FRIBOURG PAUL J 4

What Happened
Paul J. Fribourg, a director of Estee Lauder Companies Inc. (EL), received two derivative awards on 2026-06-15 totaling 217.65 stock units (56.3 and 161.35 units) at a reported price of $90.00 per unit, valued at approximately $19,589. These transactions are coded as "A" (grant/award) and represent acquisition of stock units rather than open-market purchases or sales.

Key Details

• Transaction date: 2026-06-15; Report filed: 2026-06-16 (timely filing).
• Units and values: 56.3 units ($5,067) and 161.35 units ($14,522); total 217.65 units (~$19,589) at $90.00/unit.
• Shares/units owned after transaction: Not specified in the provided filing details.
• Footnotes: F2 indicates these awards represent reinvestment of dividend equivalents on outstanding stock units; F3 notes the stock units will be paid out the first business day of the calendar year following the reporting person’s last date of service as a director. F1: Not applicable.
• Nature of transaction: Derivative award of stock units (not a purchase or sale).

Context
These awards are part of director compensation and reflect dividend-equivalent reinvestment into deferred stock units that will be paid out after the director leaves service. Such derivative awards are routine for directors and do not necessarily indicate a personal market view; they differ from open-market purchases, which some investors interpret as a stronger bullish signal.