UHS chair exercises options, covers tax with shares

UNIVERSAL HEALTH SERVICES INC Executive Chairman Alan B. Miller exercised stock options and increased his direct Class B holdings.

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Rhea-AI Filing Summary

UNIVERSAL HEALTH SERVICES INC Executive Chairman Alan B. Miller exercised stock options and increased his direct Class B holdings. On March 10, 2026, he exercised options for 62,500 Class B shares at $138.80 per share and 70,212 shares at $152.68 per share, acquiring a total of 132,712 Class B shares.

To cover the option exercise price or related tax liability, 114,258 Class B shares were delivered at $189.62 per share under a code F tax-withholding transaction. After these movements, Miller directly holds 1,764,485 Class B shares. Additional Class B shares are held indirectly through various family trusts, GRATs and a foundation, and Miller disclaims beneficial ownership of those securities.

Insider Trade Summary

132,712 shares exercised/converted

Exercise 15 txns

Insider MILLER ALAN B

Role Executive Chairman

Type	Security	Shares	Price	Value
Exercise	Option To Purchase Class B Common Stock	62,500	$0.00	$0.00
Exercise	Option To Purchase Class B Common Stock	70,212	$0.00	$0.00
Exercise	Class B Common Stock	62,500	$138.80	$8.68M
Exercise	Class B Common Stock	70,212	$152.68	$10.72M
Exercise Price or Tax Liability	Class B Common Stock	114,258	$189.62	$21.67M
holding	Class B Common Stock	--	--	--
holding	Class B Common Stock	--	--	--
holding	Class B Common Stock	--	--	--
holding	Class B Common Stock	--	--	--
holding	Class B Common Stock	--	--	--
holding	Class B Common Stock	--	--	--
holding	Class B Common Stock	--	--	--
holding	Class B Common Stock	--	--	--
holding	Class B Common Stock	--	--	--
holding	Class B Common Stock	--	--	--

Holdings After Transaction: Option To Purchase Class B Common Stock — 0 contracts (Direct); Class B Common Stock — 1,764,485 shares (Direct); Class B Common Stock — 55,763 shares (Indirect, By The Abby Miller King 2011 Family Trust); Class B Common Stock — 8,623 shares (Indirect, The Alan and Jill Miller Foundation); Class B Common Stock — 59,900 shares (Indirect, The Marc Daniel Miller 2011 Family Trust); Class B Common Stock — 55,763 shares (Indirect, The Marni Spencer 2011 Family Trust); Class B Common Stock — 9,418 shares (Indirect, Abby Miller King 2024 GRAT); Class B Common Stock — 24,295 shares (Indirect, Abby Miller King 2025 GRAT); Class B Common Stock — 13,963 shares (Indirect, Marc Daniel Miller 2024 GRAT); Class B Common Stock — 24,295 shares (Indirect, Marc Daniel Miller 2025 GRAT); Class B Common Stock — 9,418 shares (Indirect, Marni Spencer 2024 GRAT); Class B Common Stock — 24,295 shares (Indirect, Marni Spencer 2025 GRAT)

Footnotes (2)

F1. Mr. Alan B. Miller disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that Mr. Alan B. Miller is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.
F2. Option vested ratably on each of 3/17/2022, 3/17/2023, 3/17/2024 and 3/17/2025.

FAQ

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What did UHS Executive Chairman Alan B. Miller do in this Form 4?

Alan B. Miller exercised stock options to acquire Class B Common Stock and used shares to satisfy exercise price or tax obligations. The filing shows both the option exercises and the related tax-withholding share delivery on March 10, 2026.

How many Universal Health Services (UHS) shares did Alan B. Miller acquire?

Miller acquired 132,712 Class B Common shares through option exercises, consisting of 62,500 shares at $138.80 and 70,212 shares at $152.68. These transactions convert previously granted options into directly held common stock at the stated exercise prices.

Were any UHS shares sold on the open market in this Form 4?

The filing reports 114,258 Class B shares delivered at $189.62 per share under code F, which reflects payment of the option exercise price or tax liability with shares. Code F indicates tax withholding or exercise-related payment, not an open-market sale transaction.

What is Alan B. Miller’s direct ownership in UHS after these transactions?

Following the option exercises and tax-withholding share delivery, Miller directly holds 1,764,485 shares of UHS Class B Common Stock. This figure reflects his direct ownership only and excludes additional shares held indirectly through various family trusts, GRATs and a charitable foundation.

Does Alan B. Miller have indirect holdings of UHS shares through trusts or foundations?

Yes. The Form 4 lists indirect Class B holdings through several family trusts, GRATs and the Alan and Jill Miller Foundation. A footnote states that Miller disclaims beneficial ownership of these securities and that the report should not be taken as an admission of such ownership.

What does the tax-withholding transaction in Alan B. Miller’s UHS filing represent?

The tax-withholding entry shows 114,258 Class B shares delivered at $189.62 per share coded F, meaning securities were used to pay the option exercise price or related tax liability. This is an issuer-directed withholding mechanism rather than a discretionary market sale.

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Accepted by SEC EDGAR 03/11/2026 - 04:06 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^*

MILLER ALAN B

(Last)

(First)

(Middle)

UNIVERSAL HEALTH SERVICES, INC.

(Street)

KING OF PRUSSIA

19406

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
UNIVERSAL HEALTH SERVICES INC [ UHS ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026

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 B Common Stock	03/10/2026		M		62,500	A	$138.8	1,808,531	D
Class B Common Stock	03/10/2026		M		70,212	A	$152.68	1,878,743	D
Class B Common Stock	03/10/2026		F		114,258	D	$189.62	1,764,485	D
Class B Common Stock								55,763	I	By The Abby Miller King 2011 Family Trust
Class B Common Stock								8,623	I	The Alan and Jill Miller Foundation⁽¹⁾
Class B Common Stock								59,900	I	The Marc Daniel Miller 2011 Family Trust
Class B Common Stock								55,763	I	The Marni Spencer 2011 Family Trust
Class B Common Stock								9,418	I	Abby Miller King 2024 GRAT
Class B Common Stock								24,295	I	Abby Miller King 2025 GRAT
Class B Common Stock								13,963	I	Marc Daniel Miller 2024 GRAT
Class B Common Stock								24,295	I	Marc Daniel Miller 2025 GRAT
Class B Common Stock								9,418	I	Marni Spencer 2024 GRAT
Class B Common Stock								24,295	I	Marni Spencer 2025 GRAT

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)
Option To Purchase Class B Common Stock	$138.8	03/10/2026		M			62,500	⁽²⁾	03/16/2026	Class B Common Stock	62,500	$0	0	D
Option To Purchase Class B Common Stock	$152.68	03/10/2026		M			70,212	⁽²⁾	03/16/2026	Class B Common Stock	70,212	$0	0	D

Explanation of Responses:

1. Mr. Alan B. Miller disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that Mr. Alan B. Miller is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

2. Option vested ratably on each of 3/17/2022, 3/17/2023, 3/17/2024 and 3/17/2025.

	/s/ Alan B. Miller	03/11/2026
	** 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