SunOpta Insider Keating Boosts Stake to 130.9k Shares

Rhea-AI Filing Summary

SunOpta Inc. (STKL) – Form 4 insider filing dated 07/29/2025

• Reporting person: Director Leslie Starr Keating
• Transaction date: 07/25/2025
• Common shares acquired: 3,683 shares, issued in lieu of cash director fees, at an accounting price of $6.64 per share (Code A).
• Restricted Stock Units (RSUs): 2,423 RSUs granted; each RSU converts 1-for-1 into common stock, no exercise price or expiration.
• Post-transaction ownership: 130,856 common shares (direct) and 39,740 RSUs (direct).

No dispositions were reported and the filing was made by a single reporting person. The equity was awarded as compensation rather than an open-market purchase, but it nonetheless increases the director’s direct economic alignment with shareholders.

Positive

• Director’s equity stake increases, raising alignment with shareholders to 130,856 common shares plus 39,740 RSUs.
• No shares were sold; only acquisitions reported, avoiding negative sentiment from insider selling.

Negative

• None.

Insights

Equity Compensation Analyst

TL;DR – Director received stock/RSUs as board pay, lifting ownership to 130.9k shares; modestly positive alignment signal.

The grant consists of routine, board-fee equity rather than discretionary buying, yet it adds to the director’s stake and leaves no selling pressure. At ~3.7k shares plus 2.4k RSUs, the dollar value is minor relative to SunOpta’s market cap but still enhances insider alignment. No negative governance flags appear; Form 4 filed timely and reflects straight-forward compensation mechanics.

Small-Cap Portfolio Manager

TL;DR – Incremental insider accumulation, but size immaterial; neutral-to-slightly-positive signal.

While insider “buy” code A often cheers investors, context shows these shares were automatic fee conversions, not cash-outlay purchases—limiting signaling value. Still, total holdings over 170k share equivalents suggest meaningful skin-in-the-game for this director. Absent broader buying trends or open-market purchases, market impact should be limited.

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).

1. Name and Address of Reporting Person^*

KEATING LESLIE STARR

(Last) (First) (Middle)

6100 N. WESTERN AVENUE

(Street)

OKLAHOMA CITY OK 73118

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SunOpta Inc. [ STKL ]

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)
07/25/2025

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 Shares	07/25/2025		A(1)		3,683	A	$6.64	130,856	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
Restricted Stock Units	(2)	07/25/2025		A		2,423		05/29/2026	(3)	Common Shares	39,740	$0.00	39,740	D

Explanation of Responses:

1. The shares were issued in lieu of cash to the reporting person for service on the board of directors.

2. Each Restricted Stock Unit represents a contingent right to receive one share of STKL common stock.

3. The Restricted Stock Units do not have an expiration date.

	/s/ Brett Koch, attorney in fact	07/29/2025
	** 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).
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

How many SunOpta (STKL) shares did Director Leslie Starr Keating acquire?

She acquired 3,683 common shares on 07/25/2025.

What was the price of the STKL shares issued to the director?

The accounting price recorded was $6.64 per share.

Were any SunOpta shares sold in this Form 4 filing?

No. The filing shows only acquisitions; no dispositions were reported.

How many Restricted Stock Units were granted?

The director received 2,423 RSUs, each convertible into one STKL share.

What is the director’s total STKL ownership after the transaction?

She now directly holds 130,856 common shares and 39,740 RSUs.

Do the RSUs have an expiration date?

No. The filing states the RSUs do not have an expiration date.