Estee Lauder (EL) director gets dividend-equivalent stock units

Rhea-AI Filing Summary

Estee Lauder Companies director Paul J. Fribourg reported routine compensation-related awards rather than open-market trading. He acquired 56.670 stock units with share payout and 161.310 stock units with cash payout, each linked to Class A Common Stock at a reference price of $88.76 per unit.

Footnotes state these units represent reinvestment of dividend equivalents on his outstanding stock units, so they accrue automatically as dividends are paid. The stock units will be paid out on the first business day of the calendar year following the last date of his service as a director.

Insights

Equity compensation analyst

Fribourg’s Form 4 shows automatic dividend-equivalent stock unit accruals, not discretionary buying or selling.

Director Paul J. Fribourg received 56.670 stock units with share payout and 161.310 stock units with cash payout tied to Estee Lauder Class A Common Stock. Both transactions are coded “A” for grants or awards and are described as reinvestment of dividend equivalents on existing stock units.

These awards function as deferred compensation. Footnotes indicate the stock units will be paid on the first business day of the calendar year after Fribourg’s board service ends. There are no open-market purchases or sales in this filing, so it offers limited insight into his view of the stock; it mainly updates his deferred equity position.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FRIBOURG PAUL J

(Last) (First) (Middle)

C/O CONTIGROUP COMPANIES, INC.

767 FIFTH AVENUE

(Street)

NEW YORK NY 10153

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ESTEE LAUDER COMPANIES INC [ EL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Units (Share Payout)	(1)	03/16/2026		A(2)		56.67		(3)	(3)	Class A Common Stock	56.67	$88.76	14,478.7	D
Stock Units (Cash Payout)	(1)	03/16/2026		A(2)		161.31		(3)	(3)	Class A Common Stock	161.31	$88.76	41,068.65	D

Explanation of Responses:

1. Not applicable.

2. Represents reinvestment of dividend equivalents on outstanding stock units.

3. The stock units will be paid out the first business day of the calendar year following the last date of the Reporting Person's service as a director of the Company.

Remarks:

	Paul J. Fribourg, by Robin Cohen, Attorney-in-fact	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Estee Lauder (EL) director Paul J. Fribourg report?

Paul J. Fribourg reported acquiring 56.670 stock units with share payout and 161.310 stock units with cash payout. Both are derivative awards tied to Estee Lauder Class A Common Stock and result from dividend equivalents credited on his outstanding stock units, not market purchases or sales.

Were Paul J. Fribourg’s Estee Lauder Form 4 transactions open-market buys or sells?

No, the transactions were not open-market buys or sells. They are coded as grants or awards, representing dividend-equivalent reinvestments on existing stock units. This means the units accrue automatically as dividends are paid, rather than reflecting discretionary trading activity in Estee Lauder shares by the director.

How many stock units does Paul J. Fribourg hold after these Estee Lauder transactions?

Following the transactions, Fribourg holds 14,478.700 stock units in the share-payout account and 41,068.650 stock units in the cash-payout account. These figures reflect updated balances for his deferred stock unit holdings tied to Estee Lauder Class A Common Stock, rather than direct ownership of common shares.

When will Paul J. Fribourg’s Estee Lauder stock units be paid out?

The stock units will be paid on the first business day of the calendar year following the last date of Fribourg’s service as a director. This timing makes the awards a form of deferred compensation, delaying receipt of value until after his board tenure at Estee Lauder ends.

What is the significance of the dividend-equivalent feature in Paul J. Fribourg’s Estee Lauder units?

The dividend-equivalent feature means cash dividends on Estee Lauder stock are credited as additional stock units. In this filing, 56.670 share-payout units and 161.310 cash-payout units resulted from such reinvestments, incrementally increasing Fribourg’s deferred compensation without changing his direct trading exposure in the common stock.