Walt Disney (DIS) Director Adds 844.4 Shares via Stock Units

Rhea-AI Filing Summary

The filing shows that Calvin McDonald, identified as a director of The Walt Disney Company (DIS), acquired 844.4 shares on 09/30/2025 at a reported price of $113.73 per share. The reported amount results from a combination of 276.8 stock units credited in lieu of quarterly cash retainer fees and 567.6 deferred stock units granted under the company’s Amended and Restated 2011 Stock Incentive Plan, plus additional units credited for dividends. After the transactions, Mr. McDonald beneficially owned 26,702.3 shares. The shares credited as stock units are to be issued subject to the Plan’s terms. The Form 4 was signed by an attorney-in-fact on 10/02/2025.

Positive

• Increase in director alignment: 844.4 shares were acquired, increasing director equity ownership to 26,702.3 shares
• Compensation via equity: Director elected to receive 276.8 stock units in lieu of cash, aligning pay with shareholder interests

Negative

• None.

Insights

Corporate Governance / Insider Transactions

Director acquired 844.4 shares via stock units and deferred units on 09/30/2025.

This Form 4 discloses a non-cash acquisition: 276.8 stock units were credited in lieu of a cash retainer and 567.6 deferred stock units were granted under the issuer’s 2011 Stock Incentive Plan. The filing shows the combined acquisition totaled 844.4 shares at a reported price of $113.73 per share.

The director’s beneficial ownership after the transaction is listed as 26,702.3 shares. The disclosure is routine for board compensation elections and dividend crediting; it documents timing and amount of equity issued to a director but does not state any sale or divestiture.

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^*

MCDONALD CALVIN

(Last) (First) (Middle)

LULULEMON ATHLETICA INC.

1818 CORNWALL AVENUE

(Street)

VANCOUVER A1 A1 V6J 1C7

(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		844.4(1)	A	$113.73	26,702.3	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

Explanation of Responses:

1. Includes: (1) 276.8 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) 567.6 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. 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 transaction did Calvin McDonald report on Form 4 for DIS?

The filing reports an acquisition of 844.4 shares on 09/30/2025, representing 276.8 stock units credited in lieu of cash and 567.6 deferred stock units.

At what price were the shares recorded in the Form 4?

The transaction is recorded with a price of $113.73 per share.

How many DIS shares does the reporting person own after the transaction?

The Form 4 lists beneficial ownership of 26,702.3 shares following the reported transaction.

Under what plan were the stock units and deferred units granted?

The stock units and deferred stock units were issued under the Amended and Restated 2011 Stock Incentive Plan.

When was the Form 4 signed and filed?

The signature on the filing is dated 10/02/2025 and the transaction date reported is 09/30/2025.