[Form 4] The Walt Disney Company Insider Trading Activity

Rhea-AI Filing Summary

Krystal Biotech, Inc. (KRYS) filed a Form 4 disclosing an insider equity award to director Christopher Mason.

• Type of security: Non-qualified stock option giving the right to purchase 5,000 shares of common stock.
• Exercise price: $137.46 per share.
• Grant date: 06/30/2025; expiration: 06/30/2035.
• Vesting schedule: Equal monthly tranches over one year (per the footnote).
• Ownership status after grant: 5,000 derivative securities held directly; no non-derivative share movement reported.
• The filing was signed by Krish Krishnan as attorney-in-fact for Mason.

No sales, purchases, or other changes in common-stock holdings were reported, and no Rule 10b5-1 plan was indicated.

Positive

• Alignment of interests: Monthly-vesting option grant ties director compensation to long-term share performance.

Negative

• Potential dilution: If exercised, 5,000 new shares could modestly increase share count.

Insights

Securities Analyst

TL;DR: Routine option grant to director; negligible immediate valuation impact.

The Form 4 shows a standard compensation action—5,000 options at $137.46, vesting monthly over a year. This does not alter the float today and represents a potential future dilution of roughly 5,000 shares, minor relative to Krystal Biotech’s outstanding share count (not provided here). No insider selling or unusual activity is disclosed, so market interpretation should be neutral. The one-year vesting aligns the director’s incentives with shareholder value through 2035 but has no cash-flow consequences. Because it is a single-director grant with no coincident transactions, I deem the filing not materially impactful.

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
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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^*

Schake Kristina K

(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 Comm Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/27/2025

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	06/27/2025		M		3,675(1)	A	(2)	17,224	D
Disney Common Stock	06/27/2025		F		1,315(3)	D	$122.2122	15,909	D

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)	06/27/2025		M			3,675	(1)	(1)	Disney Common Stock	3,675	$0	0	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 award is fully vested. Includes dividend equivalents accrued on the award.

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

3. The 1,315 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.

Remarks:

	/s/ Karen Young, as attorney-in-fact	06/30/2025
	** 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).
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FAQ

What was disclosed in Krystal Biotech's Form 4 on 06/30/2025?

Director Christopher Mason received 5,000 stock options exercisable at $137.46, expiring 06/30/2035.

How many KRYS shares are covered by the new option grant?

5,000 shares of common stock underlying the option.

What is the exercise price of Christopher Mason's options?

The options are exercisable at $137.46 per share.

When do the options granted to the KRYS director vest?

They vest in equal monthly tranches over one year from the grant date.

Did the Form 4 report any insider sales of KRYS stock?

No. The filing only reports an acquisition of derivative securities; no sales were disclosed.