William C. Carstanjen - 31 Dec 2025 Form 4 Insider Report for Churchill Downs Inc (CHDN)

Role: Chief Executive Officer
Signature: Paula Chumbley as Attorney-in-Fact for William C. Carstanjen
Issuer symbol: CHDN
Transactions as of: 31 Dec 2025
Net transactions value: -$1,890,682
Form type: 4
Filing time: 05 Jan 2026, 16:32:04 UTC
Previous filing: 03 Nov 2025
Next filing: 09 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Carstanjen William C.	Chief Executive Officer	600 N. HURSTBOURNE PKWY, SUITE 400, LOUISVILLE	Paula Chumbley as Attorney-in-Fact for William C. Carstanjen	05 Jan 2026	0001330580

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CHDN	Common Stock	Options Exercise	$0	+26,711	+1.6%	$0.000000	1,702,226	31 Dec 2025	Direct
transaction	CHDN	Common Stock	Tax liability	$967,585	-8,504	-0.5%	$113.78	1,693,722	31 Dec 2025	Direct	F1
transaction	CHDN	Common Stock	Disposed to Issuer	$923,097	-8,113	-0.48%	$113.78	1,685,609	31 Dec 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CHDN	Restricted Stock Units	Options Exercise	$0	-26,711	-18%	$0.000000	119,657	31 Dec 2025	Common Stock	26,711		Direct	F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Based on the closing price of common stock on December 31, 2025.
F2	Restricted stock units do not have a conversion price or expiration date.
F3	Restricted stock vests over a multi-year period.