APP insider: 250,000 options exercised at $5.05; ~250k shares sold Aug 14–15, 2025

Rhea-AI Filing Summary

Insider trades by Chen Herald Y, a director of AppLovin Corp (APP), were reported for August 14–15, 2025. On August 14 the reporting person exercised or acquired a stock option position of 200,000 shares at an exercise/conversion price of $5.05 and sold 200,000 Class A shares in multiple transactions at weighted average prices in the $426–$444 range. On August 15 an additional 50,000-option acquisition at $5.05 was reported, together with approximately 50,200 Class A shares sold across multiple trades at weighted average prices in the $423–$440 range. Footnotes state some shares are represented by RSUs and that certain shares are held in The Chen Family 2012 Irrevocable Trust, for which the reporting person is a trustee. The option grants are fully vested and exercisable with expiration November 5, 2029.

Insights

Securities Analyst

TL;DR: Director exercised heavily discounted options and immediately sold substantial share blocks in open-market trades, reducing his public share stake.

The filing shows Chen acquired 250,000 option rights at a $5.05 exercise price and disposed of approximately 250,200 Class A shares across August 14–15, 2025. The option exercise price is nominal relative to the sale prices, indicating these transactions monetized long-held equity awards and RSUs. The filing discloses vested, exercisable options expiring November 5, 2029, and an indirect holding via a family trust. For investors, this is a liquidity event by an insider rather than a signal of new strategic transactions.

Corporate Governance Expert

TL;DR: Reported trades appear routine: fully vested option exercises and staged open-market sales, with appropriate disclosure of trust holdings and weighted-average prices.

The Form 4 includes detailed weighted-average sale prices and footnotes offering to provide per-trade price breakdowns, which supports disclosure completeness. The presence of indirect holdings in an irrevocable family trust is properly noted. No amendments, special plans or Rule 10b5-1 references are indicated on the face of the form. The report appears procedurally compliant and informative about the insider's liquidity actions.

Insider Trade Summary

Net Seller: 250,200 shares ($108,413,126)

Net Sell 32 txns

Insider Chen Herald Y

Role Director

Sold 250,200 shs ($108.41M)

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	50,000	$0.00	--
Exercise	Class A Common Stock	50,000	$5.05	$253K
Sale	Class A Common Stock	2,831	$434.20	$1.23M
Sale	Class A Common Stock	9,323	$435.01	$4.06M
Sale	Class A Common Stock	12,144	$436.07	$5.30M
Sale	Class A Common Stock	11,038	$436.91	$4.82M
Sale	Class A Common Stock	9,180	$438.06	$4.02M
Sale	Class A Common Stock	5,142	$438.60	$2.26M
Sale	Class A Common Stock	142	$439.71	$62K
Sale	Class A Common Stock	200	$440.77	$88K
Sale	Class A Common Stock	100	$423.68	$42K
Sale	Class A Common Stock	100	$424.69	$42K
Exercise	Stock Option (Right to Buy)	200,000	$0.00	--
Exercise	Class A Common Stock	200,000	$5.05	$1.01M
Sale	Class A Common Stock	13,755	$427.05	$5.87M
Sale	Class A Common Stock	21,419	$427.78	$9.16M
Sale	Class A Common Stock	14,158	$428.86	$6.07M
Sale	Class A Common Stock	26,005	$429.88	$11.18M
Sale	Class A Common Stock	26,792	$430.86	$11.54M
Sale	Class A Common Stock	19,783	$431.78	$8.54M
Sale	Class A Common Stock	10,694	$432.76	$4.63M
Sale	Class A Common Stock	16,739	$434.02	$7.27M
Sale	Class A Common Stock	6,775	$434.80	$2.95M
Sale	Class A Common Stock	3,289	$435.89	$1.43M
Sale	Class A Common Stock	4,951	$436.94	$2.16M
Sale	Class A Common Stock	5,823	$438.01	$2.55M
Sale	Class A Common Stock	8,014	$438.98	$3.52M
Sale	Class A Common Stock	6,417	$439.91	$2.82M
Sale	Class A Common Stock	5,035	$440.87	$2.22M
Sale	Class A Common Stock	7,864	$441.94	$3.48M
Sale	Class A Common Stock	1,171	$442.95	$519K
Sale	Class A Common Stock	1,316	$443.71	$584K

Holdings After Transaction: Stock Option (Right to Buy) — 330,201 shares (Direct); Class A Common Stock — 231,929 shares (Direct); Class A Common Stock — 189,900 shares (Indirect, See footnote)

Footnotes (1)

1. Certain of these securities are represented by Restricted Stock Units ("RSUs"). The sales were executed in multiple trades at prices ranging from $434.38 to $435.36. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $435.42 to $436.41. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $436.46 to $437.45. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $437.46 to $438.45. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $438.46 to $439.45. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $439.46 to $440.45. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $440.47 to $441.46. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $441.47 to $442.465. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $442.48 to $443.47. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $443.48 to $443.79. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $426.34 to $427.33. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $433.50 to $434.49. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $434.50 to $435.49. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $435.50 to $436.49. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $436.50 to $437.47. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $437.50 to $438.47. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $438.50 to $439.23. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $439.51 to $440.34. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $440.63 to $440.90. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. Shares are held by The Chen Family 2012 Irrevocable Trust, for which the Reporting Person and his spouse serve as trustees. The option is fully vested and exercisable. The sales were executed in multiple trades at prices ranging from $427.34 to $428.33. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $428.34 to $429.33. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $429.34 to $430.33. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $430.34 to $431.33. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $431.34 to $432.32. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $432.34 to $433.31. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price. The sales were executed in multiple trades at prices ranging from $433.37 to $434.36. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Chen Herald Y

(Last) (First) (Middle)

1100 PAGE MILL ROAD

(Street)

PALO ALTO CA 94304

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AppLovin Corp [ APP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/14/2025		M		200,000	A	$5.05	381,929(1)	D
Class A Common Stock	08/14/2025		S		13,755	D	$427.05(2)	368,174(1)	D
Class A Common Stock	08/14/2025		S		21,419	D	$427.78(3)	346,755(1)	D
Class A Common Stock	08/14/2025		S		14,158	D	$428.86(4)	332,597(1)	D
Class A Common Stock	08/14/2025		S		26,005	D	$429.88(5)	306,592(1)	D
Class A Common Stock	08/14/2025		S		26,792	D	$430.86(6)	279,800(1)	D
Class A Common Stock	08/14/2025		S		19,783	D	$431.78(7)	260,017(1)	D
Class A Common Stock	08/14/2025		S		10,694	D	$432.76(8)	249,323(1)	D
Class A Common Stock	08/14/2025		S		16,739	D	$434.02(9)	232,584(1)	D
Class A Common Stock	08/14/2025		S		6,775	D	$434.8(10)	225,809(1)	D
Class A Common Stock	08/14/2025		S		3,289	D	$435.89(11)	222,520(1)	D
Class A Common Stock	08/14/2025		S		4,951	D	$436.94(12)	217,569(1)	D
Class A Common Stock	08/14/2025		S		5,823	D	$438.01(13)	211,746(1)	D
Class A Common Stock	08/14/2025		S		8,014	D	$438.98(14)	203,732(1)	D
Class A Common Stock	08/14/2025		S		6,417	D	$439.91(15)	197,315(1)	D
Class A Common Stock	08/14/2025		S		5,035	D	$440.87(16)	192,280(1)	D
Class A Common Stock	08/14/2025		S		7,864	D	$441.94(17)	184,416(1)	D
Class A Common Stock	08/14/2025		S		1,171	D	$442.95(18)	183,245(1)	D
Class A Common Stock	08/14/2025		S		1,316	D	$443.71(19)	181,929(1)	D
Class A Common Stock	08/15/2025		M		50,000	A	$5.05	231,929(1)	D
Class A Common Stock	08/15/2025		S		2,831	D	$434.2(20)	229,098(1)	D
Class A Common Stock	08/15/2025		S		9,323	D	$435.01(21)	219,775(1)	D
Class A Common Stock	08/15/2025		S		12,144	D	$436.07(22)	207,631(1)	D
Class A Common Stock	08/15/2025		S		11,038	D	$436.91(23)	196,593(1)	D
Class A Common Stock	08/15/2025		S		9,180	D	$438.06(24)	187,413(1)	D
Class A Common Stock	08/15/2025		S		5,142	D	$438.6(25)	182,271(1)	D
Class A Common Stock	08/15/2025		S		142	D	$439.71(26)	182,129(1)	D
Class A Common Stock	08/15/2025		S		200	D	$440.77(27)	181,929(1)	D
Class A Common Stock	08/15/2025		S		100	D	$423.68	189,900	I	See footnote(28)
Class A Common Stock	08/15/2025		S		100	D	$424.69	189,800	I	See footnote(28)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$5.05	08/14/2025		M			200,000	(29)	11/05/2029	Class A Common Stock	200,000	$0.00	380,201	D
Stock Option (Right to Buy)	$5.05	08/15/2025		M			50,000	(29)	11/05/2029	Class A Common Stock	50,000	$0.00	330,201	D

Explanation of Responses:

1. Certain of these securities are represented by Restricted Stock Units ("RSUs").

2. The sales were executed in multiple trades at prices ranging from $426.34 to $427.33. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

3. The sales were executed in multiple trades at prices ranging from $427.34 to $428.33. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

4. The sales were executed in multiple trades at prices ranging from $428.34 to $429.33. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

5. The sales were executed in multiple trades at prices ranging from $429.34 to $430.33. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

6. The sales were executed in multiple trades at prices ranging from $430.34 to $431.33. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

7. The sales were executed in multiple trades at prices ranging from $431.34 to $432.32. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

8. The sales were executed in multiple trades at prices ranging from $432.34 to $433.31. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

9. The sales were executed in multiple trades at prices ranging from $433.37 to $434.36. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

10. The sales were executed in multiple trades at prices ranging from $434.38 to $435.36. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

11. The sales were executed in multiple trades at prices ranging from $435.42 to $436.41. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

12. The sales were executed in multiple trades at prices ranging from $436.46 to $437.45. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

13. The sales were executed in multiple trades at prices ranging from $437.46 to $438.45. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

14. The sales were executed in multiple trades at prices ranging from $438.46 to $439.45. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

15. The sales were executed in multiple trades at prices ranging from $439.46 to $440.45. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

16. The sales were executed in multiple trades at prices ranging from $440.47 to $441.46. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

17. The sales were executed in multiple trades at prices ranging from $441.47 to $442.465. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

18. The sales were executed in multiple trades at prices ranging from $442.48 to $443.47. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

19. The sales were executed in multiple trades at prices ranging from $443.48 to $443.79. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

20. The sales were executed in multiple trades at prices ranging from $433.50 to $434.49. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

21. The sales were executed in multiple trades at prices ranging from $434.50 to $435.49. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

22. The sales were executed in multiple trades at prices ranging from $435.50 to $436.49. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

23. The sales were executed in multiple trades at prices ranging from $436.50 to $437.47. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

24. The sales were executed in multiple trades at prices ranging from $437.50 to $438.47. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

25. The sales were executed in multiple trades at prices ranging from $438.50 to $439.23. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

26. The sales were executed in multiple trades at prices ranging from $439.51 to $440.34. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

27. The sales were executed in multiple trades at prices ranging from $440.63 to $440.90. The price reported reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

28. Shares are held by The Chen Family 2012 Irrevocable Trust, for which the Reporting Person and his spouse serve as trustees.

29. The option is fully vested and exercisable.

Remarks:

Form 1 of 2

	/s/ Victoria Valenzuela, Attorney-in-fact	08/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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