[Form 4] WK Kellogg Co Insider Trading Activity

Rhea-AI Filing Summary

WK Kellogg Co (KLG) insider David McKinstray reported transactions tied to the company's merger with Ferrero. At the effective time of the merger, each outstanding common share was cancelled and converted into the right to receive $23.00 in cash per share, and outstanding unvested restricted stock units (RSUs), dividend equivalent units (DEUs), and performance-based restricted stock units (PSUs) were converted into contingent cash awards based on the $23 per-share price.

The Form 4 shows the Reporting Person disposed of 47,889 shares of Common Stock and an additional 30,137 shares indirectly held in a savings plan, reflecting the cash-out. It records cancellation/conversion of 170,549 RSUs, conversion adjustments for 65,812 PSUs (reported as both acquired and disposed in the filing according to the Merger Agreement mechanics), and adjustment of 10,936 DEUs (including a 356 DEU correction to a prior filing). Converted awards will be paid on their applicable vesting or performance payment dates, subject to continued service or qualifying termination.

Positive

• Merger consideration specified at $23.00 per share, providing a clear cash price for holders
• Converted awards preserve original vesting/performance conditions, maintaining contractual payout structure

Negative

• Large volumes of shares and equity awards were cancelled (47,889 direct shares, 30,137 indirect, 170,549 RSUs), reducing insider equity ownership
• Converted PSUs were determined assuming 140% of target for award calculation, which may not reflect actual performance outcomes at final determination

Insights

Corporate Governance Expert

TL;DR: Merger triggered automatic cash-outs of equity awards at $23.00 per share; timing and continued service conditions govern final payments.

The Form 4 cleanly documents standard merger treatment: outstanding common shares were cancelled for $23.00 cash per share and equity awards (RSUs, PSUs, DEUs) were converted into contingent cash awards tied to that per-share price. The filing notes both direct disposals and indirect dispositions through a retirement plan, and it corrects a prior DEU overstatement by 356 units. The material governance point is that converted awards remain subject to vesting or performance period conditions and will only be paid upon the original applicable vesting or payment dates or upon qualifying termination events. This preserves contractual payout mechanics rather than immediate cash distribution to all award holders.

Securities/Compensation Analyst

TL;DR: Insider lost equity positions in exchange for $23.00 per share cash; significant volumes of RSUs/PSUs were converted to contingent cash awards.

The reported numbers are sizeable: 47,889 shares disposed directly, 30,137 shares disposed indirectly via the savings plan, 170,549 RSUs converted, 65,812 PSUs reported in both acquisition and disposition lines per the Merger Agreement mechanics, and 10,936 DEUs adjusted. For investors and comp analysts, the key takeaway is the conversion methodology: RSUs/DEUs were cancelled and converted to converted RSU cash awards payable on vesting dates, and PSUs converted assuming 140% of target for determination of cash award amounts. These mechanics affect future cash outflows by the acquirer and the timing of payouts to executives, but the Form 4 does not state actual payment dates or amounts beyond the $23 per-share conversion price.

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

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X

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^*

McKinstray David

(Last) (First) (Middle)

ONE KELLOGG SQUARE

(Street)

BATTLE CREEK MI 49017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
WK Kellogg Co [ KLG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/26/2025

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
Common Stock	09/26/2025		D(1)		47,889(2)	D	$23	0	D
Common Stock	09/26/2025		D(1)		30.137(3)	D	$23	0	I	By 401(k) Plan

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 Units	(4)	09/26/2025		D(4)			170,549	(4)	(4)	Common Stock	170,549	$23	0	D
Performance-based Restricted Stock Units	(5)	09/26/2025		A(5)		65,812		(5)	(5)	Common Stock	65,812	$0	65,812	D
Performance-based Restricted Stock Units	(5)	09/26/2025		D(5)			65,812	(5)	(5)	Common Stock	65,812	$23	0	D
Dividend Equivalent Units	(4)	09/26/2025		D(4)			10,936(6)	(4)	(4)	Common Stock	10,936	$23	0	D

Explanation of Responses:

1. Pursuant to the Agreement and Plan of Merger, dated as of July 10, 2025 (the "Merger Agreement"), by and among the Issuer, Ferrero International S.A. ("Parent"), and Frosty Merger Sub, Inc. ("Merger Sub"), Merger Sub merged with and into the Issuer (the "Merger"), with the Issuer surviving as a wholly owned indirect subsidiary of Parent. At the effective time of the Merger (the "Effective Time"), upon the terms and subject to the conditions set forth in the Merger Agreement, each share of common stock, par value $0.0001 per share ("Common Stock"), of the Issuer that was issued and outstanding as of immediately prior to the Effective Time was automatically cancelled, extinguished and converted into the right to receive $23.00 per share in cash, without interest thereon (the "Per Share Price").

2. Includes 4,009 shares of Common Stock acquired by the Reporting Person under the WK Kellogg Co 2023 Employee Stock Purchase Plan.

3. Represents shares of Common Stock indirectly held by the Reporting Person's account in the WK Kellogg Co Savings and Investment Plan immediately prior to the Effective Time.

4. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each restricted stock unit ("RSU"), including all dividend equivalents accrued or credited with respect to such RSU, that was outstanding and unvested as of immediately prior to the Effective Time was automatically cancelled and converted into the contingent right of the Reporting Person to receive an amount in cash (without interest and subject to applicable withholding taxes) (a "Converted RSU Cash Award") equal to (a) the Per Share Price multiplied by (b) the total number of shares of Common Stock subject to such RSU. Each Converted RSU Cash Award will be paid on the applicable vesting date(s) that applied to the corresponding RSU, subject to the Reporting Person's continued employment or service through such date or, if earlier, upon a qualifying termination of employment.

5. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each performance-based restricted stock unit ("PSU"), including all dividend equivalents accrued or credited with respect to such PSU, that was outstanding and unvested as of immediately prior to the Effective Time was automatically cancelled and converted into the contingent right of the Reporting Person to receive an amount in cash (without interest and subject to applicable withholding taxes) (a "Converted PSU Cash Award") equal to (a) the Per Share Price multiplied by (b) the total number of shares of Common Stock subject to such PSU determined assuming achievement at 140% of target performance. Each Converted PSU Cash Award will be paid at the end of the applicable performance period that applied to the corresponding PSU, subject to the Reporting Person's continued employment or service through such date or, if earlier, upon a qualifying termination of employment.

6. The reduction in the total number of dividend equivalent units ("DEUs") reported in the Form 4 filed by the Reporting Person on 12/17/2024 was inadvertently overstated by 356 DEUs. Accordingly, the total number of DEUs reported as disposed herein has been increased by 356 DEUs to correct the overstatement in such filing.

	/s/Gordon Paulson, Attorney-in-Fact	09/30/2025
	** 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 did David McKinstray receive for his WK Kellogg Co (KLG) shares in the merger?

Each outstanding common share was cancelled and converted into the right to receive $23.00 per share in cash under the Merger Agreement.

What happened to McKinstray's unvested RSUs and PSUs in the KLG merger?

Unvested RSUs and PSUs were cancelled and converted into contingent cash awards equal to the $23.00 per-share price multiplied by the number of shares underlying each award, payable on original vesting or performance payment dates subject to service conditions.

How many shares did the Form 4 report as disposed by the reporting person?

The Form 4 reports 47,889 shares disposed directly and 30,137 shares disposed indirectly through the savings plan.

Were there any corrections to prior filings noted in this Form 4?

Yes. The filing increases the DEUs disposed by 356 to correct an overstatement in a Form 4 filed on 12/17/2024.

When will converted RSU and PSU cash awards be paid?

Converted RSU cash awards will be paid on the awards' original vesting dates, and Converted PSU cash awards will be paid at the end of the applicable performance period, subject to continued employment or qualifying termination.