[Form 4] The AZEK Company Inc. Insider Trading Activity

Q: What is the upside participation rate on Citigroup’s 2025 Buffer Securities (symbol C)?

Holders receive 170 % of any positive return in the S&amp;P 500 Futures Excess Return Index at maturity.

Q: How much downside protection do the Citi Buffer Securities provide?

There is a 20 % buffer; principal loss begins only if the index falls below 80 % of its initial 514.49 level.

Q: Will the Citi Buffer Securities be listed on an exchange?

No. They are unlisted and any secondary trading relies on Citigroup Global Markets Inc.’s discretionary market-making.

Q: Why is the estimated value ($960) below the $1,000 issue price?

The $40 difference reflects selling commissions, hedging costs and Citi’s internal funding rate built into the product.

Q: What credit entities back the payment at maturity?

Payments are senior unsecured obligations of Citigroup Global Markets Holdings Inc. and are fully and unconditionally guaranteed by Citigroup Inc..

Q: How is the product treated for U.S. federal taxes?

Counsel expects treatment as a prepaid forward contract, but the IRS could challenge this position; investors should consult tax advisers.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) is offering unsecured, senior medium-term notes in the form of Buffer Securities linked to the S&P 500 Futures Excess Return Index (ticker SPXFP). The securities price on 30 Jun 2025, settle on 3 Jul 2025 and mature on 5 Jul 2030.

Key economic terms

Stated principal: $1,000 per note; total offering $436,000.
Upside participation: 170 % of any index appreciation.
Downside protection: 20 % buffer; losses accrue 1-for-1 below 80 % of initial value (514.49).
No interest payments; no dividend entitlement.
Estimated value at pricing: $960, 4 % below issue price, reflecting selling, hedging and funding costs.
Underwriting fee: up to $11.25 (1.125 %) per security; proceeds to issuer $988.75.
Listing: none; secondary market, if any, provided only by CGMI.

Risk highlights

Credit risk of both Citigroup Global Markets Holdings Inc. and Citigroup Inc.
The underlying futures-based index historically underperforms the price and total-return S&P 500 due to embedded financing costs (1-, 3- and 5-year annualised returns of 8.73 %, 13.58 % and 12.78 % versus 13.55 %, 17.89 % and 14.88 % for the S&P 500).
Liquidity: notes are not exchange-listed; CGMI may discontinue market-making at any time.
Investors forgo coupons, dividends and interim averaging; payoff depends solely on the final valuation date.
Estimated value and any secondary bid will be reduced by internal funding rate, bid-ask spreads and hedging unwind costs.
Complex U.S. federal tax treatment (prepaid forward contract) remains uncertain.

Investor profile: Suitable only for sophisticated investors seeking leveraged upside to a futures-based equity index, willing to accept structural complexity, credit exposure, potential capital loss beyond the 20 % buffer and limited liquidity for five years.

Citigroup Global Markets Holdings Inc. (garantita da Citigroup Inc.) offre note senior non garantite a medio termine sotto forma di Buffer Securities collegate all'indice S&P 500 Futures Excess Return (ticker SPXFP). Le note saranno quotate il 30 giugno 2025, regolate il 3 luglio 2025 e scadranno il 5 luglio 2030.

Termini economici principali

Valore nominale: $1.000 per nota; offerta totale di $436.000.
Partecipazione al rialzo: 170% di qualsiasi apprezzamento dell'indice.
Protezione al ribasso: buffer del 20%; le perdite si accumulano 1 a 1 al di sotto dell'80% del valore iniziale (514,49).
Nessun pagamento di interessi; nessun diritto a dividendi.
Valore stimato al prezzo di emissione: $960, il 4% sotto il prezzo di emissione, riflettendo costi di vendita, copertura e finanziamento.
Commissione di sottoscrizione: fino a $11,25 (1,125%) per titolo; proventi per l'emittente pari a $988,75.
Quotazione: nessuna; il mercato secondario, se presente, è fornito solo da CGMI.

Rischi principali

Rischio di credito sia di Citigroup Global Markets Holdings Inc. che di Citigroup Inc.
L'indice sottostante basato su futures storicamente rende meno rispetto all'indice S&P 500 prezzo e total return a causa dei costi di finanziamento incorporati (rendimenti annualizzati a 1, 3 e 5 anni di 8,73%, 13,58% e 12,78% contro 13,55%, 17,89% e 14,88% per l'S&P 500).
Liquidità: le note non sono quotate in borsa; CGMI può interrompere il market making in qualsiasi momento.
Gli investitori rinunciano a cedole, dividendi e medie intermedie; il rendimento dipende unicamente dalla data di valutazione finale.
Il valore stimato e qualsiasi offerta secondaria saranno ridotti dai costi interni di finanziamento, spread denaro-lettera e costi di smobilizzo della copertura.
Trattamento fiscale federale USA complesso (contratto forward prepagato) e incerto.

Profilo dell'investitore: adatto solo a investitori sofisticati che cercano un'esposizione leva al rialzo su un indice azionario basato su futures, disposti ad accettare complessità strutturali, rischio di credito, possibile perdita di capitale oltre il buffer del 20% e liquidità limitata per cinque anni.

Citigroup Global Markets Holdings Inc. (garantizado por Citigroup Inc.) ofrece notas senior sin garantía a mediano plazo en forma de Valores Buffer vinculados al índice S&P 500 Futures Excess Return (ticker SPXFP). Los valores se cotizan el 30 de junio de 2025, se liquidan el 3 de julio de 2025 y vencen el 5 de julio de 2030.

Términos económicos clave

Principal declarado: $1,000 por nota; oferta total de $436,000.
Participación al alza: 170% de cualquier apreciación del índice.
Protección a la baja: buffer del 20%; las pérdidas se acumulan 1 a 1 por debajo del 80% del valor inicial (514.49).
No hay pagos de intereses; sin derecho a dividendos.
Valor estimado en la fijación de precio: $960, 4% por debajo del precio de emisión, reflejando costos de venta, cobertura y financiamiento.
Comisión de suscripción: hasta $11.25 (1.125%) por título; ingresos para el emisor $988.75.
Listado: ninguno; mercado secundario, si existe, proporcionado solo por CGMI.

Aspectos destacados de riesgo

Riesgo crediticio tanto de Citigroup Global Markets Holdings Inc. como de Citigroup Inc.
El índice subyacente basado en futuros históricamente rinde menos que el S&P 500 de precio y retorno total debido a los costos de financiamiento incorporados (retornos anualizados a 1, 3 y 5 años de 8.73%, 13.58% y 12.78% frente a 13.55%, 17.89% y 14.88% para el S&P 500).
Liquidez: las notas no están listadas en bolsa; CGMI puede discontinuar el market making en cualquier momento.
Los inversores renuncian a cupones, dividendos y promedios intermedios; el pago depende únicamente de la fecha de valoración final.
El valor estimado y cualquier oferta secundaria se reducirán por la tasa interna de financiamiento, los spreads de compra-venta y los costos de deshacer coberturas.
Tratamiento fiscal federal de EE.UU. complejo (contrato forward prepago) y incierto.

Perfil del inversor: adecuado solo para inversores sofisticados que buscan una exposición apalancada al alza en un índice de acciones basado en futuros, dispuestos a aceptar complejidad estructural, riesgo crediticio, posible pérdida de capital más allá del buffer del 20% y liquidez limitada por cinco años.

Citigroup Global Markets Holdings Inc. (garanti par Citigroup Inc.) propose des billets senior non garantis à moyen terme sous forme de Valeurs Buffer liées à l'indice S&P 500 Futures Excess Return (symbole SPXFP). Les titres sont prix le 30 juin 2025, réglés le 3 juillet 2025 et arrivent à échéance le 5 juillet 2030.

Principaux termes économiques

Capital nominal : 1 000 $ par billet ; offre totale de 436 000 $.
Participation à la hausse : 170 % de toute appréciation de l'indice.
Protection à la baisse : buffer de 20 % ; les pertes s'accumulent à raison de 1 pour 1 en dessous de 80 % de la valeur initiale (514,49).
Pas de paiement d'intérêts ; pas de droit aux dividendes.
Valeur estimée à la cotation : 960 $, soit 4 % en dessous du prix d'émission, reflétant les coûts de vente, de couverture et de financement.
Frais de souscription : jusqu'à 11,25 $ (1,125 %) par titre ; produit net pour l'émetteur 988,75 $.
Listing : aucun ; marché secondaire, le cas échéant, assuré uniquement par CGMI.

Points clés de risque

Risque de crédit de Citigroup Global Markets Holdings Inc. et Citigroup Inc.
L'indice sous-jacent basé sur des futures sous-performe historiquement l'indice S&P 500 prix et total return en raison des coûts de financement intégrés (rendements annualisés sur 1, 3 et 5 ans de 8,73 %, 13,58 % et 12,78 % contre 13,55 %, 17,89 % et 14,88 % pour le S&P 500).
Liquidité : les titres ne sont pas cotés en bourse ; CGMI peut interrompre le market making à tout moment.
Les investisseurs renoncent aux coupons, dividendes et moyennes intermédiaires ; le rendement dépend uniquement de la date finale de valorisation.
La valeur estimée et toute offre secondaire seront réduites par le taux interne de financement, les écarts acheteur-vendeur et les coûts de dénouement de la couverture.
Traitement fiscal fédéral américain complexe (contrat à terme prépayé) et incertain.

Profil investisseur : Convient uniquement aux investisseurs avertis recherchant une exposition à effet de levier à la hausse sur un indice boursier basé sur des futures, prêts à accepter la complexité structurelle, le risque de crédit, une perte de capital potentielle au-delà du buffer de 20 % et une liquidité limitée pendant cinq ans.

Citigroup Global Markets Holdings Inc. (garantiert durch Citigroup Inc.) bietet unbesicherte, vorrangige mittel- bis langfristige Schuldverschreibungen in Form von Buffer Securities, die an den S&P 500 Futures Excess Return Index (Ticker SPXFP) gekoppelt sind. Die Wertpapiere werden am 30. Juni 2025 bepreist, am 3. Juli 2025 abgerechnet und laufen am 5. Juli 2030 aus.

Wesentliche wirtschaftliche Bedingungen

Nominalbetrag: 1.000 $ pro Note; Gesamtangebot 436.000 $.
Aufwärtsteilnahme: 170 % jeglicher Indexsteigerung.
Abwärtsschutz: 20 % Puffer; Verluste entstehen 1:1 unter 80 % des Anfangswerts (514,49).
Keine Zinszahlungen; kein Dividendenanspruch.
Geschätzter Wert bei Preisfestsetzung: 960 $, 4 % unter dem Ausgabepreis, was Verkaufs-, Absicherungs- und Finanzierungskosten widerspiegelt.
Emissionsgebühr: bis zu 11,25 $ (1,125 %) pro Wertpapier; Erlös für den Emittenten 988,75 $.
Notierung: keine; Sekundärmarkt, falls vorhanden, nur von CGMI bereitgestellt.

Risikohighlights

Kreditrisiko sowohl von Citigroup Global Markets Holdings Inc. als auch von Citigroup Inc.
Der zugrunde liegende futures-basierte Index performt historisch schlechter als der Preis- und Gesamtertragsindex des S&P 500 aufgrund eingebetteter Finanzierungskosten (1-, 3- und 5-Jahres-annualisierte Renditen von 8,73 %, 13,58 % und 12,78 % gegenüber 13,55 %, 17,89 % und 14,88 % für den S&P 500).
Liquidität: Die Notes sind nicht börsennotiert; CGMI kann das Market Making jederzeit einstellen.
Investoren verzichten auf Kupons, Dividenden und Zwischenmittelwerte; die Auszahlung hängt ausschließlich vom Endbewertungsdatum ab.
Geschätzter Wert und etwaige Sekundärangebote werden durch interne Finanzierungskosten, Geld-Brief-Spannen und Absicherungsauflösungskosten gemindert.
Komplexe US-Bundessteuerbehandlung (vorausbezahlter Terminkontrakt) bleibt unsicher.

Investorprofil: Nur geeignet für erfahrene Anleger, die eine gehebelte Aufwärtsbeteiligung an einem futures-basierten Aktienindex suchen und bereit sind, strukturelle Komplexität, Kreditrisiken, potenzielle Kapitalverluste über den 20%-Puffer hinaus sowie eingeschränkte Liquidität über fünf Jahre hinzunehmen.

Positive

Upside leverage of 170 % offers enhanced participation in any index appreciation.
20 % downside buffer shields investors from moderate market declines.
Full guarantee by Citigroup Inc. adds parent-level credit support.

Negative

Estimated value of $960 is 4 % below issue price, indicating embedded fees and funding costs.
No interest or dividend income reduces total return versus direct equity exposure.
Underlying index historically underperforms the S&P 500 due to financing drag.
No exchange listing; liquidity depends solely on CGMI’s discretionary market-making.
Capital loss is unlimited beyond the 20 % buffer.
Complex and uncertain U.S. tax treatment.

Insights

TL;DR: 170 % upside/20 % buffer structured note; small $0.4 m issue, low market impact.

The note is a typical Citi retail-oriented buffered return optimization product. Upside leverage of 1.70× is attractive versus plain equity, but investors sacrifice dividends, pay an initial 4 % premium (issue price versus $960 model value) and face five-year illiquidity. The 20 % buffer provides only limited downside protection; historical drawdowns of the SPXFP well exceed this threshold. Credit risk of Citi is non-trivial although investment-grade. Because the tranche is only $436 k, the transaction is purely distributive and immaterial to Citi’s funding profile or to the broader market. Overall impact: neutral.

TL;DR: Key risks are index under-performance, credit exposure, and secondary-market scarcity.

The futures excess-return structure embeds an implicit financing cost, historically reducing returns by 2-4 % annually versus the S&P 500 price index and even more versus total return. Rising rates would widen this drag. The payoff’s cliff-edge at −20 % introduces significant tail risk: a 40 % fall in the index would halve principal. No exchange listing and discretionary market-making heighten liquidity risk, while any sale will include bid-ask and unwind discounts. Tax treatment as a prepaid forward contract is based on counsel’s opinion; adverse IRS action could change after-tax yields. From a risk-reward standpoint, the product is appropriate only for investors with specific views on near-term index stability and Citi credit strength.

Termini economici principali

Valore nominale: $1.000 per nota; offerta totale di $436.000.
Partecipazione al rialzo: 170% di qualsiasi apprezzamento dell'indice.
Protezione al ribasso: buffer del 20%; le perdite si accumulano 1 a 1 al di sotto dell'80% del valore iniziale (514,49).
Nessun pagamento di interessi; nessun diritto a dividendi.
Valore stimato al prezzo di emissione: $960, il 4% sotto il prezzo di emissione, riflettendo costi di vendita, copertura e finanziamento.
Commissione di sottoscrizione: fino a $11,25 (1,125%) per titolo; proventi per l'emittente pari a $988,75.
Quotazione: nessuna; il mercato secondario, se presente, è fornito solo da CGMI.

Rischi principali

Rischio di credito sia di Citigroup Global Markets Holdings Inc. che di Citigroup Inc.
L'indice sottostante basato su futures storicamente rende meno rispetto all'indice S&P 500 prezzo e total return a causa dei costi di finanziamento incorporati (rendimenti annualizzati a 1, 3 e 5 anni di 8,73%, 13,58% e 12,78% contro 13,55%, 17,89% e 14,88% per l'S&P 500).
Liquidità: le note non sono quotate in borsa; CGMI può interrompere il market making in qualsiasi momento.
Gli investitori rinunciano a cedole, dividendi e medie intermedie; il rendimento dipende unicamente dalla data di valutazione finale.
Il valore stimato e qualsiasi offerta secondaria saranno ridotti dai costi interni di finanziamento, spread denaro-lettera e costi di smobilizzo della copertura.
Trattamento fiscale federale USA complesso (contratto forward prepagato) e incerto.

Términos económicos clave

Principal declarado: $1,000 por nota; oferta total de $436,000.
Participación al alza: 170% de cualquier apreciación del índice.
Protección a la baja: buffer del 20%; las pérdidas se acumulan 1 a 1 por debajo del 80% del valor inicial (514.49).
No hay pagos de intereses; sin derecho a dividendos.
Valor estimado en la fijación de precio: $960, 4% por debajo del precio de emisión, reflejando costos de venta, cobertura y financiamiento.
Comisión de suscripción: hasta $11.25 (1.125%) por título; ingresos para el emisor $988.75.
Listado: ninguno; mercado secundario, si existe, proporcionado solo por CGMI.

Aspectos destacados de riesgo

Riesgo crediticio tanto de Citigroup Global Markets Holdings Inc. como de Citigroup Inc.
El índice subyacente basado en futuros históricamente rinde menos que el S&P 500 de precio y retorno total debido a los costos de financiamiento incorporados (retornos anualizados a 1, 3 y 5 años de 8.73%, 13.58% y 12.78% frente a 13.55%, 17.89% y 14.88% para el S&P 500).
Liquidez: las notas no están listadas en bolsa; CGMI puede discontinuar el market making en cualquier momento.
Los inversores renuncian a cupones, dividendos y promedios intermedios; el pago depende únicamente de la fecha de valoración final.
El valor estimado y cualquier oferta secundaria se reducirán por la tasa interna de financiamiento, los spreads de compra-venta y los costos de deshacer coberturas.
Tratamiento fiscal federal de EE.UU. complejo (contrato forward prepago) y incierto.

Principaux termes économiques

Capital nominal : 1 000 $ par billet ; offre totale de 436 000 $.
Participation à la hausse : 170 % de toute appréciation de l'indice.
Protection à la baisse : buffer de 20 % ; les pertes s'accumulent à raison de 1 pour 1 en dessous de 80 % de la valeur initiale (514,49).
Pas de paiement d'intérêts ; pas de droit aux dividendes.
Valeur estimée à la cotation : 960 $, soit 4 % en dessous du prix d'émission, reflétant les coûts de vente, de couverture et de financement.
Frais de souscription : jusqu'à 11,25 $ (1,125 %) par titre ; produit net pour l'émetteur 988,75 $.
Listing : aucun ; marché secondaire, le cas échéant, assuré uniquement par CGMI.

Points clés de risque

Risque de crédit de Citigroup Global Markets Holdings Inc. et Citigroup Inc.
L'indice sous-jacent basé sur des futures sous-performe historiquement l'indice S&P 500 prix et total return en raison des coûts de financement intégrés (rendements annualisés sur 1, 3 et 5 ans de 8,73 %, 13,58 % et 12,78 % contre 13,55 %, 17,89 % et 14,88 % pour le S&P 500).
Liquidité : les titres ne sont pas cotés en bourse ; CGMI peut interrompre le market making à tout moment.
Les investisseurs renoncent aux coupons, dividendes et moyennes intermédiaires ; le rendement dépend uniquement de la date finale de valorisation.
La valeur estimée et toute offre secondaire seront réduites par le taux interne de financement, les écarts acheteur-vendeur et les coûts de dénouement de la couverture.
Traitement fiscal fédéral américain complexe (contrat à terme prépayé) et incertain.

Wesentliche wirtschaftliche Bedingungen

Nominalbetrag: 1.000 $ pro Note; Gesamtangebot 436.000 $.
Aufwärtsteilnahme: 170 % jeglicher Indexsteigerung.
Abwärtsschutz: 20 % Puffer; Verluste entstehen 1:1 unter 80 % des Anfangswerts (514,49).
Keine Zinszahlungen; kein Dividendenanspruch.
Geschätzter Wert bei Preisfestsetzung: 960 $, 4 % unter dem Ausgabepreis, was Verkaufs-, Absicherungs- und Finanzierungskosten widerspiegelt.
Emissionsgebühr: bis zu 11,25 $ (1,125 %) pro Wertpapier; Erlös für den Emittenten 988,75 $.
Notierung: keine; Sekundärmarkt, falls vorhanden, nur von CGMI bereitgestellt.

Risikohighlights

Kreditrisiko sowohl von Citigroup Global Markets Holdings Inc. als auch von Citigroup Inc.
Der zugrunde liegende futures-basierte Index performt historisch schlechter als der Preis- und Gesamtertragsindex des S&P 500 aufgrund eingebetteter Finanzierungskosten (1-, 3- und 5-Jahres-annualisierte Renditen von 8,73 %, 13,58 % und 12,78 % gegenüber 13,55 %, 17,89 % und 14,88 % für den S&P 500).
Liquidität: Die Notes sind nicht börsennotiert; CGMI kann das Market Making jederzeit einstellen.
Investoren verzichten auf Kupons, Dividenden und Zwischenmittelwerte; die Auszahlung hängt ausschließlich vom Endbewertungsdatum ab.
Geschätzter Wert und etwaige Sekundärangebote werden durch interne Finanzierungskosten, Geld-Brief-Spannen und Absicherungsauflösungskosten gemindert.
Komplexe US-Bundessteuerbehandlung (vorausbezahlter Terminkontrakt) bleibt unsicher.

07/02/2025 - 01:21 PM

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^*

Singh Jesse G

(Last)

(First)

(Middle)

1330 W. FULTON ST.

SUITE 350

(Street)

CHICAGO

60607

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
AZEK Co Inc. [ AZEK ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	07/01/2025		D		832,765⁽¹⁾	D	⁽²⁾⁽³⁾	0	D
Class A Common Stock	07/01/2025		D		112,207⁽¹⁾	D	⁽²⁾	0	I	By Trust
Class A Common Stock	07/01/2025		D		9,476⁽¹⁾	D	⁽²⁾	0	I	By Trust
Class A Common Stock	07/01/2025		D		234,793⁽¹⁾	D	⁽²⁾	0	I	By Trust
Class A Common Stock	07/01/2025		D		232,705⁽¹⁾	D	⁽²⁾	0	I	By Trust
Class A Common Stock	07/01/2025		D		100,000⁽¹⁾	D	⁽²⁾	0	I	By Trust

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Performance-Based Restricted Stock Units	⁽⁴⁾⁽⁵⁾	07/01/2025		D			278,147⁽¹⁾	⁽⁴⁾⁽⁵⁾	⁽⁴⁾⁽⁵⁾	Common Stock	278,147	⁽⁴⁾⁽⁵⁾	0	D
Non-qualified stock options (right-to-buy)	$23	07/01/2025		D			958,496⁽¹⁾	⁽⁶⁾⁽⁷⁾	06/16/2030	Common Stock	958,496	⁽⁶⁾⁽⁷⁾	0	D
Non-qualified stock options (right-to-buy)	$34.27	07/01/2025		D			55,273⁽¹⁾	⁽⁶⁾⁽⁷⁾	12/04/2030	Common Stock	55,273	⁽⁶⁾⁽⁷⁾	0	D
Non-qualified stock options (right-to-buy)	$41.21	07/01/2025		D			42,373⁽¹⁾	⁽⁶⁾⁽⁷⁾	11/19/2031	Common Stock	42,373	⁽⁶⁾⁽⁷⁾	0	D
Non-qualified stock options (right-to-buy)	$20.18	07/01/2025		D			93,127⁽¹⁾	⁽⁶⁾⁽⁷⁾	12/12/2032	Common Stock	93,127	⁽⁶⁾⁽⁷⁾	0	D
Non-qualified stock options (right-to-buy)	$38.15	07/01/2025		D			52,571⁽¹⁾	⁽⁶⁾⁽⁷⁾	12/15/2033	Common Stock	52,571	⁽⁶⁾⁽⁷⁾	0	D
Non-qualified stock options (right-to-buy)	$53.51	07/01/2025		D			34,879⁽¹⁾	⁽⁶⁾⁽⁷⁾	12/15/2034	Common Stock	34,879	⁽⁶⁾⁽⁷⁾	0	D

Explanation of Responses:

1. Represents shares (including in respect of shares underlying, as applicable, Company RSU Awards, Company PSU Awards and Company Stock Options (each as defined in the Agreement and Plan of Merger, dated as of March 23, 2025 (as amended, the "Merger Agreement"), by and among The AZEK Company Inc. ("AZEK"), James Hardie Industries plc ("JHX") and Juno Merger Sub Inc.)) disposed of pursuant to the closing of the transactions contemplated by the Merger Agreement.

2. In accordance with the Merger Agreement, upon the Effective Time (as defined in the Merger Agreement), each share of Company Common Stock (as defined in the Merger Agreement) that was issued and outstanding immediately prior to the Effective Time (subject to certain exceptions) was converted into the right to receive $26.45 in cash, without interest (the "Cash Consideration"), and 1.0340 (the "Exchange Ratio") JHX ordinary shares, with cash in lieu of fractional JHX ordinary shares, where any such aggregated fractional shares are rounded to four (4) decimal places and multiplied by JHX's five-trading day volume-weighted average price ending on June 30, 2025, the trading day immediately prior to the closing of the transactions contemplated by the Merger Agreement (the "Parent Share Price") (collectively, the "Merger Consideration"). The Parent Share Price was $26.053018.

3. Upon the Effective Time, each then-outstanding Company RSU Award held by the reporting person was assumed by JHX and converted into (A) a time-based restricted stock unit award of JHX covering a number of JHX ordinary shares (rounded to the nearest whole number of shares) equal to the product obtained by multiplying (1) the number of shares of Company Common Stock (as defined in the Merger Agreement) subject to the Company RSU Award by (2) the Exchange Ratio and (B) a cash award having a value equal to the product obtained by multiplying (1) the number of shares of Company Common Stock subject to the Company RSU Award by (2) the Cash Consideration. Each time-based restricted stock unit award of JHX and each cash award is subject to the same terms and conditions as were applicable to the Company RSU Award immediately prior to the Effective Time, including the vesting schedule.

4. Upon the Effective Time, each then-outstanding Company PSU Award was assumed by JHX and converted into (A) a time-based restricted stock unit award of JHX covering a number of JHX ordinary shares (rounded to the nearest whole number of shares) equal to the product obtained by multiplying (1) the number of shares of Company Common Stock subject to the Company PSU Award by (2) the Exchange Ratio and (B) a cash award having a value equal to the product obtained by multiplying (1) the number of shares of Company Common Stock subject to the Company PSU Award by (2) the Cash Consideration. For purposes of the foregoing calculations, the number of shares of Company Common Stock subject to the Company PSU Award was determined based on (i) for fiscal years 2024 and 2025, actual performance and (ii) for fiscal years 2026 and 2027, target performance.

5. (Continued from footnote 4) Each time-based restricted stock unit award of JHX and each cash award is subject to the same terms and conditions as were applicable to such Company PSU Award immediately prior to the Effective Time, including the vesting schedule (except that the performance-based vesting conditions do not apply from and after the Effective Time).

6. Upon the Effective Time, each then-outstanding Company Stock Option held by the reporting person was assumed by JHX and converted into an option to purchase a number of JHX ordinary shares (rounded down to the nearest whole number of shares) equal to the product of (A) the number of shares of Company Common Stock subject to such Company Stock Option multiplied by (B) the Equity Award Exchange Ratio, with an exercise price per JHX ordinary share equal to the quotient (rounded up to the nearest whole cent) obtained by dividing (A) the exercise price per share of Company Common Stock subject to such Company Stock Option by (B) the Equity Award Exchange Ratio. The Equity Award Exchange Ratio is defined as the sum of (A) the quotient (rounded to four (4) decimal places) obtained by dividing (x) the Cash Consideration by (y) the Parent Share Price and (B) the Exchange Ratio.

7. (Continued from footnote 6) Each stock option of JHX is subject to the same terms and conditions as were applicable to such Company Stock Option immediately prior to the Effective Time, including the vesting schedule.

	/s/ Morgan Walbridge, as Attorney-in-Fact for Jesse G. Singh	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What is the upside participation rate on Citigroup’s 2025 Buffer Securities (symbol C)?

Holders receive 170 % of any positive return in the S&P 500 Futures Excess Return Index at maturity.

How much downside protection do the Citi Buffer Securities provide?

There is a 20 % buffer; principal loss begins only if the index falls below 80 % of its initial 514.49 level.

Do the notes pay interest or dividends during the five-year term?

No. The securities are zero-coupon instruments and investors forgo all dividends on the underlying index.

Will the Citi Buffer Securities be listed on an exchange?

No. They are unlisted and any secondary trading relies on Citigroup Global Markets Inc.’s discretionary market-making.

Why is the estimated value ($960) below the $1,000 issue price?

The $40 difference reflects selling commissions, hedging costs and Citi’s internal funding rate built into the product.

What credit entities back the payment at maturity?

Payments are senior unsecured obligations of Citigroup Global Markets Holdings Inc. and are fully and unconditionally guaranteed by Citigroup Inc..

How is the product treated for U.S. federal taxes?

Counsel expects treatment as a prepaid forward contract, but the IRS could challenge this position; investors should consult tax advisers.

[Form 4] The AZEK Company Inc. Insider Trading Activity

Insights

FAQ

What is the upside participation rate on Citigroup’s 2025 Buffer Securities (symbol C)?

How much downside protection do the Citi Buffer Securities provide?

Do the notes pay interest or dividends during the five-year term?

Will the Citi Buffer Securities be listed on an exchange?

Why is the estimated value ($960) below the $1,000 issue price?

What credit entities back the payment at maturity?

How is the product treated for U.S. federal taxes?

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[Form 4] The AZEK Company Inc. Insider Trading Activity

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Structured Products Analyst neutral

Risk Analyst neutral

FAQ

What is the upside participation rate on Citigroup’s 2025 Buffer Securities (symbol C)?

How much downside protection do the Citi Buffer Securities provide?

Do the notes pay interest or dividends during the five-year term?

Will the Citi Buffer Securities be listed on an exchange?

Why is the estimated value ($960) below the $1,000 issue price?

What credit entities back the payment at maturity?

How is the product treated for U.S. federal taxes?

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