Form 4: Ingredion SVP Acquires Phantom Stock Units

Ingredion Inc.'s SVP, CIO & Head of Prot. Fort., Michael J. Leonard, acquired 29.26 phantom stock units under the company's SERP.

Summary

• Michael J. Leonard, SVP, CIO & Head of Prot. Fort. at Ingredion Inc. (INGR), acquired 29.26 phantom stock units.
• The transaction occurred on December 15, 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 price per unit was $112.79, based on the closing price of Ingredion's Common Stock on the transaction date.
• Following this transaction, Mr. Leonard beneficially owns 542.677 phantom stock units directly.

Sentiment

Score: 5

Explanation: Neutral. This is a routine disclosure of an executive's phantom stock acquisition as part of a compensation plan, which is neither inherently positive nor negative for the company's immediate prospects.

Positives

• Increased alignment of executive compensation with shareholder interests through phantom stock ownership.
• The allocation is part of a structured Supplemental Executive Retirement Plan (SERP), indicating a long-term retention strategy for key management.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the nature of the phantom stock units representing a future right to common stock.

Industry Context

This is a routine insider transaction related to executive compensation, common across publicly traded companies. It reflects standard practices for aligning executive incentives with long-term company performance through equity-based awards.

Related Party Transactions

• The acquisition of phantom stock units by Michael J. Leonard, an SVP, CIO & Head of Prot. Fort. of Ingredion Inc., is considered a related party transaction as it involves an executive of the company and its equity-linked compensation plan.

Stakeholder Impact

• Shareholders: The transaction aligns executive interests with shareholder value through equity-linked compensation, potentially encouraging long-term performance.
• Employees: No direct impact on general employees is indicated.
• Management: The SERP allocation serves as a retention and incentive mechanism for the reporting executive.

Key Dates

Recommendation

This Form 4 filing reports a routine acquisition of phantom stock units by an executive as part of a compensation plan. It does not provide new fundamental information about the company's financial performance, strategic direction, or operational health that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate, maintaining existing positions based on broader company fundamentals rather than this specific insider transaction.

Keywords

Ingredion Inc, INGR, Form 4, Insider Trading, Phantom Stock, Executive Compensation, SERP, Michael J. Leonard, Beneficial Ownership