Estée Lauder Companies Inc. director Paul J. Fribourg reported a change in his beneficial ownership on a Form 4 filed July 22, 2026, covering a transaction dated July 21, 2026. The filing describes a grant of “Stock Units (cash payout)” issued in lieu of cash compensation for quarterly board, committee chair and committee member retainers. The securities reported are derivative securities tied to Estée Lauder’s Class A common stock. Each stock unit is economically linked on a 1-for-1 basis to one share of Class A common stock, but the units are cash-settled: each unit is convertible into cash equal to the value of one Class A share rather than into shares themselves. The payout is deferred until the first business day of the calendar year following the end of Fribourg’s service as a director of the company. The filing therefore does not report an open-market purchase or sale by Fribourg, nor does it indicate a cash purchase price or sale price. It reflects director compensation delivered in deferred, stock-linked units, aligning the director’s compensation with the value of Estée Lauder’s Class A common stock while postponing payment until after board service ends. The excerpt provided does not include the number of stock units granted, the total number of derivative securities beneficially owned after the transaction, or a visible transaction code. The filing was signed on Fribourg’s behalf by Robin Cohen as attorney-in-fact on July 22, 2026.