Form 4: Churchill Downs Director Varga Acquires Shares

Churchill Downs Director Paul C. Varga acquired 39.45 shares of common stock through a dividend grant of restricted stock units.

Summary

• Paul C. Varga, a Director of Churchill Downs Inc. (CHDN), acquired 39.45 shares of common stock.
• The acquisition occurred on January 6, 2026, at a price of $0 per share.
• These shares were granted as dividends in the form of restricted stock units (RSUs).
• Each restricted stock unit is the economic equivalent of one share of common stock.
• The underlying shares of common stock will be transferred upon Mr. Varga's completion of service as a director.
• Following this transaction, Mr. Varga directly beneficially owns 33,299.5 shares of common stock.

Sentiment

Score: 7

Explanation: The acquisition of additional shares by a director, even through a grant, generally indicates continued alignment with shareholder interests and confidence in the company's long-term prospects. This is a positive, albeit routine, signal.

Positives

• Director Paul C. Varga increased his direct beneficial ownership in Churchill Downs Inc. by 39.45 shares.
• The acquisition of shares through restricted stock units aligns the director's interests with those of shareholders, indicating continued commitment to the company's performance.

Future Outlook

The filing does not contain any forward-looking statements or guidance beyond the transfer of shares upon the director's completion of service.

Industry Context

This insider transaction is specific to Churchill Downs Inc. and does not directly reflect broader industry trends or competitive dynamics. It is a routine disclosure related to director compensation.

Related Party Transactions

• The grant of restricted stock units to Director Paul C. Varga is a form of compensation, which is a standard related party transaction between the company and its director.

Stakeholder Impact

• Shareholders: The transaction increases the director's stake, further aligning his interests with those of shareholders.
• Employees, Customers, Suppliers, Creditors: No direct impact from this specific insider transaction filing.

Next Steps

• The underlying shares of common stock will be transferred to Paul C. Varga upon his completion of service as a director.

Key Dates

Recommendation

This Form 4 filing reports a routine acquisition of shares by a director through a restricted stock unit grant, which is a standard compensation practice. While it indicates continued alignment of interests, it does not provide new material information to warrant a change in investment recommendation based solely on this filing.

Keywords

Churchill Downs, CHDN, Paul C. Varga, Director, Stock Acquisition, Restricted Stock Units, RSU, Insider Transaction, Beneficial Ownership