Pegram Michael E 4

What Happened
Michael E. Pegram, a director of Caesars Entertainment, was granted 10,369 restricted stock units (RSUs) on January 23, 2026. The Form 4 reports this as a derivative award (code A) at $0.00 per unit (reported value $0). The RSUs are fully vested but the reporting person elected to defer receipt of the underlying shares.

Key Details

• Transaction date: January 23, 2026; Form 4 filed January 27, 2026 (appears timely).
• Transaction type: Award/Grant of RSUs (derivative).
• Amount: 10,369 RSUs; reported acquisition price $0.00 (grant, no cash paid).
• Shares owned after transaction: Not disclosed in the provided filing.
• Footnotes: F1 — RSUs convert 1-for-1 into common stock. F2 — RSUs were fully vested at grant and the director elected to defer receipt until separation from board service under the issuer’s outside director deferred compensation plan; the RSUs do not expire.

Context
RSU grants to outside directors are typically compensation for board service. Because these units are awards (and were deferred), they don’t reflect an open-market purchase or sale and should not be read as a direct bullish or bearish trade by the insider. For retail investors, purchases or sales by insiders usually convey clearer trading intent than routine compensation awards.