[Form 4] The Walt Disney Company Insider Trading Activity

Rhea-AI Filing Summary

Form 4 snapshot: On 06/23/2025, Sonia L. Coleman, Sr. EVP & Chief HR Officer of The Walt Disney Company (DIS), reported standard equity activity.

• 801 restricted stock units vested and converted 1-for-1 into common shares (transaction code M) under Disney’s 2011 Stock Incentive Plan.
• Automatic tax withholding: 287 shares were withheld (code F) at $116.505 per share to cover payroll taxes; no open-market sale occurred.
• Post-transaction holdings: 1,510 common shares held directly and 985.599 shares held indirectly through the Disney Stock Fund in the 401(k) Plan.
• The award still includes 801 unvested RSUs scheduled to vest on 06/23/2026; dividend equivalents accrue until conversion.

No options, open-market trades, or changes in control were disclosed. Given Disney’s multi-billion-share float, the transaction is immaterial to overall valuation but signals routine executive compensation execution.

Insights

Securities Analyst

TL;DR: Routine RSU vesting; negligible impact on DIS fundamentals or float.

The filing shows an executive converting 801 RSUs and covering taxes via share withholding—common practice under Disney’s incentive plan. Net addition of 514 shares (<1 basis point of daily volume) does not alter insider ownership meaningfully. No purchase, sale, or option exercise that would indicate directional sentiment. From a governance lens, continued vesting aligns management with shareholders, but the scale is too small to be market-moving. I classify the disclosure as neutral for valuation and sentiment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Coleman Sonia L

(Last) (First) (Middle)

500 SOUTH BUENA VISTA STREET

(Street)

BURBANK CA 91521

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Walt Disney Co [ DIS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr. EVP and Chief HR Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Disney Common Stock	06/23/2025		M		801(1)	A	(2)	1,510	D
Disney Common Stock	06/23/2025		F		287(3)	D	$116.505	1,223	D
Disney Common Stock								985.599(4)	I	By 401(k)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(2)	06/23/2025		M			801	(1)	(1)	Disney Common Stock	801	$0	801	D

Explanation of Responses:

1. Vesting of restricted stock units previously granted under The Walt Disney Company's Amended and Restated 2011 Stock Incentive Plan. The remaining stock units vest as to 801 stock units on June 23, 2026. Includes dividend equivalents accrued on the award.

2. Restricted stock units convert into common stock at 1-for-1.

3. The 287 shares reported as a disposition represent an automatic reduction of shares issued to the reporting person to discharge withholding tax obligations of reporting person and do not constitute an actual sale or other open-market transaction.

4. Shares held in The Walt Disney Stock Fund as of June 23, 2025. The Fund is one investment option in the 401(k) Plan and contains Company matching contributions.

Remarks:

	/s/ Karen Young, as attorney-in-fact	06/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.