Form 4: Ingredion Inc. Executive Michael J. Leonard Reports Acquisition of Phantom Stock

Michael J. Leonard, SVP, CIO & Head of Prot. Fort. of Ingredion Inc., reports acquiring phantom stock units under the company's SERP plan.

Summary

• On April 30, 2025, Michael J. Leonard, an officer of Ingredion Inc., acquired 24.848 phantom stock units.
• These units were allocated under the company's Supplemental Executive Retirement Plan (SERP).
• Each phantom stock unit represents the right to receive one share of Ingredion's common stock.
• The price of the phantom stock is $132.82.
• Following the transaction, Leonard directly owns 141.039 derivative securities, which includes shares of phantom stock acquired through dividend reinvestment.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it reflects a routine executive compensation transaction. It's neither particularly positive nor negative from an investment perspective.

Positives

• The acquisition of phantom stock aligns the executive's interests with the company's performance.
• The SERP plan provides a long-term incentive for the executive.

Industry Context

Executive compensation packages often include phantom stock or similar instruments to align management incentives with shareholder value. This is a common practice among publicly traded companies to retain and motivate key personnel.

Comparison to Industry Standards

• Phantom stock grants are a fairly standard component of executive compensation packages in publicly traded companies, particularly in the manufacturing and food ingredient sectors.
• Companies like Archer Daniels Midland (ADM) and Bunge Limited also utilize similar equity-based compensation plans to incentivize their executives.
• The specific number of units granted and the vesting schedules vary based on company size, performance metrics, and individual executive roles.

Stakeholder Impact

• The acquisition of phantom stock aligns the executive's interests with those of the shareholders, potentially leading to better company performance.

Key Dates

Keywords

phantom stock, SERP, Ingredion, executive compensation, Form 4, derivative securities, Michael J. Leonard