‌展示19.1

オートゾーンインサイダートレーディングポリシー

1. はじめに

連邦および州の証券法により、会社に関連する重要で非公開の情報を持っている間にセキュリティを購入または販売することは違法です。この違法行為は「インサイダートレーディング」と呼ばれ、民事または刑事ペナルティの対象となる可能性があります。インサイダートレーディングを防止することは、オートゾーンとオートゾーナーの評判と信頼を守るために必要です。

このインサイダートレーディングポリシー（その他この方針は、役員、取締役会員、従業員を含む全オートゾーナーに適用されます（個別には「取締役」と呼ばれます）。この方針の目的は、適用される証券法を遵守させ、オートゾーナーに許可された取引の種類と認められない取引についての指針を提供することです。この方針の違反は懲戒措置につながる可能性があり、場合によっては直ちに雇用に対する解雇事由を含むまでの即時解雇につながることがあります。

この方針に関する質問がある方は、オートゾーン法務部に相談してください。この方針のセクション9を参照してください。

方針の内容

1.はじめに

2.概要と主要用語

3.全オートゾーナーに適用される方針

4.静観リスト上のオートゾーナーに適用される方針

5.CEOチームと取締役会に適用される事前精査ポリシー

6.執行委員会と取締役会に適用される追加ポリシー

7.違反時のペナルティ

8.その他重要なポリシー

9.質問と懸念

2. 概要と主要用語

インサイダー取引とは何ですか？

The term “insider trading” refers to the purchase or sale of a security while in possession of material, nonpublic information relating to the security. Insider trading also occurs if you disclose or “tip” such material, nonpublic information to another person who purchases or sells the security.

“証券” include stocks and bonds, but also options, warrants and similar instruments.

用語「購入VIE協定に関連するリスクファクターは、その管轄域の法律に基づく登録または認可前に違法となります。” are defined broadly under securities laws and extend to a broad range of transactions including conventional cash-for-stock transactions, the grant of stock options, exercises of warrants or puts, calls or other options and any other form of acquisition or disposition.

Information is considered “資料『株式投資の決定を行う上で重要と考えられる合理的投資家が重要だと判断する可能性が非常に高い場合です。つまり、重要な情報とは、人々の売買の決定に影響を与える可能性のあるものです。』 または 中立するセキュリティ。それはプラスでもマイナスでもあり、事実と状況に依存します。

以下は、具体的な事実と状況によって判断される可能性のある重要情報のリストです：

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売上高、予測、または目標を含む財務結果や情報；

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売上高、一株当たり利益、店舗開設、在庫予測、または同店売り上げ成長の予測に大きな変更がありました。

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配当または株式分割;

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株式または債券の提供の提案;

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重要な借り入れまたは融資;

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資産の大幅な減損または準備金の増加;

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重要な資産の減損、債務超過、または再編成;

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重要な顧客またはサプライヤーの獲得または損失;

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企業、競合他社または主要サプライヤーの倒産、流動性に関する懸念または動向;

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債務格付けの変更;

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独立した登録会計士事務所の変更;

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会計方法や政策の変更が重大な影響を及ぼす可能性がある場合；

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重大な製品欠陥、改変、またはリコール；

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製品欠陥、変更、またはリコール、売却資産、資産売却、資産購入、その他の取引、さらには議論が初期段階である場合も含む、進行中または潜在的な合併、買収、分離、資産売却、資産取得、またはその他の取引；

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重要な子会社の売却；

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シニアマネジメント、取締役会の主要変更、または統制の変更;

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重大なビジネスの混乱やデータへの不正アクセスに関連するサイバーセキュリティインシデント;

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重大な環境インシデント; そして

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重大な法的または規制上の展開。

情報は、合理的な投資家が証券の購入または売却を決定する際に重要と考慮する場合に「重要」と見なされます。肯定的または否定的な情報のいずれも重要とされる可能性があります。重要と見なされる情報の例には、次のようなものがありますが、これに限定されません：非公開一般的には知られていないか、一般に利用可能でない場合に使用されます。情報が公開されたと見なされるためには、通常、会社がすべての投資家に一般的に利用可能にする方法でその情報を広く普及させる必要があります。これは、プレスリリース、証券取引委員会への申告、シニアオフィサーからの広く普及した声明を通じて行われます。SECまたは高位幹部からの広く普及した声明。市場は、そのような非公開情報の公表後、そのニュースを適切に受け取って反応するための猶予期間を翌日まで与えられるべきです。

この方針と規則の対象は誰ですか？

「アン」インサイダー「インサイダー」とは、重要な非公開情報を所有する個人のことです。インサイダーには、会社の役員、取締役、従業員、または独立請負業者、監査人、弁護士などが含まれます。

“チップ「インサイダー取引」とは、重要な非公開情報を持つ個人がその情報を他の個人と共有し、その情報を使用して証券を購入または売却することがある場合のことを指します。情報漏洩は、インサイダー（あなた）の両方によって違法です。 (m) これらの規則のため、直近の家族、個人の世帯、またはあなたが支配しているエンティティが取引を行った場合、このポリシーと適用法に違反する可能性があり、責任を負うことがあります。

3. すべてのオートゾーナーに適用される方針

インサイダー取引は禁止されています

重要な内部情報を所持している時にオートゾーンの証券を取引することは禁止されています幹部、取締役、またはオートゾーナーは、オートゾーンに関連する重要な非公開情報を所持している間、任意の種類のオートゾーン証券を売買してはいけません。

他社の証券を取引する際に、その会社に関連する重要で非公開の情報を所持している場合、取引は禁止されています。オートゾーナーは、仕事の通常業務の過程でベンダーなど他の当事者の実質的で非公開の情報に接する可能性があります。その企業の証券をその実質的で非公開の情報を持って取引することは禁止されています。

内部者情報の流出を禁止されています. どのビジネスパーパスにおいても必要な範囲内で、必要な範囲内でしか必要に応じて、それを必要とする者にのみ内部の実質的で非公開の情報を直接または間接的に伝えたりチップを伝えたりしてはいけません。

Derivatives, hedging and speculative trading in AutoZone Securities are Prohibited.

派生商品: You may not buy or sell AutoZone-based derivative securities, such as options, warrants, puts, calls or other derivatives of AutoZone securities. (**This does 非表示 apply to company-granted awards, like employee stock options.)

Hedging transactions: You may not engage in transactions designed to hedge or offset decreases in the market value of AutoZone securities. This includes zero-cost collars, prepaid variable forward contracts, establishing a short position in AutoZone securities and any other transactions that limit or eliminate both the risks and rewards of holding AutoZone securities.

空売りオートゾーン証券の空売りや、証券の市場価格が下落する場合のみ利益が出る取引はできません。「ボックスに対する売り」や、納品を遅らせる売りも含まれます。通常、空売りは現在所有していない証券の売却に同意することを意味します。

指値注文と成行注文（以下に記載されている承認されたRule 10b5-1プランに従う指値注文および成行注文を除く）指値注文や成行注文は使用しないでください。ブローカーに出す指値注文は、指定価格で株式を売買する注文であり、成行注文は取引のタイミングをコントロールできません。証券取引所が、重要かつ非公開情報について認識している時に実行された指値注文や成行注文は違法な内部者取引を引き起こす可能性があります。

雇用終了後に内部者取引は禁止されています。

このポリシーは、従業員またはその他のサービス関係者との雇用終了後や退職後を含む、オートゾーン証券取引に適用され続けます。これは、オートゾーンから離れた後も、重要な非公開情報が公開されるまでの時間が十分に株式市場に吸収されるまで、オートゾーン証券取引を行わないでくださいということを意味します。

雇用終了後または退職後、重要な非公開情報を持っていない限り、雇用終了日の翌日（雇用終了日がオープンウィンドウの期間中に発生した場合）にオートゾーン証券を取引できます。雇用終了または退職が閉塞期間中に発生する場合（および第4節で説明されている閉塞期間の対象である場合）、次のオープンウィンドウからオートゾーン証券を取引することが許可されます。

4. クワイエットリストに記載されているAutoZonersに適用されるポリシー

オートゾーンの財務パフォーマンスについて定期的に重要な非公開情報にアクセスできるAutoZonersは、「閉塞期間（Quiet Period）」中にオートゾーン証券の売買が禁止されます。「閉塞期間（Quiet Period）」は、「ブラックアウト期間（blackout period）」または「取引期間なし（no-trading window）」とも呼ばれています。

静止期はいつですか？

四半期の静止期静止期は各財務四半期の終わりの2週間前から始まり、四半期決算が一般に公表された完全な取引日の翌日に終了します。例えば、決算が火曜日の朝に公表される場合、ニューヨーク証券取引所がその日に開場すると、Quiet Listに掲載されているAutoZonersは水曜日から株を買ったり売ったりできます。 そして高揚する前に、この点について確認する必要があります。 特別な静止期

特別な静止期オートゾーンは、時折、特別で通常と異なる静穏期間を課すことがあります。これは、オートゾーンに関する重要な非公開情報を所持している一部の従業員に適用されます。これは、保留中の重要な取引、シニアマネジメントの変更、ビジネストレンドの大幅な変更、または法的または規制上の問題の結果である可能性があります。これらの場合、特別な静穏期間が存在する事実自体も重要な非公開情報と見なされ、他者と話し合ってはいけない。

Who is on the Quiet List?

All members of the Board of Directors, Executive Committee and CEO Team are on the Quiet List and subject to quarterly quiet periods. Additionally, other AutoZoners who routinely have access to material, nonpublic information about AutoZone’s financial performance are also on the Quiet List, such as individuals from finance/accounting, legal, investor relations, internal audit and executive/administrative assistants. Everyone on the quiet list will receive quarterly communication reminders outlining the timing and associated responsibilities during quiet periods.

Types of Transactions

An open market purchase or sale is prohibited during a quiet period. The following table provides guidance on how the quiet period rules apply during certain scenarios.

Prohibited During Quiet Period	Allowed During Quiet Period
● Exercise and Sale of Stock Options (i.e., Cashless exercise).	● Exercise and Hold of Stock Options (i.e., exercise price and taxes are paid in cash by AutoZoner),
● Sale of shares (sale of any shares, including sale of shares held in Employee Stock Purchase Program).	● Purchase of shares in Employee or Executive Stock Purchase Plan (ESPP or XSPP) made through payroll contributions in compliance with the plan.
● Open market purchases of shares.	● Transfers to non-third parties that do not result in any financial benefit or gain to the AutoZoner (e.g. estate planning transfers).
● Gift of shares (i.e., shares gifted to a third party with nothing received in return).

5. Pre-Clearance Policies that apply to the CEO Team and Board of Directors

Any member of the Board of Directors, Executive Committee or CEO Team must pre-clear all transactions in AutoZone securities (transfers, option exercises, gifts, purchases, sales, etc.) with the General Counsel or designee. The purpose of the pre-clearance requirement is to provide assistance in preventing inadvertent violations of this policy, insider trading laws, SEC reporting requirements and other applicable securities laws and to avoid the appearance of impropriety in connection with the purchase and sale of AutoZone securities.

If you intend to buy, sell, transfer or otherwise transact in AutoZone securities, you should submit a pre-clearance request by e-mail to the General Counsel (general.counsel@autozone.com) and indicate relevant details of the transaction (e.g., the number of stock options to be exercised, grant date of options, type of transaction—exercise and hold or exercise and sale, number of shares to be sold / transferred / exercised, etc.). The General Counsel or designee will respond to your request. Unless expressly stated otherwise, approvals of pre-clearance requests are valid for one week. After that time, a new request must be submitted if a trade is still contemplated.

Pre-clearance is not required for purchases and sales of securities made pursuant to Rule 10b5-1 Plans that were adopted in compliance with AutoZone’s Individual Rule 10b5-1 Trading Plans Guidelines, which are attached hereto as Annex A.

6.Additional Policies that apply to the Executive Committee and Board of Directors

Members of the Board of Directors, Executive Committee and certain other officers are subject to the Section 16 of the Securities Exchange Act of 1934, which imposes certain reporting and other obligations relating to transaction in AutoZone securities. As a result, these “Section 16 Persons” are subject to the following additional policies designed to promote compliance with Section 16 and related rules.

Section 16 Reports (Forms 3, 4 and 5). Section 16 Persons must file beneficial ownership reports with the SEC by the second business day following any purchase, sale or gift of AutoZone stock. If AutoZone stock is sold, a Form 144 must also be filed with the SEC no later than the date of the sale. Separate from pre-clearance requirements, Section 16 persons are responsible for notifying the Legal Department immediately after a transaction, transfer or other change in ownership is affected, to allow for timely reporting.

Form 144. A Section 16 Person who sells AutoZone shares must file a Form 144 with the SEC no later than the date of the sale.

Confirming Ownership Information. Section 16 Persons are responsible for confirming the accuracy of their AutoZone share ownership on an annual basis as part of a compliance questionnaire issued by the Legal Department. Section 16 Persons are also responsible for informing the Legal Department of any changes to their share ownership information on a real-time basis (e.g., how brokerage accounts are titled; if shares are transferred to a new account; the creation of trusts to hold shares; etc.). These rules are highly complex and technical, and Section 16 Persons are encouraged to discuss any questions with the Legal Department.

No Opposite-Way Trades within a Six-Month Period. At no time may any Section 16 Person buy-and-sell, or sell-and-buy, AutoZone shares within any rolling six-month period. All profit from a transaction violating this six-month “Short-Swing Profit Rule” shall be disgorged to AutoZone, consistent with the rules of Section 16(b). There is no defense to this rule, and the Section 16 Person is strictly liable.

Margin accounts. Section 16 Persons are prohibited from holding AutoZone securities in a margin account. Assets held in a margin account may be sold by the broker without your consent if you fail to meet a margin call. A margin sale may occur at a time when you are aware of material, nonpublic information or otherwise restricted from trading in AutoZone securities, and therefore, margin accounts are prohibited.

Short Sales. While it is against Policy for any AutoZoner to engage in “short” sales of AutoZone securities (See Section 3 above), Section 16 Persons are prohibited from short sales under Section 16(c) and may face both civil and criminal liability for such violations.

Pledging AutoZone securities is Prohibited. Securities pledged as collateral for a loan may be sold without your consent by the lender in foreclosure if you default on the loan. Because a foreclosure sale may occur at a time you are aware of material, nonpublic information or otherwise restricted from trading, you are prohibited from pledging AutoZone securities as collateral for a loan.

Rule 10b5-1 Trading Plans. A person will not be in violation of the rules or this Policy if such person enters into a written plan, contract, instruction or arrangement in compliance with Rule 10b5-1 under the Securities Exchange Act of 1934 (a “Rule 10b5-1 Plan”) that has been reviewed and approved in advance by the General Counsel. Any Section 16 Person desiring to enter into such a plan should contact the General Counsel for additional guidance on establishing such a plan. All Rule 10b5-1 Plans adopted, modified or terminated by Directors, officers and AutoZoners must be approved by the General Counsel and must comply with the Company’s Individual Rule 10b5-1 Trading Plan Guidelines, which are attached hereto as Annex A.

7.Penalties for Non-Compliance

Penalties for trading on or tipping material, nonpublic information can extend significantly beyond any profits made or losses avoided, both for individuals engaging in such unlawful conduct and their employers. Enforcement remedies available to the government or private plaintiffs under the federal securities laws include:

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SEC administrative sanctions;

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Securities industry self-regulatory organization sanctions;

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Civil injunctions;

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Damage awards to private plaintiffs;

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Disgorgement of all profits;

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Civil fines of up to three times the amount of profit gained or loss avoided;

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Civil fines for the employer of up to the greater of $2,300,000 or three times the amount of profit gained or loss avoided by the violator;

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Criminal fines for individual violators of up to $5,000,000 ($25,000,000 for an entity); and/or

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Jail sentences of up to 20 years.

A violation of this Policy may result in disciplinary action, up to and including immediate termination of employment.

Additionally, violations are not limited to violations of the federal securities laws. Other federal and state civil or criminal laws, such as the laws prohibiting mail and wire fraud and the Racketeer Influenced and Corrupt Organizations Act (RICO) also may be violated upon the occurrence of insider trading.

Note: Recent cases have expanded the courts’ reading of civil liability for insider trading and broadened the SEC’s power to seek civil disgorgement of profits from insider trading violations even when an individual did not personally profit from the illegal trades.

8.Other Important Policies

The AutoZone Code of Conduct contains important information relating to the matters described above. Below is a brief summary, but you are encouraged to read the Code of Conduct for additional details and guidance.

Confidential Information and Unauthorized Disclosure. All Directors, officers and AutoZoners must maintain confidentiality of Company information for competitive, security and other business reasons, as well as to comply with securities laws. These laws also govern the timing and nature of our disclosure of material, nonpublic information to anyone outside the Company. Therefore, only specifically designated representatives of the Company are permitted to discuss Company matters with the news media, securities analysts and investors.

Accurate Books and Records. Section 13(b)(2) of the Securities Exchange Act of 1934 requires public companies to maintain proper internal books and records and to devise and maintain an adequate system of internal accounting controls. The SEC has also adopted rules intended to discourage officers, Directors and other persons with access to Company books and records from taking action that might result in the communication of materially misleading financial information to the investing public.

9.Questions and Concerns

Questions. All AutoZoners are responsible for understanding and complying with this Policy. If you have any questions regarding this Policy, you may contact AutoZone’s General Counsel or designee for more information.

Reporting Concerns. If you know—or even suspect—that insider trading or financial fraud is taking place, you should use one of the below resources to report it.

●	via email: general.counsel@autozone.com

●	via letter: Attn: General Counsel, AutoZone, Inc., Dept. 8074, P.O. Box 2198, Memphis, TN 38101, or 123 S. Front Street, Memphis, TN 38103

●	via online form: Complete and submit an Incident Reporting Form by clicking here. Note: you can access this from any web browser.

●	via phone: Once you dial the toll-free number listed below, choose option 3 for financial fraud.

Country	Toll-Free Numbers
Brazil	0-800-047-5023
China	10-800-852-2158
Germany	0-800-724-6601
India	000-800-050-4337
Mexico	800-062-5344
Taiwan	080-066-8788
Turkey	00-800-44-882-4338
United Kingdom	0-800-023-2073
United States, Puerto Rico and Canada	800-243-7989

You are not required to identify yourself when you make a report and may remain anonymous. If you choose to provide your name, it will be kept confidential to the extent the law allows. AutoZone does not tolerate retaliation, harassment or any kind of discrimination against those who speak up in good faith. Speaking up in good faith means that you report your concerns honestly, thoroughly and timely.

Nothing contained in this Policy limits AutoZoners’ ability to file a charge or complaint with the SEC. Further, AutoZoners have a protected right to communicate with the SEC and to cooperate with any investigation or proceeding that may be conducted, including providing documents or other information, without notice to or approval from AutoZone.

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AutoZone, Inc.

Individual Rule 10b5-1 Trading Plan Guidelines

The Securities and Exchange Commission enacted Rule 10b5-1 (the “Rule”) to give Board members, officers, employees and others who were often in possession of material, nonpublic information greater flexibility to engage in transactions in their company’s stock. If insiders follow the requirements of the Rule, they have an affirmative defense from insider trading liability for trades made under an effective written plan for trading securities (commonly referred to as a Rule 10b5-1 Plan). In each case, such persons must act in good faith with respect to the Plan and not as part of a scheme to evade the prohibitions against unlawful insider trading.

As set forth in the AutoZone Insider Trading Policy (the “Policy”), AutoZone, Inc. (the “Company”) permits its Directors and officers (“Section 16 Persons”) to purchase or sell shares of Company common stock pursuant to a Rule 10b5-1 plan (a “Plan”) under certain circumstances. The Company has adopted the following guidelines (the “Guidelines”) to provide Section 16 Persons with clarity as to what parameters must be followed in order to adopt a Plan. These Guidelines are in addition to, and not in lieu of, the requirements and conditions of the Policy and the Rule. Any questions regarding the Guidelines should be directed to the Senior Vice President, General Counsel & Secretary.

1.Pre-Clearance. All Plans must be submitted in writing and pre-cleared by the Company’s General Counsel. Section 16 Persons are reminded of their obligations under the Company’s Stock Ownership Guidelines and shall ensure they remain in compliance with such guidelines after giving effect to the proposed Plan.

2.Plan Adoption and Certification. All Plans must be entered into during an open trading window and when the Section 16 Person is not in possession of any material, nonpublic information. At the time of adoption of the Plan, the Section 16 Person must certify as a representation in his or her Plan that he or she (a) is not aware of any material, non-public information and (b) is adopting the Plan in good faith and not as part of a plan or scheme to evade the prohibitions of the Rule.

3.Plan Format. All Plans must be in writing and must either (a) expressly state the amount, price and dates on which transactions may be executed, (b) provide a written formula for determining amounts, prices and dates or (c) delegate discretion on those matters to an independent third-party who is not aware of any material, non-public information. Plans must not allow the Section 16 Person to exercise any subsequent influence over how, when or whether to effect trades in AutoZone securities under the Plan.

4.Cooling-Off Period. After the adoption of a Plan, no trades may be commenced under the Plan until the later of: (i) 90 days following adoption or modification of the Plan or (ii) two (2) business days following the disclosure of the Company’s financial results on Form 10-Q or Form 10-K for the fiscal quarter in

which the Plan was adopted or modified, subject to a maximum of 120 days after adoption of the Plan (the “Cooling-Off Period”).

5.Multiple Plans. Section 16 Persons may enter into multiple Plans, provided such Plans do not overlap; trading under the later-commencing Plan may not begin until all trades under the initial Plan are completed or the Plan has expired by its terms. An exception to the foregoing restriction may be granted for Plans governing sell-to-cover transactions, subject to compliance with the Rule. Note that only one “single-trade” Plan may be adopted during any consecutive 12-month period.

6.Trades Outside of the Plan. Once a Plan is established, Section 16 Persons may transact in securities that are not subject to the currently existing Plan. Such transactions continue to require pre-clearance and be subject to the Policy. Under no circumstances will opposite-way open market transactions be permitted.

7.Plan Duration. The minimum duration of a Plan is six months, and the maximum duration is two years.

8.Early Terminations. The early termination of a Plan could affect the availability of the Rule’s affirmative defense for prior Plan transactions if it calls into question whether the Section 16 Person is acting in good faith with respect to the Plan and whether the Plan was entered into in good faith and not as part of a plan to avoid the insider trading rules. Because of this risk, early terminations are strongly discouraged. In the event a Section 16 Person determines to terminate a Plan early, every effort should be taken to terminate the Plan during an open window. Early termination of a Plan during a quiet period requires extenuating circumstances and is subject to pre-clearance by the Company’s General Counsel (or his or her designee). In the event a Section 16 Person early terminates his or her Plan, such Section 16 Person (a) will be subject to the applicable cooling-off period for any subsequent Plan, and (b) may be (i) prohibited from adopting future Plans, (ii) prohibited from transacting in securities outside of a Plan, or (iii) subject to other restrictions at the sole discretion of the Company’s General Counsel.

9.Modifications. As provided in the Rule, any modification or change to the amount, price or timing of the purchase or sale of the securities underlying a Plan (including the substitution or removal of a broker that directly or indirectly results in a modification or change to such terms) is deemed (x) a termination of the existing Plan and (y) the adoption of a new Plan, each of which are subject to the applicable requirements of these Guidelines.

10.Brokers and Broker Reporting. Plans involving the exercise and sale of stock options must be entered into with the Company’s designated broker or other pre-approved broker; and all other Plans may be entered into with a broker of the Section 16 Person’s choice. Each Plan must require the broker counterparty to promptly report to the Company’s designated representative the details of every transaction executed under a Plan, but in any event, such detail shall be provided no later than one business day after the execution date.

11.Public Disclosure of Plan Transactions. To the extent required by SEC rules, the Company will disclose in its periodic reports (i.e., Form 10-Qs and Form 10-Ks) the adoption or termination of a Plan by any Section 16 Person during the last completed quarter, including a description of the material terms of such a Plan, other than terms with respect to price. Additionally, transactions executed pursuant to a Plan will be indicated as such by footnote on the Section 16 Person’s Form 4.

Individual Responsibility. A Plan does not relieve Section 16 Persons from their obligations to comply with the requirements of applicable securities laws, including the requirement to file any applicable notices and reports accurately and on time. Furthermore, notwithstanding any pre-clearance or termination of a Plan, the Co