Zimmer Biomet Holdings, Inc. reported a change in insider beneficial ownership for Maria Teresa Hilado, a non-employee director, tied to phantom stock units accrued on June 30, 2026. The Form 4 was filed on July 2, 2026, and was signed on Hilado’s behalf by Matthew R. St. Louis as attorney-in-fact. The reported securities are derivative securities described as phantom stock units under the Zimmer Biomet Holdings, Inc. Deferred Compensation Plan for Non-Employee Directors. According to the filing notes, the units have a 1-for-1 conversion or exercise relationship, meaning each phantom stock unit tracks one share-equivalent of Zimmer Biomet common stock for valuation purposes. However, the units are not reported as an open-market purchase or sale of ZBH shares. The filing explains that the phantom stock units are to be settled in cash, not stock. Settlement is scheduled in ten annual installments, beginning within 60 days after the end of the calendar year in which Hilado ceases serving as a director. This structure indicates the reported ownership change reflects deferred director compensation rather than a conventional insider trade for immediate liquidity. The document excerpt does not disclose the number of phantom stock units accrued, the number beneficially owned after the transaction, a transaction code, or a transaction price. As a result, the key action identifiable from the filing is the accrual of cash-settled phantom stock units under Zimmer Biomet’s non-employee director deferred compensation arrangement, effective June 30, 2026.