FRIBOURG PAUL J 4

What Happened
Paul J. Fribourg, a director of Estee Lauder Companies Inc. (EL), was granted/received derivative stock units on 2026-03-16. The filing shows two award entries: 56.67 units at $88.76 each (value $5,030) and 161.31 units at $88.76 each (value $14,318), for a combined value of roughly $19,348. These are awards/stock-unit acquisitions (transaction code A), not open-market purchases or sales.

Key Details

• Transaction date: 2026-03-16; Form 4 filed 2026-03-17 (timely).
• Units and per-unit price: 56.67 units @ $88.76 ($5,030) and 161.31 units @ $88.76 ($14,318); total ≈ 217.98 units, ≈ $19,348.
• Nature of award: Derivative stock units (not immediate common shares); filing lists these as "Derivative."
• Footnotes: F2 — these units represent reinvestment of dividend equivalents on outstanding stock units. F3 — the stock units will be paid out the first business day of the calendar year following the director's last date of service.
• Shares owned after the transaction: Not specified in this filing.

Context

• These were awards of stock units (derivative), which typically reflect compensation or dividend-equivalent reinvestment rather than an active market buy or sell by the insider. Payout is deferred until after the director’s service ends, per the filing. This is routine director compensation and does not by itself imply a buy/sell signal.