, adopted a Rule 10b5-1 trading plan to arrange for, over a period of time in 2026, the exercise of her previously granted stock options that are expiring on January 3, 2027 and the sale of up to 806,451 shares of our common stock underlying such options. The sales may begin as early as January 2, 2026, pursuant to the terms of the trading plan, and the plan expires on December 31, 2026. Assuming all planned sales are completed under the plan, Ms. Friedman will continue to meet the Company’s executive stock ownership guidelines and her stake in the Company will remain significant. This would be Ms. Friedman’s first sale of our common stock since she rejoined the Company in 2014. The trading plan has been adopted for financial diversification and tax-planning purposes. Ms. Friedman’s belief in the Company’s prospects remains strong, and the plan was implemented to facilitate the exercise and sale of stock options expiring on January 3, 2027. In addition, as part of her tax-planning strategy, Ms. Friedman expects to donate shares of our common stock in 2026 to charitable organizations and/or a donor-advised fund, where the gifted shares will be used to support philanthropic initiatives.
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| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
| Bryan Smith [Member] | |
| Trading Arrangements, by Individual | |
| Name | Bryan Smith |
| Title | Chief People Officer |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | August 29, 2025 |
| Expiration Date | May 1, 2026 |
| Arrangement Duration | 245 days |
| Aggregate Available | 10,633 |
| John E. Zecca [Member] | |
| Trading Arrangements, by Individual | |
| Name | John E. Zecca |
| Title | Global Chief Legal, Risk and Regulatory Officer |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | September 8, 2025 |
| Expiration Date | September 8, 2026 |
| Arrangement Duration | 365 days |
| Aggregate Available | 4,500 |
| Adena T. Friedman [Member] | |
| Trading Arrangements, by Individual | |
| Name | Adena T. Friedman |
| Title | Chair and Chief Executive Officer |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | September 11, 2025 |
| Expiration Date | December 31, 2026 |
| Arrangement Duration | 476 days |
| Aggregate Available | 806,451 |