Miller Marc D 4

What Happened
Marc D. Miller, President, CEO and a director of Universal Health Services (UHS), had 5,001 shares disposed to cover tax obligations tied to equity compensation. The filing shows 2,762 shares withheld at $189.58 on 2026-03-19 (value $523,620) and 2,239 shares withheld at $185.82 on 2026-03-21 (value $416,051), for a combined value of $939,671. These disposals are reported as tax-withholding (transaction code F), not open-market sales.

Key Details

• Transaction dates and prices:
  • 2026-03-19: 2,762 shares @ $189.58 = $523,620 (F — tax withholding)
  • 2026-03-21: 2,239 shares @ $185.82 = $416,051 (F — tax withholding)
• Total shares disposed: 5,001; total value: $939,671.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote/transaction code: F indicates payment of exercise price or tax liability (shares withheld to satisfy tax withholding).
• Filing date: Form 4 filed 2026-03-23. Given the transaction dates, the filing appears to have been submitted promptly.

Context
When insiders surrender shares to cover taxes after an option exercise or award vesting, it's typically a routine administrative step (a tax withholding or "sell-to-cover"), not necessarily a signal of a directional view on the company. This differs from open-market sales, which may be interpreted differently by investors.