GRISSOM DOUGLAS C 4

What Happened
Douglas C. Grissom, a director of Churchill Downs Incorporated (CHDN), received an award of 382.67 phantom share units on March 31, 2026. The units were granted at an acquisition price of $0.00; each phantom share unit is the economic equivalent of one share of common stock and is payable in shares upon Grissom’s completion of service as a director. This was an award/grant (not an open-market purchase or sale) as part of director compensation.

Key Details

• Transaction date: 2026-03-31; Filing date: 2026-04-06 (Form 4 accession 0001246240-26-000002).
• Instrument: 382.67 phantom share units granted; reported acquisition price $0.00.
• Valuation note: The number of phantom units was determined using CHDN’s closing stock price on March 31, 2026 (per filing).
• Holdings after transaction: filing indicates holdings include restricted stock units, phantom share units and dividend equivalents but does not state a single total shares-owned figure (see footnote explaining composition).
• Filing timeliness: Form 4 was filed on Apr 6; the document does not include a late-filing flag in the summary provided here.

Context
Phantom share units are deferred-compensation awards that mirror the economic value of actual shares but are typically converted to or paid out in shares (or cash) only after a director’s service ends or per the plan rules. Because this was an award for board service rather than an open-market purchase or sale, it should be viewed as routine compensation rather than a direct insider buy/sell signal.