Walt Disney Co (DIS) director reports 851.6-share equity grant in Form 4

Rhea-AI Filing Summary

Walt Disney Co director Form 4 shows additional equity compensation. On 12/31/2025, the reporting person acquired 851.6 shares of Disney common stock at $113.02 per share, increasing their beneficial holdings to 27,553.9 shares.

The total includes 276.5 stock units or shares credited in lieu of quarterly cash Board retainer fees and 575.1 deferred stock units, all issued under Disney’s Amended and Restated 2011 Stock Incentive Plan. These units are settled in shares of Disney common stock according to the plan’s terms, reflecting ongoing director compensation through equity rather than cash.

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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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^*

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)
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		851.6(1)	A	$113.02	27,553.9	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) 276.5 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) 575.1 deferred stock units under the Plan credited as a quarterly grant under the Plan. 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?

The Form 4 reports that a Disney director acquired 851.6 shares of Disney common stock on 12/31/2025 at a price of $113.02 per share, as part of equity compensation.

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

Following the reported transaction, the director beneficially owns 27,553.9 shares of Disney common stock, including stock units and deferred stock units issued under the company’s equity incentive plan.

How is the Walt Disney Co (DIS) director compensated under the stock plan?

Under the Amended and Restated 2011 Stock Incentive Plan, the director receives: (1) 276.5 stock units or shares credited in lieu of all or part of quarterly cash Board retainer fees, and (2) 575.1 deferred stock units credited as a quarterly grant. These units are settled in shares of Disney common stock under the plan’s terms.

Is the Walt Disney Co (DIS) transaction in this Form 4 a purchase on the open market?

The filing shows an acquisition of 851.6 shares coded as an acquisition and described as stock units and deferred stock units under the company’s 2011 Stock Incentive Plan, indicating it is equity compensation rather than a typical open-market purchase.

Does this Walt Disney Co (DIS) Form 4 indicate a 10b5-1 trading plan was used?

The document contains standard language about a checkbox for transactions made under a Rule 10b5-1(c) plan, but the provided content does not show that this box was selected for the reported transaction.