Churchill Downs Inc — Director's Dealing 2025

Nov 3, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Churchill Downs Inc (CHDN)
CIK: 0000020212
Period of Report: 2025-10-30

Reporting Person: Carstanjen William C. (Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-10-30	Common Stock	M	151942	—	Acquired	1743586	Direct
2025-10-30	Common Stock	F	68071	$100.40	Disposed	1675515	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-10-30	Restricted Stock Units	$	M	151942	Disposed		Common Stock (151942)	Direct

Footnotes

F1: Service based performance stock units do not have a conversion price or expiration date, and will be settled in common stock vesting over a multi-year period.

F2: These service based performance stock units vested as of October 30, 2025, and were settled on October 30, 2025.