Estée Lauder (EL) Director Reinvests Dividend Equivalents, Adds 15.83 Units

Rhea-AI Filing Summary

Angela Wei Dong, a director of The Estée Lauder Companies Inc. (EL), reported a Form 4 filing disclosing a non-derivative acquisition dated 09/16/2025. The filing shows 15.83 stock units were acquired as a reinvestment of dividend equivalents at a per-unit value of $88.52, resulting in 4,019.71 stock units beneficially owned following the transaction. The filing states the stock units will be paid out on the first business day of the calendar year following the last date of the Reporting Person's service as a director. The Form 4 was signed on 09/17/2025 by an attorney-in-fact.

Positive

• Director ownership increased through reinvested dividend equivalents, supporting alignment with shareholder interests

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine dividend-equivalent reinvestment by a director; maintains alignment with shareholders.

The transaction disclosed is a non-derivative acquisition of 15.83 stock units from reinvested dividend equivalents, a common director compensation mechanism. The units remain reported as direct beneficial ownership and will be paid out after the director's service ends, which is consistent with deferred compensation practices designed to retain board members and align their interests with long-term shareholders. There is no indication of an unusual timing or related-party arrangement beyond standard director benefits.

Financial Analyst

TL;DR: Small, routine increase in director holdings; immaterial to company valuation.

Quantitatively, 15.83 units at $88.52 per unit represent a modest notional value and raise the reporting director's total to 4,019.71 stock units. This single reinvestment of dividend equivalents is unlikely to affect market perceptions or valuation metrics materially. The disclosure is useful for tracking insider ownership trends but does not signal a material change in insider conviction or corporate strategy based on the provided figures.

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
Estimated average burden
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^*

Dong Angela Wei

(Last) (First) (Middle)

C/O THE ESTEE LAUDER 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)
09/16/2025

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)	09/16/2025		A(2)		15.83		(3)	(3)	Class A Common Stock	15.83	$88.52	4,019.71	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:

	Angela Wei Dong, by Spencer G. Smul, Attorney-in-fact	09/17/2025
	** 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 did Angela Wei Dong report on Form 4 for EL?

The Form 4 reports acquisition of 15.83 stock units on 09/16/2025 as reinvested dividend equivalents, leaving 4,019.71 stock units beneficially owned.

What was the reported per-unit value of the stock units?

The filing shows a per-unit value of $88.52 for the stock units acquired.

When will the stock units be paid out to the reporting person?

The stock units will be paid out on the first business day of the calendar year following the reporting person's last date of service as a director.

Was the Form 4 signed and when?

Yes. The Form 4 was signed by Angela Wei Dong via attorney-in-fact Spencer G. Smul on 09/17/2025.

Is this transaction a purchase or a reinvestment?

It is a reinvestment of dividend equivalents into stock units, per the filing's explanation.