Form 4: Amy Chang Acquires Disney Stock Units Under Incentive Plan

Director Amy Chang acquired Disney common stock units through the company's Amended and Restated 2011 Stock Incentive Plan.

Summary

• On June 30, 2024, Amy Chang, a director of Walt Disney Co, acquired 898.9 shares of Disney common stock.
• The acquisition was made at a price of $101.51 per share.
• 307.8 of these shares were credited to Chang's account under The Walt Disney Company's Amended and Restated 2011 Stock Incentive Plan due to elective deferral provisions.
• An additional 591.1 stock units were credited as a quarterly grant under the Plan, as described in the Company's compensation policy for non-employee directors.
• Following the transaction, Chang directly owns 8,563.1 shares and indirectly owns 120 shares through a trust.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating a stable and well-managed company. The sentiment is neutral to positive as it shows alignment of director interests with shareholders.

Positives

• The acquisition of stock units by a director signals confidence in the company's future performance.
• The use of the Amended and Restated 2011 Stock Incentive Plan aligns director compensation with company performance.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of a director's stock acquisition, which is common in publicly traded companies. It reflects part of Disney's compensation strategy for its non-employee directors.

Comparison to Industry Standards

• Director compensation packages often include stock options and grants to align their interests with shareholders, a common practice among companies like Netflix, Comcast, and Paramount.
• The Walt Disney Company's Amended and Restated 2011 Stock Incentive Plan is similar to those offered by other large media companies to incentivize performance and retain key personnel.
• The level of stock ownership by Amy Chang is within the typical range for directors of companies of Disney's size and market capitalization.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns the director's interests with the company's performance.
• The stock incentive plan serves as a motivational tool for the director.

Key Dates