Form 4: WK Kellogg Co Director R David Banyard Acquires Phantom Stock

Director R David Banyard acquired phantom stock in WK Kellogg Co due to a cash dividend paid on common stock under the non-employee director compensation program.

Summary

• On March 17, 2025, R David Banyard, a director of WK Kellogg Co, acquired 141.287 shares of phantom stock.
• The acquisition was made under the WK Kellogg Co non-employee director compensation program in connection with a cash dividend paid on shares of the common stock.
• Each share of phantom stock is the economic equivalent of one share of WK Kellogg Co common stock.
• Following the transaction, Banyard directly owns 792.348 shares.
• The shares become distributable upon Banyard's separation of service from the Issuer.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive as it reflects a standard compensation practice that aligns director interests with shareholder value. There are no indications of negative events or concerns.

Positives

• The acquisition of phantom stock aligns the director's interests with the company's performance.
• The non-employee director compensation program incentivizes directors through equity-based compensation.

Future Outlook

The document does not contain specific forward-looking statements regarding the company's future performance.

Industry Context

This filing reflects standard practices for compensating non-employee directors with equity-based awards, aligning their interests with those of shareholders. Phantom stock is a common tool used for this purpose.

Comparison to Industry Standards

• Equity compensation for board members is a common practice across publicly traded companies.
• Companies like General Mills (GIS) and Kellogg (K) also utilize stock-based compensation for their directors.
• The specific amount and type of equity compensation vary based on company size, industry, and individual director roles.

Stakeholder Impact

• The acquisition of phantom stock by a director can positively influence shareholder confidence by aligning management's interests with those of the shareholders.

Key Dates