DIS Form 4: Director Froman Receives 869.2 Shares, Total 21,201.2

Rhea-AI Filing Summary

Michael B. G. Froman, a Director of The Walt Disney Company (DIS), reported a transaction on 09/30/2025 that increased his direct beneficial ownership. The Form 4 shows an acquisition of 869.2 shares of Disney common stock at a reported price of $113.73. After the reported transaction, the filing lists 21,201.2 shares beneficially owned by the reporting person. The acquisition includes 320.8 stock units issued in lieu of quarterly cash retainer fees and 548.4 deferred stock units credited as a quarterly grant under the company’s Amended and Restated 2011 Stock Incentive Plan; the total also reflects dividend crediting and fractional-share adjustments. The Form 4 was signed on behalf of the reporting person by an attorney-in-fact on 10/02/2025.

Positive

• 869.2 shares acquired via stock-unit issuance under the 2011 Stock Incentive Plan
• Total beneficial ownership increased to 21,201.2 shares, reflecting director alignment with shareholders
• 320.8 stock units issued in lieu of quarterly cash retainer, indicating compensation choice to take equity

Negative

• None.

Insights

Corporate Governance Analyst

Director Froman received stock units and converted them into 869.2 shares, raising holdings to 21,201.2.

The Form 4 shows the acquisition was driven by the director’s election to receive Board compensation in stock units under the 2011 Stock Incentive Plan. This is a non-cash issuance mechanism commonly used to align director interests with shareholders.

Because the filing reports both newly issued stock units and deferred units (a combined 869.2 share conversion in this transaction), it is a routine governance-related ownership change rather than an open-market purchase; the reported price $113.73 reflects the accounting conversion value used for the issuance.

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).

1. Name and Address of Reporting Person^*

Froman Michael B. G.

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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	09/30/2025		A		869.2(1)	A	$113.73	21,201.2	D
Disney Common Stock								20	I	By Trust

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

Explanation of Responses:

1. Includes: (1) 320.8 stock units and/or shares of the Issuer's common stock issued under the Amended and Restated 2011 Stock Incentive Plan (the "Plan") credited in lieu of all or a portion of the reporting person's quarterly cash retainer fees for Board services pursuant to the reporting person's election, which shares shall be issued to the reporting person at such times and subject to such terms and conditions governing the election, and (2) 548.4 deferred stock units under the Plan credited as a quarterly grant under the Plan. The total also includes additional stock units credited to the reporting person in respect of dividends paid on shares of Issuer common stock and a deduction for cash paid in lieu of fractional shares when stock units are converted to shares. Stock units are issued to the reporting person in the form of shares of the Issuer's common stock issued under the Plan.

Remarks:

	/s/ Carla J. Silva, as attorney-in-fact	10/02/2025
	** 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.

FAQ

What did Disney director Michael Froman report on Form 4 (DIS)?

The Form 4 reports an acquisition of 869.2 shares on 09/30/2025, credited under the 2011 Stock Incentive Plan, and 21,201.2 shares beneficially owned after the transaction.

Why were these Disney shares issued to the director?

The filing states the shares include 320.8 stock units issued in lieu of quarterly cash retainer fees and 548.4 deferred stock units granted under the Plan.

What price is shown on the Form 4 for the transaction?

The reported price associated with the transaction is $113.73 per share.

When was the Form 4 signed and filed?

The signature on the form is dated 10/02/2025, with the transaction date listed as 09/30/2025.

Does the Form 4 show any indirect holdings?

Yes, the filing lists an indirect ownership entry identified as By Trust and notes an indirect ownership amount of 20 in the table.