Form 4: Ingredion Executive Acquires Phantom Stock Units

Ingredion's SVP, CIO & Head of Protective Fortification, Michael J. Leonard, acquired 13.11 phantom stock units under the company's Supplemental Executive Retirement Plan.

Summary

• Michael J. Leonard, SVP, CIO & Head of Protective Fortification at Ingredion Inc (INGR), acquired 13.11 phantom stock units.
• The transaction occurred on January 15, 2026.
• Each phantom stock unit represents the right to receive one share of common stock.
• The allocation was made under the company's Supplemental Executive Retirement Plan (SERP).
• The value of the phantom stock units was based on the closing price of Ingredion's Common Stock, which was $116.74 per share on January 15, 2026.
• Following this transaction, Michael J. Leonard beneficially owns 585.718 phantom stock units.

Sentiment

Score: 6

Explanation: Slightly positive due to executive alignment with shareholder interests through equity-based compensation, but otherwise a routine and expected disclosure with no significant immediate impact.

Positives

• The acquisition of phantom stock units by a senior executive aligns management's interests with those of shareholders, as the value of these units is tied to the company's common stock performance.
• Participation in the Supplemental Executive Retirement Plan (SERP) indicates a structured approach to executive compensation and retention.

Negatives

• No negative aspects are disclosed in this Form 4 filing.

Risks

• No specific risks are mentioned in this Form 4 filing.

Future Outlook

The phantom stock units represent a future right to receive shares of common stock, aligning the executive's long-term incentives with the company's stock performance.

Industry Context

Executive compensation, particularly through equity-linked instruments like phantom stock, is a common practice across industries to incentivize long-term performance and retain key talent. This transaction is a routine disclosure of such compensation.

Comparison to Industry Standards

• The use of phantom stock as part of an executive compensation package is a standard practice, comparable to restricted stock units or stock options, aiming to align executive interests with shareholder value.
• Many large public companies, particularly in the food ingredients and industrial solutions sector like Ingredion, utilize Supplemental Executive Retirement Plans (SERPs) to provide deferred compensation and retirement benefits to senior management, often linked to company performance metrics or stock value.

Related Party Transactions

• The transaction involves the allocation of phantom stock units to a senior executive, Michael J. Leonard, under the company's Supplemental Executive Retirement Plan (SERP). While an insider transaction, it is a standard form of executive compensation rather than a typical related party transaction involving external entities.

Stakeholder Impact

• Shareholders: Minor positive impact due to increased alignment of executive incentives with shareholder value.
• Employees: No direct impact on general employees.
• Management: The executive benefits from deferred compensation tied to company performance.

Next Steps

• The phantom stock units will vest and be settled in common stock according to the terms of the Supplemental Executive Retirement Plan (SERP).

Key Dates

Keywords

Ingredion, INGR, Form 4, Insider Transaction, Phantom Stock, Executive Compensation, SERP, Michael J. Leonard, Stock Acquisition