Walt Disney Co (DIS) director updates Form 4 with new stock units

Rhea-AI Filing Summary

Walt Disney Co director reports equity award and updated holdings. A Disney director acquired 895.1 shares of Disney common stock on 12/31/2025 at a price of $113.02 per share. After this transaction, the director beneficially owned 22,096.3 Disney shares directly and 20 shares indirectly through a trust. The reported total includes 320.7 stock units or shares issued under the Amended and Restated 2011 Stock Incentive Plan in lieu of quarterly cash retainer fees for board service, and 574.4 deferred stock units credited as a quarterly grant under the same plan. The total also reflects cash paid in lieu of fractional shares when stock units are converted to shares.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Froman Michael B. G.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Disney Common Stock	895.1	$113.02	$101K
holding	Disney Common Stock	--	--	--

Holdings After Transaction: Disney Common Stock — 22,096.3 shares (Direct); Disney Common Stock — 20 shares (Indirect, By Trust)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

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)
12/31/2025

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	12/31/2025		A		895.1(1)	A	$113.02	22,096.3	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) 320.7 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) 574.4 deferred stock units under the Plan credited as a quarterly grant under the Plan. The total also reflects 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	01/05/2026
	** 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 insider transaction did Walt Disney Co (DIS) report in this Form 4?

A Disney director acquired 895.1 shares of Disney common stock on 12/31/2025 at a price of $113.02 per share, updating the director’s reported holdings.

How many Walt Disney Co (DIS) shares does the director own after this transaction?

Following the reported transaction, the director beneficially owned 22,096.3 shares directly and 20 shares indirectly through a trust.

How were Walt Disney Co (DIS) stock units granted to the director under the 2011 Stock Incentive Plan?

The director’s total includes 320.7 stock units or shares issued in lieu of quarterly cash retainer fees for board services and 574.4 deferred stock units credited as a quarterly grant under the Amended and Restated 2011 Stock Incentive Plan.

Why does the Walt Disney Co (DIS) filing mention cash paid in lieu of fractional shares?

The explanation notes that the director’s total holdings reflect a deduction for cash paid in lieu of fractional shares when stock units are converted into actual shares.

What is the director’s relationship to Walt Disney Co (DIS) as reported?

The filing identifies the reporting person’s relationship to Walt Disney Co as a Director, with the form filed by one reporting person.

Does the Walt Disney Co (DIS) Form 4 show indirect ownership?

Yes. In addition to direct holdings, the filing shows 20 Disney common shares held indirectly by a trust.