Form 4: Churchill Downs Director Daniel Harrington Receives Stock Grant

Director Daniel Harrington of Churchill Downs Inc. reports acquisition of common stock and restricted stock units.

Summary

• On April 24, 2025, Daniel P. Harrington, a director of Churchill Downs Inc., acquired 2,329.81 shares of common stock and 0 shares of common stock.
• These shares were acquired through restricted stock units granted in connection with his 2025 director service.
• The restricted stock units will vest one year from the grant date.
• Harrington directly owns 123,352.2 shares and indirectly owns 1,145,352 shares through TVI Corp.
• The price of the stock was $0 at the time of the grant.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive as it reflects standard director compensation practices and aligns interests with shareholders.

Positives

• The acquisition of restricted stock units aligns the director's interests with the long-term performance of Churchill Downs Inc.

Future Outlook

The restricted stock units will vest one year from the grant date, contingent on continued service as a director.

Industry Context

Stock grants to directors are a common practice to incentivize and align their interests with the company's performance. This filing reflects standard compensation practices for board members.

Comparison to Industry Standards

• Director compensation packages often include a mix of cash and equity, with equity grants typically vesting over several years to encourage long-term commitment.
• Companies like Penn National Gaming and MGM Resorts International also utilize stock grants as part of their director compensation plans.
• The size of the grant is typical for a company of Churchill Downs' size and market capitalization.

Stakeholder Impact

• The stock grant aligns the director's interests with those of shareholders, potentially leading to decisions that benefit the company's long-term value.

Next Steps

• The restricted stock units will vest one year from the grant date, contingent on continued service as a director.
• The equivalent shares of common stock related to the vested units will be transferred upon the reporting person's completion of service as a director.

Key Dates

Keywords

Churchill Downs Inc, Director, Daniel Harrington, Stock Grant, Restricted Stock Units, Beneficial Ownership, CHDN