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Director at Eastman Chemical (NYSE: EMN) gains phantom stock units via fee deferral

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Alfonso Humberto P reported acquisition or exercise transactions in this Form 4 filing.

Eastman Chemical director Humberto P. Alfonso reported two compensation-related grants of Phantom Stock Units tied to company common stock. On April 8, 2026, he was credited with 988 Phantom Stock Units at a reference value of $74.27 per unit and 408 additional units at $0.00 per unit.

After these transactions, his reported Phantom Stock Unit balance increased to 55,961 units. The footnotes explain these units are credited under the Directors' Deferred Compensation Plan, have a value equal to one share of Eastman Chemical common stock, and are payable only in cash after his service as a director ends.

The filing notes these units arise from a mix of voluntary deferral of retainer fees, automatic deferral of annual retainer fees into a director stock account, and dividend equivalents reinvested into additional Phantom Stock Units. These are administrative, non-market transactions rather than open-market share purchases or sales.

Positive

  • None.

Negative

  • None.

Insights

Routine fee deferrals into cash-settled phantom units; no open-market signal.

The transactions show director Humberto P. Alfonso receiving Phantom Stock Units under Eastman Chemical's Directors' Deferred Compensation Plan. Both entries use code A, indicating grants or awards, and are classified as acquisitions of derivative securities, not market trades.

Footnotes clarify these units mirror the value of common stock but are payable only in cash after board service ends. They result from voluntary and automatic deferrals of director retainer fees plus dividend equivalents. Because no shares are bought or sold in the market, the informational value for short-term stock sentiment is limited.

Following the credits of 988 and 408 Phantom Stock Units, his balance rises to 55,961 units. This reflects ongoing use of the deferred compensation program rather than a change in ownership conviction, and fits the pattern of standard director compensation design.

Insider Alfonso Humberto P
Role Director
Type Security Shares Price Value
Grant/Award Phantom Stock Units 988 $74.27 $73K
Grant/Award Phantom Stock Units 408 $0.00 --
Holdings After Transaction: Phantom Stock Units — 54,564 shares (Direct)
Footnotes (1)
  1. Phantom Stock Units credited under the Directors' Deferred Compensation Plan, each having a value equal to the market of one share of issuer common stock and payable only in cash after termination of service as a director. Voluntary deferral of a portion of director's retainer fees that would otherwise have been paid in cash. Includes dividend equivalents reinvested in additional Phantom Stock Units. Automatic deferral of a portion of director's annual retainer fees into the director's stock account of the Directors' Deferred Compensation Plan.
Phantom Stock Units granted 988 units Grant on April 8, 2026 at $74.27 reference value
Additional Phantom Stock Units granted 408 units Grant on April 8, 2026 at $0.00 reference value
Phantom Stock Units balance 55,961 units Total units following reported transactions
Underlying common stock equivalence 1,396 shares Total underlying common stock shares for new Phantom Stock Units
Transaction code A Grant, award, or other acquisition of derivative securities
Phantom Stock Units financial
"Phantom Stock Units credited under the Directors' Deferred Compensation Plan"
Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.
Directors' Deferred Compensation Plan financial
"credited under the Directors' Deferred Compensation Plan, each having a value equal"
dividend equivalents financial
"Includes dividend equivalents reinvested in additional Phantom Stock Units."
Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.
voluntary deferral financial
"Voluntary deferral of a portion of director's retainer fees that would otherwise"
automatic deferral financial
"Automatic deferral of a portion of director's annual retainer fees into the director's stock account"
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Alfonso Humberto P
(Last)(First)(Middle)
200 S. WILCOX DRIVE
(Street)
KINGSPORT TENNESSEE 37660
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
EASTMAN CHEMICAL CO [ EMN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/08/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Phantom Stock Units$0(1)04/08/2026A988(1)(2) (1) (1)Common Stock988(1)(2)$74.27(2)54,564(3)D
Phantom Stock Units$0(1)04/08/2026A408(4) (1) (1)Common Stock408(4)$0(4)55,961(3)D
Explanation of Responses:
1. Phantom Stock Units credited under the Directors' Deferred Compensation Plan, each having a value equal to the market of one share of issuer common stock and payable only in cash after termination of service as a director.
2. Voluntary deferral of a portion of director's retainer fees that would otherwise have been paid in cash.
3. Includes dividend equivalents reinvested in additional Phantom Stock Units.
4. Automatic deferral of a portion of director's annual retainer fees into the director's stock account of the Directors' Deferred Compensation Plan.
Remarks:
/s/ Mark D. Austin, by Power of Attorney for Humberto P. Alfonso04/10/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Eastman Chemical (EMN) director Humberto P. Alfonso report in this Form 4?

He reported two grants of Phantom Stock Units under Eastman Chemical’s Directors’ Deferred Compensation Plan, totaling 1,396 units. These represent deferred director fees and dividend equivalents, and are payable only in cash after his board service ends, not immediate stock purchases or sales.

How many Phantom Stock Units did EMN director Alfonso receive and at what values?

He was credited with 988 Phantom Stock Units at a reference value of $74.27 per unit and 408 Phantom Stock Units at $0.00 per unit. These entries reflect deferred compensation and dividend reinvestment, not open-market share transactions or direct stock purchases.

What is the total Phantom Stock Unit balance for EMN director Alfonso after these transactions?

After the April 8, 2026 transactions, his reported Phantom Stock Unit balance is 55,961 units. Each unit tracks the market value of one share of Eastman Chemical common stock and will be settled only in cash after he ceases serving as a director of the company.

How do the Phantom Stock Units for EMN’s director arise under the deferred compensation plan?

They arise from voluntary deferral of portions of the director’s retainer fees, automatic deferral of part of the annual retainer into a stock account, and dividend equivalents reinvested into additional Phantom Stock Units. These mechanisms convert cash fees into deferred, cash-settled equity-linked units.

Do these Form 4 transactions mean EMN’s director bought or sold shares in the market?

No, the transactions involve grants of Phantom Stock Units, not direct stock trades. The units are bookkeeping entries tied to Eastman Chemical’s share price and payable only in cash after service ends, so they do not reflect open-market buying or selling activity by the director.