Coca-Cola (NYSE: KO) director receives 4,089 phantom units as 2026 board pay

Rhea-AI Filing Summary

Davis Christopher C reported acquisition or exercise transactions in this Form 4 filing.

COCA COLA CO director Christopher C. Davis received a compensation-related grant of phantom share units rather than buying shares on the market. He was credited with 4,089.1702 phantom share units on April 1, 2026, each economically equivalent to one share of common stock.

These phantom share units were credited under The Coca-Cola Company Directors' Plan for 2026 compensation and may include voluntary deferred compensation. They are settled in cash after Davis leaves the Board, at a time defined by the plan. Following this grant, his total phantom share unit balance under the plan is 50,218.5475 units, and he also holds 20,000 shares of common stock directly.

Insights

Equity compensation analyst

Routine director compensation via cash-settled phantom units, not an open‑market trade.

Christopher C. Davis, a director of COCA COLA CO, received 4,089.1702 phantom share units as part of 2026 board compensation under the Directors' Plan. This is a non-cash, deferred compensation grant economically tied to the stock price.

The phantom units will be settled in cash after he leaves the Board, so they do not add to share count and carry no current voting rights. Because this is standard board compensation rather than a discretionary market purchase or sale, it is best viewed as routine and neutral for investors.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Davis Christopher C

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Share Units	4,089.17	$75.81	$310K
holding	Common Stock, $.25 Par Value	--	--	--

Holdings After Transaction: Phantom Share Units — 50,218.548 shares (Direct); Common Stock, $.25 Par Value — 20,000 shares (Direct)

Footnotes (1)

1. Exhibit Index - Exhibit No. 24 - Power of Attorney Each phantom share unit is economically equivalent to one share of Common Stock. Phantom share units credited to the reporting person under The Coca-Cola Company Directors' Plan effective June 1, 2025 (the "Directors' Plan") for 2026 compensation, which may include voluntary deferred compensation. The phantom share units credited under the Directors' Plan are settled in cash the later of (i) January 15 of the year following the year in which the reporting person leaves the Board, or (ii) six months following the date on which the reporting person leaves the Board. This number includes phantom share units accrued through April 1, 2026 under the Directors' Plan as a result of crediting phantom dividends.

Key Figures

Phantom units granted: 4,089.1702 units Reference price per unit: $75.8100 per unit Total phantom units after grant: 50,218.5475 units +2 more

5 metrics

Phantom units granted 4,089.1702 units Grant of phantom share units on April 1, 2026

Reference price per unit $75.8100 per unit Price per phantom share unit at April 1, 2026 grant

Total phantom units after grant 50,218.5475 units Phantom share units accrued under Directors' Plan through April 1, 2026

Common shares held 20,000 shares KO common stock directly owned after April 1, 2026

Exercise price of phantom units $0.0000 Conversion/exercise price for phantom share units

Key Terms

Phantom Share Units, Directors' Plan, phantom dividends, grant/award acquisition, +1 more

5 terms

Phantom Share Units financial

"Each phantom share unit is economically equivalent to one share of Common Stock."

Directors' Plan financial

"Phantom share units credited to the reporting person under The Coca-Cola Company Directors' Plan effective June 1, 2025"

phantom dividends financial

"This number includes phantom share units accrued through April 1, 2026 under the Directors' Plan as a result of crediting phantom dividends."

grant/award acquisition financial

"transaction_action": "grant/award acquisition""

settled in cash financial

"The phantom share units credited under the Directors' Plan are settled in cash"

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^*

Davis Christopher C

(Last) (First) (Middle)

DAVIS ADVISORS

620 FIFTH AVENUE, 3RD FLOOR

(Street)

NEW YORK NEW YORK 10020

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
COCA COLA CO [ KO ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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, $.25 Par Value								20,000	D(1)

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
Phantom Share Units	$0(2)	04/01/2026		A		4,089.1702(3)		(4)	(4)	Common Stock, $.25 Par Value	4,089.1702	$75.81	50,218.5475(5)	D

Explanation of Responses:

1. Exhibit Index - Exhibit No. 24 - Power of Attorney

2. Each phantom share unit is economically equivalent to one share of Common Stock.

3. Phantom share units credited to the reporting person under The Coca-Cola Company Directors' Plan effective June 1, 2025 (the "Directors' Plan") for 2026 compensation, which may include voluntary deferred compensation.

4. The phantom share units credited under the Directors' Plan are settled in cash the later of (i) January 15 of the year following the year in which the reporting person leaves the Board, or (ii) six months following the date on which the reporting person leaves the Board.

5. This number includes phantom share units accrued through April 1, 2026 under the Directors' Plan as a result of crediting phantom dividends.

	/s/ Christopher C. Davis	04/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Christopher C. Davis report in this Form 4 for KO?

Christopher C. Davis reported a grant of 4,089.1702 phantom share units tied to COCA COLA CO stock. The units were credited as part of his 2026 director compensation under the company’s Directors' Plan and are settled in cash after he leaves the Board.

Are the phantom share units in KO a market purchase or sale by the director?

The phantom share units are not a market purchase or sale. They are a compensation-related grant under the Directors' Plan, economically equivalent to common shares but settled in cash in the future, rather than through open‑market trading of KO stock.

How many phantom share units does the KO director hold after this transaction?

After this transaction, Christopher C. Davis holds 50,218.5475 phantom share units under the Directors' Plan. This figure includes the newly credited 4,089.1702 units and prior accrued units, including those from phantom dividends through April 1, 2026.

When will the KO phantom share units be settled for Christopher C. Davis?

The phantom share units will be settled in cash after Christopher C. Davis leaves the Board. Settlement occurs on the later of January 15 of the year following his departure or six months after his departure, as specified in the Directors' Plan terms.

Does Christopher C. Davis also hold KO common stock directly?

Yes. In addition to phantom share units, Christopher C. Davis holds 20,000 shares of KO common stock directly after the reported date. This direct holding is separate from the cash-settled phantom share units credited under the Directors' Plan.

What is the economic relationship between KO phantom share units and common stock?

Each phantom share unit is economically equivalent to one share of KO common stock. The units track the stock’s value but are settled in cash, not stock, providing equity-linked compensation without immediately issuing additional shares or granting voting rights.