Estee Lauder Companies SEC Filings

On 10 July 2025, The Estée Lauder Companies Inc. (ticker EL) filed a Form 4 showing that director Barry S. Sternlicht received a routine board-compensation award of cash-settled Stock Units. The grant, reported under transaction code “A,” covers 293.15 units, each convertible into a cash amount equal to the value of one share of Class A common stock. The filing lists a reference price of $92.10 per unit.

Because these units are cash-settled, they do not confer voting rights or add to the director’s share count. The units will be paid out on the first business day of the calendar year following Sternlicht’s departure from the board. After the grant, the director’s aggregate position is 46,001.99 cash-settled units. No open-market purchase or sale of Estée Lauder equity occurred, and there is no indication of a change in ownership control.

Key details

• Form type: Form 4 (Section 16 insider transaction)
• Reporting person: Barry S. Sternlicht (director)
• Transaction date: 07/10/2025
• Security: Cash-settled Stock Units (1 unit =0 cash value of 1 EL Class A share)
• Units granted: 293.15
• Price reference: $92.10 per unit
• Post-transaction beneficial ownership: 46,001.99 units

The disclosure reflects standard non-derivative director compensation and is generally regarded as neutral from a market-impact perspective.

JPMorgan Chase Financial Company LLC is marketing Auto-Callable Contingent Interest Notes maturing July 23, 2030 and linked to the MerQube US Large-Cap Vol Advantage Index (MQUSLVA). The notes are unsecured, unsubordinated obligations of JPMorgan Chase Financial, fully and unconditionally guaranteed by JPMorgan Chase & Co.

Income potential. Investors receive a monthly contingent coupon of at least 1.17083 % (14.05 % p.a.) for any Interest Review Date on which the Index closes at or above the Interest Barrier of 60 % of the Initial Value. Missed coupons are not cumulative.

Autocall mechanism. Starting January 20, 2026 (six months after issue) and every three months thereafter, if the Index closes at or above the Initial Value, the notes are automatically redeemed for $1,000 principal plus the current coupon. Autocall shortens duration but caps total return at collected coupons.

Principal risk. If the notes are not called and the Final Index Value on the July 18, 2030 Review Date is below the Trigger Value (60 % of Initial), principal repayment is reduced one-for-one with the Index decline: Payment = $1,000 + ($1,000 × Index Return). Investors can lose up to 100 % of principal.

Reference index profile. MQUSLVA is a rules-based, leveraged S&P 500® futures strategy that targets 35 % implied volatility and applies a 6 % p.a. daily fee. The deduction drags performance and may offset gains, while leverage (up to 5×) can magnify losses. The index began live publication on February 11, 2022; earlier data are back-tests.

Issue economics. • Minimum denomination: $1,000. • Pricing date: ≈ July 18 2025. • Settlement: ≈ July 23 2025. • Estimated value today: $955.50 per $1,000 note (will not be set below $900 at pricing). • Selling commissions: up to $11.50 per $1,000. • Notes will not be listed; secondary liquidity depends on JP Morgan Securities LLC bid.

Key risks highlighted by issuer.

• No guaranteed coupons or return of principal; payment depends on Index performance.
• The 6 % daily deduction and potential futures contango/backwardation create structural drag.
• Credit exposure to JPMorgan Chase Financial and JPMorgan Chase & Co.
• Valuation and secondary prices likely below issue price; estimated value set with internal funding rate.
• Complex tax treatment; coupons expected to be ordinary income.

Investor suitability. Product targets investors seeking elevated conditional income and willing to accept equity-linked downside, liquidity constraints, index methodology complexity and issuer credit risk.

Estee Lauder Companies Inc. (EL) filed a Form 4 indicating that director Eric Louis Zinterhofer was granted 293.15 Stock Units (cash-settled) on 07/10/2025. The award, coded “A,” was issued in lieu of cash quarterly board and committee retainers. Each unit represents the value of one share of Class A common stock and will be paid in cash on the first business day of the calendar year following the director’s departure from the board. After the transaction, Zinterhofer’s total deferred Stock Unit balance increased to 1,078.82 units. The units were recorded as direct ownership; no open-market purchase or sale of common shares occurred.

Form 4 filing overview for The Estée Lauder Companies Inc. (EL)

On 10-Jul-2025, director Lynn Forester de Rothschild reported the automatic grant of 293.15 Stock Units (cash-settled) under the company’s director compensation program. The grant, coded “A” (award), was made in lieu of quarterly board and committee retainers and therefore represents routine, non-discretionary compensation rather than an open-market purchase or sale. Each unit is convertible into cash equal to the value of one Class A share; the table lists a reference price of $92.10 per unit, implying an award value of roughly $27,000. Following the transaction, the reporting person now holds 77,639.08 derivative stock units, all held directly. The units pay out in cash on the first business day of the calendar year after the individual ceases to serve as a director.

Key take-aways

• Transaction is a routine equity retainer for board service, not a discretionary share purchase or sale.
• No change to the director’s ownership of non-derivative (direct share) holdings is reported.
• The filing does not signal management sentiment regarding the company’s prospects and is unlikely to be financially material to EL shareholders.