Form 4: Coca-Cola Director Amity Millhiser Reports Changes in Beneficial Ownership

Amity Millhiser, a director of Coca-Cola, reported the acquisition and disposal of phantom share units and common stock through a dividend reinvestment plan and the Directors' Plan.

Summary

• On April 3, 2024, Amity Millhiser, a director of The Coca-Cola Company, filed a Form 4 with the SEC.
• The report details changes in beneficial ownership of Coca-Cola securities.
• Millhiser acquired 4,756.4376 phantom share units on April 1, 2024, under The Coca-Cola Company Directors' Plan for 2024 compensation.
• These units are economically equivalent to one share of Common Stock each.
• The price of the derivative security was $60.97.
• Millhiser also acquired 9 shares of common stock through a dividend reinvestment plan.
• Following these transactions, Millhiser beneficially owns 6,789.9635 phantom share units.
• These phantom share units will be settled in cash the later of January 15 of the year following the year in which the reporting person leaves the Board, or six months following the date on which the reporting person leaves the Board.
• Millhiser also indirectly owns 394 shares of common stock through a living trust.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing changes in beneficial ownership, with no inherent positive or negative sentiment.

Positives

• The acquisition of phantom share units reflects Millhiser's ongoing compensation and alignment with the company's performance.
• The dividend reinvestment plan allows for incremental increases in common stock holdings.

Future Outlook

The phantom share units will be settled in cash the later of January 15 of the year following the year in which the reporting person leaves the Board, or six months following the date on which the reporting person leaves the Board.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders, such as directors and officers. These filings help investors understand the buying and selling activity of those with intimate knowledge of the company's operations and prospects.

Comparison to Industry Standards

• Director compensation packages often include phantom share units or similar equity-based awards to align their interests with shareholders.
• The Coca-Cola Company Directors' Plan is a common method for providing compensation to board members.
• Dividend reinvestment plans are widely offered by publicly traded companies, allowing shareholders to automatically reinvest dividends into additional shares.

Stakeholder Impact

• The filing provides transparency to shareholders regarding the equity ownership of a company director.
• The transactions have a minimal direct impact on employees, customers, suppliers, or creditors.

Key Dates