[Form 4] Danaher Corporation Insider Trading Activity

Rhea-AI Filing Summary

Northern Trust Corporation filed an 8-K to disclose that on 28 July 2025 its Board of Directors approved a new common-stock repurchase authorization of up to $2.5 billion. The program permits – but does not obligate – the company to buy back outstanding NTRS shares from time to time; it carries no expiration date. No other material transactions, financial results or operational updates were included in this report. The filing also lists a related press release (Exhibit 99.1) and standard Inline XBRL cover-page information.

Positive

• $2.5 billion share-repurchase authorization increases potential capital returns to shareholders
• No expiration date provides flexible execution window aligned with market conditions

Negative

• None.

Insights

Equity Research Analyst

TL;DR – $2.5 B buyback signals capital return capacity; modestly positive for shareholders.

The authorization equals a substantial pool of liquidity that management can deploy opportunistically, providing downside support for the share price and potential EPS accretion. Absence of an expiry date offers flexibility, though it also means timing is uncertain. Combined with Northern Trust’s historically conservative capital profile, the move indicates confidence in capital levels after recent regulatory stress testing. No dilution triggers or financing details are disclosed, limiting immediate visibility on execution pace.

Corporate Governance Specialist

TL;DR – Board signals commitment to shareholder returns; governance framework intact.

Board approval via open-ended authorization aligns with typical large-cap financial governance practices. Since buybacks are authorized, not mandated, actual impact depends on management discretion and market conditions. Transparency is adequate: the 8-K promptly reports the decision and attaches the press release. No conflicts of interest or contingent triggers are noted, suggesting low governance risk. Investors should monitor quarterly capital disclosures for execution updates.

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).

1. Name and Address of Reporting Person^*

List Teri

(Last) (First) (Middle)

2200 PENNSYLVANIA AVENUE, NW

SUITE 800W

(Street)

WASHINGTON DC 20037

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DANAHER CORP /DE/ [ DHR ]

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)
07/25/2025

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

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
Phantom shares(1)	$0(2)	07/25/2025		A		11.85		(3)	(3)	Common Stock(1)	11.85	$205.48	7,620.672	D

Explanation of Responses:

1. Under the terms of the Non-Employee Directors Deferred Compensation Plan (the "Plan") established under the Danaher Corporation 2007 Omnibus Incentive Plan, the reporting person can defer all or part of the cash director fees s/he is entitled to receive each quarter. Amounts deferred under the plan (which includes dividend accruals on plan balances and may also include cash director fees) are converted into a particular number of notional shares of Danaher common stock, calculated based on the closing price of Danaher's common stock on the quarterly date such amounts otherwise would have been paid. The price shown in Table II, Column 8 above is the closing price per share of the Danaher common stock as reported on the NYSE on the transaction date noted above.

2. Upon distribution, the phantom shares convert into shares of Danaher common stock on a one-for-one basis.

3. The reporting person is fully vested in all amounts deferred under the Plan.

Remarks:

	/s/James F. O'Reilly, attorney-in-fact for Teri List	07/28/2025
	** 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.

FAQ

What did Northern Trust (NTRS) announce in its 8-K dated 28 July 2025?

The Board authorized repurchases of up to $2.5 billion of common stock with no set expiration date.

Is the new NTRS buyback program mandatory or optional?

It is authorizing but not obligating; management may repurchase shares at its discretion.

Does the 8-K specify an end date for the $2.5 billion authorization?

No. The authorization has no expiration date.

Where can investors find more details about the buyback?

See Exhibit 99.1, the press release attached to the 8-K filing.

Were any earnings or financial results disclosed in this 8-K?

No earnings data were provided; the filing only covers the share-repurchase authorization and exhibits.