GRISSOM DOUGLAS C 4

What Happened Douglas C. Grissom, a director of Churchill Downs Incorporated (CHDN), was awarded 383.48 phantom share units on June 30, 2026. The Form 4 reports the transaction as an award/grant (code A) with a reported acquisition price of $0.00—this is a deferred-compensation award, not an open-market purchase or sale. The number of phantom units was determined using CHDN’s closing stock price on June 30, 2026; the Form 4 lists no cash consideration.

Key Details

• Transaction date: 2026-06-30; Form 4 filed: 2026-07-02 (appears timely).
• Transaction type/code: Award/Grant (A); acquisition price reported as $0.00.
• Shares/units awarded: 383.48 phantom share units.
• Reported value: Not listed as a cash amount on the Form 4; market-equivalent value = 383.48 × CHDN closing price on 6/30/2026 (per footnote).
• Shares owned after transaction: Not specified in the filing.
• Footnotes: F1—phantom share units equal the economic equivalent of one common share and are transferred upon completion of service as a director; F2—the June 30, 2026 closing price was used to determine the unit count; F3—holding consists of restricted stock units, phantom units, and dividend-equivalent units.

Context This was a compensation-related award (deferred, phantom units) rather than a purchase or sale—such grants are routine for non-employee directors and represent future economic exposure to the company’s stock. Phantom units typically convert to shares (or cash equivalent) only after the director’s service ends or per plan rules, so they do not indicate an immediate change in market-facing ownership.