The table below presents the 2025 activity related to stock settled RSUs.


			Weighted Average
			Grant-Date Fair Value of
	Restricted Stock		Restricted Stock
	Units Outstanding		Units Outstanding
	Future	No Future	Future		No Future
	Service	Service	Service		Service
	Required	Required	Required		Required
Beginning balance	3,485,867	13,791,564	$	344.05	$	329.61
Granted	2,143,132	3,507,992	$	604.81	$	577.90
Forfeited	(315,437)	(169,573)	$	414.07	$	400.69
Delivered	–	(7,861,983)	$	–	$	332.11
Vested	(2,325,904)	2,325,904	$	420.96	$	420.96
Ending balance	2,987,658	11,593,904	$	463.84	$	420.32

In the table above:

•The weighted average grant-date fair value of RSUs granted was $588.11 during 2025, $365.28 during 2024 and $329.23 during 2023. The grant-date fair value of these RSUs included an average liquidity discount of 4.1% during 2025, 3.9% during 2024 and 4.5% during 2023, to reflect post-vesting and delivery transfer restrictions, generally of 1 year for each of 2025, 2024 and 2023.

•The aggregate fair value of awards that vested was $3.91 billion during 2025, $3.15 billion during 2024 and $2.47 billion during 2023.

•The ending balance included no shares of restricted stock subject to future service requirements as of December 2025 and 4,579 shares as of December 2024.

•The ending balance included RSUs subject to future service requirements and performance or market conditions of 432,790 RSUs as of December 2025 and 466,731 RSUs as of December 2024, and the maximum amount of such RSUs that may be earned was 649,185 RSUs as of December 2025 and 700,097 RSUs as of December 2024.

•The ending balance also included RSUs not subject to future service requirements but subject to performance conditions of 1,244,279 RSUs as of December 2025 and 1,587,795 RSUs as of December 2024, and the maximum amount of such RSUs that may be earned was 1,866,419 RSUs as of December 2025 and 2,381,693 RSUs as of December 2024.