Form 4: Church & Dwight EVP Acquires Phantom Stock

Church & Dwight Co. Inc. EVP Carlos G. Linares acquired 30.481 phantom stock shares under a deferred compensation plan.

Summary

• Carlos G. Linares, Executive Vice President, Chief Technology & Global New Products at Church & Dwight Co. Inc. (CHD), acquired 30.481 phantom stock shares.
• The transaction occurred on November 14, 2025, and was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged transaction.
• These phantom stock shares were acquired under the Church & Dwight Co., Inc. Deferred Compensation Plan.
• Each phantom stock share converts to common stock on a 1-for-1 basis.
• The shares are to be settled in cash at such time as prescribed by the Deferred Compensation Plan.
• The derivative security was valued at $84.1 per share at the time of acquisition.
• Following this transaction, Mr. Linares beneficially owns a total of 17,341.206 derivative securities (phantom stock).

Sentiment

Score: 6

Explanation: The acquisition of phantom stock by an executive is a routine compensation event, generally viewed as neutral to slightly positive as it aligns executive interests with the company, even if cash-settled. It does not indicate significant operational or financial news.

Positives

• The acquisition of phantom stock by an executive indicates continued alignment of interests with shareholders, even though it is cash-settled.
• The transaction was made under a Rule 10b5-1(c) plan, which signifies a pre-planned and systematic approach to executive compensation and reduces concerns about opportunistic insider trading.

Negatives

• The phantom stock is cash-settled, meaning the executive does not directly hold common stock from this specific grant, which might slightly reduce direct equity ownership incentive compared to stock-settled awards.

Future Outlook

NA

Industry Context

This is a routine executive compensation event, common across industries for aligning executive incentives with company performance. It does not directly reflect broader industry trends or competitive dynamics.

Comparison to Industry Standards

• Deferred compensation plans, including phantom stock awards, are a standard component of executive compensation packages across many publicly traded companies, particularly in the consumer goods sector.
• The use of Rule 10b5-1 plans for such transactions is also a common practice to mitigate insider trading concerns and provide a structured approach to equity-based compensation.

Stakeholder Impact

• Shareholders: Minor positive impact due to continued executive alignment with company performance, but no direct impact on share count or dilution from this specific cash-settled phantom stock.
• Management: The executive benefits from deferred compensation, aligning their long-term interests with the company.

Key Dates

Recommendation

This Form 4 filing reports a routine executive compensation event involving the acquisition of phantom stock under a deferred compensation plan. Such transactions are generally not considered significant drivers of stock price movement and do not provide new information warranting a change in investment recommendation. The transaction reflects ongoing executive compensation practices rather than a strategic shift or material financial performance indicator.

Keywords

Church & Dwight, CHD, Carlos G. Linares, Phantom Stock, Deferred Compensation, Insider Transaction, SEC Form 4, Executive Compensation, Rule 10b5-1