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Paychex Inc. (PAYX) 鈥� Form 5 Annual Statement of Changes in Beneficial Ownership

The filing reports the end-of-fiscal-year (31 May 2025) equity holdings of Mark Anthony Bottini, Senior Vice President of Sales. No new insider transactions are listed for the period; the document only updates cumulative ownership.

• Direct common-stock holding: 79,360 shares
• Indirect holding: 1,772 shares through the company 401(k) plan
• Employee Stock Purchase Plan (ESPP): 36 shares
• Outstanding stock options: 383,887 options across ten grants with strike prices ranging from $57.24 to $121.63 and expiration dates from July 2026 to July 2034

The absence of reported acquisitions or dispositions suggests that Mr. Bottini neither bought nor sold PAYX shares during FY 2025 under Section 16 reporting rules. His sizable equity and option position continues to align management incentives with shareholder interests, but the filing itself does not signal an operational or financial change for the company.

Charter Communications (CHTR) 鈥� Form 4 insider transaction

Director Michael A. Newhouse, reporting through Advance/Newhouse Partnership (A/N), disclosed the disposition of 150,266 Class B Common Units of Charter Communications Holdings, LLC on 07/03/2025. Each unit is exchangeable, at the issuer鈥檚 option, for either one share of Charter Class A common stock or cash equal to the two-day VWAP of those shares. The units were sold back to Charter in an exempt Rule 16b-3 transaction at an average price of $396.19, implying gross proceeds of roughly $59.5 million.

After the sale, the reporting person continues to hold 15,673,977 exchangeable units indirectly through A/N. The filing notes that Mr. Newhouse disclaims beneficial ownership beyond his indirect interest via multiple trust and partnership structures.

Key take-aways for investors:

• The transaction is part of Charter鈥檚 ongoing share repurchase framework rather than an open-market sale, limiting immediate market supply.
• Despite the sizable dollar amount, the insider retains a large residual stake (~15.7 million units), indicating continued economic alignment.
• No operational or earnings information is provided; the filing is purely a Section 16 ownership update.

Form 4 filing for Charter Communications, Inc. (CHTR) dated 07/07/2025 discloses a material insider transaction by controlling shareholder Advance/Newhouse Partnership (A/N) and related Newhouse entities. On 07/03/2025 A/N disposed of 150,266 Class B Common Units of Charter Communications Holdings, LLC鈥攁 derivative security exchangeable one-for-one into Charter Class A shares鈥攁t a price of $396.19 per unit. The units were sold directly to the issuer in an exempt Rule 16b-3 transaction. Post-sale, A/N continues to beneficially own 15,673,977 Class B units, maintaining its status as a 10 % owner and board-represented holder.

The filing lists five related reporting persons鈥擜dvance/Newhouse Partnership, Advance Long-Term Management Trust, Advance Publications, Inc., Newhouse Broadcasting Corporation and Newhouse Family Holdings, L.P.鈥攁ll of whom may be deemed beneficial owners due to their control relationships.

• Transaction size: ~US$59.5 million (150,266 脳 $396.19).
• Ownership impact: Represents roughly 1 % of the group鈥檚 prior derivative position, indicating continued large strategic stake.
• Structure: Sale executed back to Charter under existing exchange/repurchase arrangements first established in May 2016 and refined in December 2016.

Investors typically monitor insider sales by large shareholders for sentiment signals; however, the exempt nature and modest percentage of holdings suggest the move could be tied to liquidity or company capital-return mechanics rather than a change in strategic outlook.

JPMorgan Chase Financial Company LLC is offering Auto Callable Accelerated Barrier Notes linked individually to the Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX) indices. The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial and are fully and unconditionally guaranteed by JPMorgan Chase & Co. Key commercial terms are still preliminary and will be finalized on or about July 28 2025, with settlement expected on July 31 2025 and maturity on August 2 2028.

• Automatic call feature: If on any non-final Review Date (July 31 2026 or July 28 2027) the closing level of each index is at or above 100 % of its Initial Value, the notes will be redeemed early for $1,000 plus the applicable Call Premium Amount (鈮� 12.55 % or 鈮� 25.10 %).
• Upside participation at maturity: If not called and all three indices finish above their Initial Values on the final Review Date, investors receive 1.50脳 the percentage gain of the worst-performing index (uncapped).
• Barrier protection: 70 % of Initial Value for each index. If any index closes below its barrier on the final Review Date, principal is reduced one-for-one with the decline of the worst performer, exposing investors to losses up to 100 %.
• Indicative economics: Estimated value today is $945.30 per $1,000 note (minimum 鈮� $900.00), reflecting selling commissions (鈮� $30) and structuring/hedging costs included in the $1,000 issue price.
• Liquidity & credit: The notes will not be listed; secondary prices depend on JPMS bid. Payment is subject to the credit of both the issuer and guarantor.

Investors forgo periodic coupons and dividends, face potential early redemption that caps upside, and assume index, market-volatility, credit and liquidity risks as detailed in the extensive 鈥淪elected Risk Considerations.鈥�

Charter Communications, Inc. ("Charter") has filed a Preliminary Proxy Statement (Schedule 14A) dated June 18, 2025 seeking shareholder approval for a multi-step transaction with Cox Enterprises, Inc. ("Cox") and related governance changes.

Transaction structure 鈥� cash, equity & debt:

• Cox will sell to Charter 100% of subsidiaries that run Cox Communications鈥� commercial fiber and managed IT & cloud services businesses for $3.5 billion cash.
• Cox will contribute the remainder of Cox Communications鈥� residential cable assets to Charter Communications Holdings, LLC ("Charter Holdings") for $500 million cash, $6.0 billion aggregate-liquidation-preference 6.875% convertible preferred units, and ~33.6 million Charter Holdings common units valued at the $353.64 reference price.
• Cox will pay Charter $1.00 and receive one share of a newly created Class C common stock carrying voting power equivalent to its as-converted/exchanged holdings.
• The combined entity will assume $12.6 billion of Cox Communications net debt.

The preferred units are initially convertible at $477.41 (a 35% premium to the reference price) into Charter Holdings common units, which themselves are exchangeable 1-for-1 into Charter Class A common stock (subject to adjustments).

Post-closing ownership: Based on Charter鈥檚 March 31, 2025 share count and assuming the contemporaneous Liberty Broadband merger, Cox is expected to hold roughly 23% of the combined company鈥檚 diluted shares outstanding on an as-exchanged, as-converted basis.

Governance & voting support: Liberty Broadband (鈮�28% voting power) and Advance/Newhouse Partnership (鈮�12%) each entered separate voting agreements obligating them to vote in favor of (i) the share issuance, (ii) the Second Amended & Restated Certificate of Incorporation (which creates Class C shares and prescribes board-composition requirements), and (iii) any adjournment proposal, subject to limited carve-outs.

Shareholder meeting & proposals: At a special meeting (date and location TBD) Charter shareholders will be asked to approve: (1) the share issuance, (2) the certificate amendment creating Class C common stock, and (3) a non-binding advisory vote on the board-composition feature.

Economic implications highlighted in the filing:

• Total cash outlay to Cox: $4.0 billion.
• Securities issued: $6.0 billion preferred units with 6.875% dividend plus 33.6 million common units (potential dilution).
• Additional leverage: assumption of $12.6 billion net debt.

The Preliminary Proxy Statement is subject to completion and may be amended. No earnings data or quantified synergies are provided in this filing.