Form 4: Coca-Cola Director Ana Botin Reports Acquisition of Phantom Share Units

Director Ana Botin reports acquisition of phantom share units and indirect ownership of common stock through a Spanish limited company.

Summary

• Ana Botin, a director of Coca-Cola, filed a Form 4 disclosing changes in beneficial ownership.
• The report indicates the acquisition of 3,738.6443 phantom share units on April 1, 2025, under The Coca-Cola Company Directors' Plan.
• These phantom share units are economically equivalent to shares of Coca-Cola common stock and are settled in cash upon leaving the Board.
• Botin also indirectly owns 2,500 shares of Coca-Cola common stock through a Spanish limited company where she holds a majority economic interest and investment control.
• The total number of phantom share units beneficially owned following the reported transaction is 78,768.7336, which includes units accrued through April 1, 2025, as a result of crediting phantom dividends.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating a positive alignment of interests between the director and the company's performance. There are no indications of negative sentiment.

Positives

• The acquisition of phantom share units aligns the director's interests with the company's performance.
• The director's plan incentivizes long-term commitment to the company.

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 for corporate insiders and provide transparency into their transactions in the company's securities. This filing indicates a director's continued investment in the company through phantom share units.

Comparison to Industry Standards

• Phantom stock plans are a common form of executive compensation, used by companies like PepsiCo and Nestle to align executive incentives with shareholder value.
• The Coca-Cola Directors' Plan appears to be structured similarly to those of other large, publicly traded companies, with vesting and settlement terms designed to retain directors and reward long-term performance.

Stakeholder Impact

• The acquisition of phantom share units by a director can positively influence shareholder confidence, as it demonstrates a commitment to the company's long-term success.

Key Dates

Keywords

Form 4, Coca-Cola, Director, Ana Botin, Phantom Share Units, Beneficial Ownership, Directors' Plan, KO