Form 4: Ingredion SVP Acquires Phantom Stock Units

Ingredion Inc.'s SVP, CIO & Head of Prot. Fort., Michael J. Leonard, acquired 28.597 phantom stock units as part of the company's Supplemental Executive Retirement Plan.

Summary

• Michael J. Leonard, SVP, CIO & Head of Prot. Fort. at Ingredion Inc. (INGR), acquired 28.597 phantom stock units.
• The transaction occurred on October 31, 2025.
• 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 each phantom stock unit was $115.41, based on the closing price of Ingredion's Common Stock on the transaction date.
• Following this transaction, Mr. Leonard beneficially owns 451.886 phantom stock units, which includes units acquired through dividend reinvestment.

Sentiment

Score: 6

Explanation: A routine executive compensation allocation, slightly positive as it aligns executive interests with shareholders, but not a major market moving event.

Positives

• Indicates continued participation of a senior executive in the company's long-term incentive plans.
• Phantom stock allocation aligns executive interests with shareholder value creation.

Future Outlook

This filing does not contain specific forward-looking statements or guidance regarding the company's future performance.

Industry Context

This routine insider transaction reflects standard executive compensation practices within the food ingredient and materials industry, where long-term incentive plans like phantom stock are common to align executive and shareholder interests.

Comparison to Industry Standards

• The use of phantom stock as part of an executive compensation package is a common practice across various industries, including the food processing and ingredient sector, aligning with benchmarks seen in companies like Archer-Daniels-Midland (ADM) or Tate & Lyle (TATYY).
• The specific value and number of units are typical for a senior executive's annual or periodic allocation under a Supplemental Executive Retirement Plan.

Related Party Transactions

• Acquisition of 28.597 phantom stock units by Michael J. Leonard, a senior officer, from Ingredion Inc. under the company's Supplemental Executive Retirement Plan (SERP).

Stakeholder Impact

• Shareholders: Executive compensation through phantom stock aligns the interests of senior management with long-term shareholder value.
• Employees: No direct impact on general employees is indicated.
• Management: Michael J. Leonard's long-term incentives are increased, potentially enhancing retention and performance motivation.

Key Dates

Recommendation

This Form 4 reports a routine executive compensation event (phantom stock allocation) and does not provide new fundamental information about Ingredion Inc.'s operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. It primarily confirms ongoing executive incentive alignment.

Keywords

Ingredion Inc, INGR, Form 4, phantom stock, executive compensation, insider transaction, Michael J. Leonard, SERP, Supplemental Executive Retirement Plan