FRIBOURG PAUL J 4

What Happened
Paul J. Fribourg, a director of Estée Lauder Companies Inc. (EL), was granted 308.3 stock units on 2026-02-27. The units are reported at an imputed price of $109.47 each, for a total value of $33,750. The transaction is coded as an award/grant (derivative stock units), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-27; Form 4 filed: 2026-03-02 (appears timely).
• Grant: 308.3 stock units valued at $109.47 each, total $33,750. (Transaction code A = Award/Grant)
• Shares owned after transaction: not reported in this filing.
• Footnotes:
  • F1: Each stock unit is a cash payout convertible 1:1 to the value of one Class A common share.
  • F2: Grant issued in lieu of quarterly cash board and committee retainers.
  • F3: Payout is deferred — units will be paid the first business day of the calendar year after the reporting person’s service as a director ends.
• No 10b5-1 plan, tax-withholding sale, or exercise/sale of options reported in this filing.

Context
This is a routine director compensation grant (stock units paid instead of cash) and is a derivative award with deferred cash payout upon end of service, so it does not represent an immediate open-market buy or sell. Such grants are common for non-employee directors and should be viewed as compensation rather than a direct signal of the director’s market view.