FRIBOURG PAUL J 4

What Happened
Paul J. Fribourg, a director of Estee Lauder Companies Inc. (EL), was granted 420.4 stock units on 2026-05-15. The units were valued at $80.28 each, for a total grant value of approximately $33,750. This was an award (transaction code A) of deferred stock units issued in lieu of quarterly cash retainers, not an open-market purchase or sale.

Key Details

• Transaction date and price: 2026-05-15; 420.4 stock units at an attributable price of $80.28 per share (total ≈ $33,750).
• Instrument type: Stock Units (derivative) convertible to cash 1:1 for the value of one share (see footnote).
• Payment timing: Units will be paid in cash on the first business day of the calendar year following the last date of the reporting person’s service as a director (deferred payout).
• Shares owned after transaction: Not disclosed in the filing.
• Filing timeliness: Report filed 2026-05-18 for a 2026-05-15 grant — filed within the required reporting window (timely).
• Relevant footnotes summarized: (1) each stock unit converts to cash equal to one share’s value; (2) grant issued in lieu of cash for board/committee retainers; (3) payout is deferred until after director service ends.

Context
This was a compensation award (deferred cash-settled stock units) for board service, not a market buy or sale. Because the units convert to cash and are paid after the director leaves the board, this grant represents routine director compensation rather than an immediate ownership stake or an active bullish/bearish trading signal.