Form 4: Churchill Downs Director Douglas Grissom Acquires Restricted Stock Units

Director Douglas Grissom acquired 2,329.81 restricted stock units of Churchill Downs Inc. on April 24, 2025, in connection with his 2025 director service.

Summary

• On April 24, 2025, Douglas C. Grissom, a director of Churchill Downs Inc., acquired 2,329.81 restricted stock units (RSUs).
• These RSUs were granted in connection with his 2025 director service and will vest one year from the grant date.
• Each RSU is equivalent to one share of Churchill Downs common stock.
• The price of the RSUs was $0, and the closing price of CHDN common stock on April 24, 2025, was used to determine the number of RSUs granted.
• Following the transaction, Grissom beneficially owns 28,869.13 shares, including RSUs and dividend equivalents.
• 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.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive as it reflects standard director compensation practices and aligns director interests with the company's performance.

Positives

• The acquisition of restricted stock units aligns the director's interests with the long-term performance of the company.
• The grant of RSUs is part of the compensation for director service, incentivizing continued service.

Future Outlook

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

Industry Context

This filing is a routine disclosure of a director's acquisition of company stock, which is common in publicly traded companies as part of executive and director compensation packages.

Comparison to Industry Standards

• Director compensation packages often include a mix of cash, stock options, and restricted stock units.
• The vesting schedule of one year is a typical arrangement for restricted stock units granted to directors.
• Companies like Penn National Gaming and MGM Resorts International also use similar equity-based compensation for their directors.

Stakeholder Impact

• The acquisition of restricted stock units aligns the director's interests with those of shareholders, potentially leading to better corporate governance and decision-making.
• The compensation structure can motivate the director to contribute to the company's success, benefiting employees and other stakeholders.

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, Director, Douglas Grissom, Restricted Stock Units, CHDN, Beneficial Ownership, Form 4, Director Compensation