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Max Levchin (KO) awarded phantom share units as Coca-Cola board pay

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Levchin Max R reported acquisition or exercise transactions in this Form 4 filing.

Coca-Cola director Max R. Levchin received a grant of 3,825.3528 Phantom Share Units on 2026-04-01 as part of his 2026 board compensation. Each phantom unit is economically equivalent to one share of Coca-Cola common stock but is settled in cash rather than stock.

The phantom units were credited under The Coca-Cola Company Directors' Plan effective June 1, 2025, which can include voluntary deferred compensation. After this grant and credited phantom dividends, Levchin holds a total of 5,052.5615 phantom share units and 14,267 shares of common stock directly. The phantom units will be paid in cash after he leaves the board, based on the plan’s specified timing.

Positive

  • None.

Negative

  • None.
Insider Levchin Max R
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 — 5,052.562 shares (Direct); Common Stock, $.25 Par Value — 14,267 shares (Direct)
Footnotes (1)
  1. 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 Coca-Cola Company Directors' Plan, as amended and restated effective June 1, 2025, 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.
Phantom units granted 3,825.3528 units Phantom Share Units granted on 2026-04-01 for 2026 compensation
Grant reference price $75.8100 per unit Price per Phantom Share Unit for the 2026 compensation grant
Total phantom units after grant 5,052.5615 units Phantom share units accrued through April 1, 2026 under Directors' Plan
Common shares held 14,267 shares Coca-Cola common stock directly held after reported transactions
Conversion price $0.0000 Conversion or exercise price for Phantom Share Units
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 for 2026 compensation."
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."
cash settled financial
"The phantom share units credited under The Coca-Cola Company Directors' Plan are settled in cash after the reporting person leaves the Board."
A contract described as cash settled is one where, at the end, one party pays the monetary difference in value rather than delivering the actual underlying asset. For investors this matters because it simplifies transactions (like settling a bet by paying the win amount instead of handing over a physical item), affects liquidity and timing of cash flows, and changes exposure to storage, delivery logistics and certain tax or counterparty considerations.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Levchin Max R
(Last)(First)(Middle)
C/O AFFIRM HOLDINGS, INC.
650 CALIFORNIA STREET
(Street)
SAN FRANCISCO CALIFORNIA 94108
(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)
XDirector10% 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)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock, $.25 Par Value14,267D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Phantom Share Units$0(1)04/01/2026A3,825.3528(2) (3) (3)Common Stock, $.25 Par Value3,825.3528$75.815,052.5615(4)D
Explanation of Responses:
1. Each phantom share unit is economically equivalent to one share of Common Stock.
2. 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.
3. The phantom share units credited under The Coca-Cola Company Directors' Plan, as amended and restated effective June 1, 2025, 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.
4. This number includes phantom share units accrued through April 1, 2026 under the Directors' Plan as a result of crediting phantom dividends.
Max R. Levchin04/02/2026
** Signature of Reporting PersonDate
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 Max Levchin report in his latest Form 4 for KO?

Max Levchin reported receiving 3,825.3528 Phantom Share Units as part of his 2026 board compensation. These units track Coca-Cola common stock value but are settled in cash under the company’s Directors' Plan after he leaves the board.

Are Max Levchin’s phantom share units in KO an open-market stock purchase?

No, the phantom share units are a compensation award, not an open-market purchase. They were credited under Coca-Cola’s Directors' Plan and are economically equivalent to common stock, but will be settled in cash after Levchin leaves the board.

How many Coca-Cola phantom share units does Max Levchin hold after this filing?

After this filing, Max Levchin holds 5,052.5615 phantom share units tied to Coca-Cola common stock. This total includes the 3,825.3528 units granted for 2026 compensation and additional units accrued through phantom dividends under the Directors' Plan.

When will Max Levchin’s Coca-Cola phantom share units be settled?

The phantom share units will be settled in cash after Max Levchin leaves the Coca-Cola board. Payment occurs the later of January 15 of the year following his departure or six months after he leaves, as specified in the Directors' Plan.

How many Coca-Cola common shares does Max Levchin directly hold?

Max Levchin directly holds 14,267 shares of Coca-Cola common stock according to the Form 4. This figure reflects his direct equity position separate from the cash-settled phantom share units reported under the company’s Directors' Plan.

What is a Coca-Cola Phantom Share Unit in Max Levchin’s Form 4?

A Phantom Share Unit is a cash-settled compensation unit economically equivalent to one Coca-Cola common share. Levchin’s units track the stock’s value and accumulate phantom dividends, but ultimately pay out in cash under the Directors' Plan after he leaves the board.