Form 4: Ingredion Executive Gains Phantom Stock Units

Ingredion's SVP, CIO & Head of Prot. Fort., Michael J. Leonard, acquired 27.027 phantom stock units.

Summary

• Michael J. Leonard, SVP, CIO & Head of Prot. Fort. at Ingredion Inc (INGR), acquired 27.027 phantom stock units.
• The transaction occurred on September 30, 2025.
• These phantom stock units were allocated under the company's Supplemental Executive Retirement Plan (SERP).
• Each phantom stock unit represents the right to receive one share of common stock.
• The allocation was based on the closing price of Ingredion's Common Stock, which was $122.11 per share on September 30, 2025.
• Following this transaction, Mr. Leonard beneficially owns 393.198 derivative securities (phantom stock units).

Sentiment

Score: 7

Explanation: The filing reports a routine executive compensation event, specifically the allocation of phantom stock, which is generally viewed positively as it aligns executive interests with shareholder value. There are no negative implications or unexpected events reported.

Positives

• Increased beneficial ownership for a key executive, aligning management interests with shareholder value.
• Allocation of phantom stock under a SERP indicates ongoing executive compensation and retention strategies.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance beyond the transaction details.

Industry Context

This transaction is a routine executive compensation event, common across industries for aligning executive incentives with long-term company performance through equity-based awards like phantom stock, particularly within Supplemental Executive Retirement Plans (SERPs).

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: Increased alignment of executive interests with shareholder value through equity-based compensation.
• Employees: No direct impact on general employees, but reflects executive compensation practices.
• Management: Michael J. Leonard's beneficial ownership of company equity increases, potentially enhancing long-term commitment.

Next Steps

• The filing does not specify any immediate next steps or future actions related to this specific transaction beyond the ongoing nature of the SERP.

Key Dates

Recommendation

This Form 4 filing details a routine executive compensation event involving the allocation of phantom stock. While it indicates continued alignment of executive interests with the company's performance, it does not present new information that would fundamentally alter the investment thesis for Ingredion Inc. It is a standard disclosure and does not warrant a change in investment recommendation based solely on this filing.

Keywords

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