Churchill Downs Inc — Director's Dealing 2016

Apr 5, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CHURCHILL DOWNS Inc (CHDN)
CIK: 0000020212
Period of Report: 2016-01-06

Reporting Person: FEALY ROBERT L (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-01-06	Phantom Stock	$	A	77.2640	Acquired		Common Stock (77.2640)	Direct
2016-04-01	Phantom Stock	$	A	98.0520	Acquired		Common Stock (98.0520)	Direct

Footnotes

F1: Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable upon the reporting person's termination of service as a director. These shares of phantom stock were awarded in connection with the January 6, 2016 dividend payment.

F2: The closing price of CHDN common stock on March 31, 2016 was used to determine the number of phantom shares awarded.

F3: Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable upon the reporting person's termination of service as a director.