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

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

Summary

• On February 14, 2025, Michael J. Leonard, an officer of Ingredion Inc., acquired 11.582 shares of phantom stock.
• The phantom stock was 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 $126.8 per share.
• Following the transaction, Leonard directly owns 33.401 derivative securities.

Sentiment

Score: 6

Explanation: The document is a routine regulatory filing related to executive compensation. It doesn't contain any information that would significantly impact investor sentiment positively or negatively.

Positives

• The acquisition of phantom stock aligns the executive's interests with those of the shareholders.
• The SERP is a common tool used to attract and retain top talent.

Industry Context

Executive compensation packages often include phantom stock or similar instruments to incentivize performance and align executive interests with shareholder value. This is a fairly standard practice among publicly traded companies.

Comparison to Industry Standards

• Companies like Archer Daniels Midland (ADM) and Bunge (BG) also utilize equity-based compensation plans for their executives.
• The specific terms and conditions of these plans, such as vesting schedules and performance metrics, can vary significantly across companies.
• Ingredion's SERP appears to be a fairly standard deferred compensation plan, similar to those offered by other large food processing companies.

Stakeholder Impact

• The phantom stock allocation has a minor dilutive effect on existing shareholders, but it is intended to incentivize management performance, which could ultimately benefit shareholders.

Key Dates

Keywords

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