BUTLER ERIC L 4

What Happened

• Eric L. Butler, a director of Eastman Chemical Company (EMN), was credited with 408 phantom stock units on 2026-04-08. The Form 4 reports the units at $0.00 per unit (derivative award), reflecting a cash‑settled, deferred compensation grant rather than an open‑market purchase or sale.

Key Details

• Transaction date: 2026-04-08; Filing date: 2026-04-10 (filed within the typical two-business-day window).
• Instrument: 408 Phantom Stock Units (derivative award, transaction type "A" = Award/Grant).
• Reported price: $0.00 (no cash purchase); reported acquisition value: $0 (award recorded as a derivative).
• Shares owned after transaction: not specified in the Form 4 filing.
• Relevant footnotes: F1 — units are phantom stock units under the Directors' Deferred Compensation Plan, payable only in cash after termination; F2 — units reflect automatic deferral of director retainer fees; F3 — includes dividend equivalents reinvested into additional phantom units.

Context

• Phantom stock units are cash‑settled deferred compensation that track the company’s share price but do not represent actual equity or voting shares now. They are typically routine director compensation and do not by themselves indicate a buy/sell signal.