What are Phantom Share Units in the KO Form 4 for Caroline Tsay?

The Phantom Share Units are bookkeeping entries economically equivalent to one share of Coca-Cola common stock. They are credited under the Directors' Plan and will be settled in cash after the director leaves the Board, following the timing rules specified in the plan.

How many Phantom Share Units did Caroline Tsay receive from Coca-Cola (KO)?

She received 3,825.3528 Phantom Share Units on April 1, 2026. These units, valued at $75.81 per unit, represent 2026 director compensation and may include voluntarily deferred compensation credited under the Directors' Plan, plus any related phantom dividends.

When will Caroline Tsay’s Coca-Cola Phantom Share Units be paid out?

The phantom share units are settled in cash after she leaves the Board. Payment occurs on the later of January 15 of the year after departure or six months after the departure date, as specified in the Directors' Plan.

Coca-Cola (KO) director Caroline Tsay receives 3,825 Phantom Share Units as 2026 pay

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

TSAY CAROLINE J reported acquisition or exercise transactions in this Form 4 filing.

COCA COLA CO director Caroline J. Tsay received a grant of 3,825.3528 Phantom Share Units on 2026-04-01 as director compensation under The Coca-Cola Company Directors' Plan effective June 1, 2025. Each phantom unit is economically equivalent to one share of common stock and was valued at $75.81 per unit. Following this grant and accrued phantom dividends through April 1, 2026, she holds a total of 39,433.667 phantom share units, which will be settled in cash after she leaves the Board, based on the timing rules in the plan. The filing also notes an indirect holding of 1,104 shares of common stock held by a living trust.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider TSAY CAROLINE J

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Share Units	3,825.353	$75.81	$290K
holding	Common Stock, $.25 Par Value	--	--	--

Holdings After Transaction: Phantom Share Units — 39,433.667 shares (Direct); Common Stock, $.25 Par Value — 1,104 shares (Indirect, By Living Trust)

Footnotes (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 Share Units granted: 3,825.3528 units Phantom unit reference price: $75.81 per unit Total Phantom Share Units after grant: 39,433.667 units +2 more

5 metrics

Phantom Share Units granted 3,825.3528 units Director compensation credited on April 1, 2026

Phantom unit reference price $75.81 per unit Value used for the April 1, 2026 grant

Total Phantom Share Units after grant 39,433.667 units Balance including phantom dividends accrued through April 1, 2026

Indirect common stock holdings 1,104 shares Coca-Cola common stock held by living trust

Conversion price of Phantom Units $0.00 Cash-settled phantom units under Directors' Plan

Key Terms

Phantom Share Units, Directors' Plan, phantom dividends, Living Trust, +1 more

5 terms

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."

Living Trust financial

"Common Stock, $.25 Par Value ... nature_of_ownership: By Living Trust"

Power of Attorney regulatory

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

A power of attorney is a legal document that allows one person to make decisions and act on behalf of another person, often in financial or legal matters. It’s like giving someone a trusted helper or agent the authority to handle important tasks if you are unable to do so yourself. This matters to investors because it can impact how their assets are managed or transferred if they become unable to oversee their affairs.

Form 4 Insider Transactions: What Each Field Means →

04/03/2026 - 01:22 PM

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^*

TSAY CAROLINE J

(Last)

(First)

(Middle)

C/O THE COCA-COLA COMPANY

ONE COCA-COLA PLAZA

(Street)

ATLANTA

GEORGIA

30313

(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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, $.25 Par Value								1,104	I⁽¹⁾	By Living 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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Share Units	$0⁽²⁾	04/01/2026		A		3,825.3528⁽³⁾		⁽⁴⁾	⁽⁴⁾	Common Stock, $.25 Par Value	3,825.3528	$75.81	39,433.667⁽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/ Caroline J. Tsay	04/03/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did KO director Caroline J. Tsay report in this Form 4 filing?

Caroline J. Tsay reported receiving 3,825.3528 Phantom Share Units as director compensation. These units are credited under The Coca-Cola Company Directors' Plan and increase her total phantom unit balance to 39,433.667 units as of April 1, 2026.

How many Coca-Cola shares does Caroline Tsay indirectly hold via a trust?

The filing shows indirect ownership of 1,104 shares of Coca-Cola common stock held by a living trust. This figure reflects shares attributed to her through that trust structure, separate from the cash-settled phantom share units credited under the Directors' Plan.

Does the KO Form 4 show open-market buying or selling by Caroline Tsay?

The Form 4 records a grant of Phantom Share Units as compensation, not an open-market trade. It does not report any explicit open-market purchases or sales of Coca-Cola common stock by Caroline Tsay during the reported period.