William Shrank Receives 16,820.86 Phantom Units from WBA

Rhea-AI Filing Summary

William H. Shrank, a director of Walgreens Boots Alliance, Inc. (WBA), received an annual grant of 16,820.86 phantom stock units on 08/13/2025 as non-employee director compensation under the company's 2021 Omnibus Incentive Plan. Each phantom stock unit is the economic equivalent of one share of WBA common stock and the reported per-unit valuation is $11.89. The units are classified as derivative securities and are to be settled following termination of Shrank's service as a director in accordance with the Plan. The Form 4 was signed on 08/15/2025 by William Shrank via attorney-in-fact Cherita Thomas.

Positive

• Materially disclosed director compensation: Annual grant of 16,820.86 phantom stock units was clearly reported.
• Units mirror common shares: Each phantom stock unit is the economic equivalent of one share of WBA common stock, providing clear equivalence to equity value.
• Deferred settlement: Units are to be settled following termination of director service in accordance with the Plan, indicating alignment with retention practices.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received deferred phantom stock units as routine annual compensation, settled post-tenure per plan terms.

The disclosure shows a standard non-employee director compensation mechanism: an annual phantom stock grant of 16,820.86 units that mirror one share each of common stock. The units were granted in arrears for prior-year services under the Amended and Restated 2021 Omnibus Incentive Plan and carry a reported per-unit value of $11.89. Settlement is deferred until termination of service, which aligns with typical retention and deferred-compensation practices for directors. This is a governance-level disclosure with limited immediate market impact.

Securities Analyst

TL;DR: Transaction is a non-cash compensation grant and does not represent an open-market purchase or sale.

The Form 4 records a grant (transaction code A) of derivative securities (phantom stock units) rather than cash or open-market activity. The grant size is 16,820.86 units, and the form states each unit is economically equivalent to one common share. Because settlement occurs upon termination per the Plan, no immediate change in outstanding common shares is reported here. This disclosure informs ownership economics for the director but does not itself show a sale, purchase, or exercised option affecting current share count.

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
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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^*

Shrank William H

(Last) (First) (Middle)

C/O WALGREENS BOOTS ALLIANCE, INC.

108 WILMOT ROAD

(Street)

DEERFIELD IL 60015

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Walgreens Boots Alliance, Inc. [ WBA ]

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)
08/13/2025

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

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 Stock Units	(1)	08/13/2025		A		16,820.86		(2)	(2)	Common Stock	16,820.86	$11.89	16,820.86	D

Explanation of Responses:

1. The annual phantom stock grant is issued as non-employee director compensation under the Amended and Restated Walgreens Boots Alliance, Inc. 2021 Omnibus Incentive Plan (including the applicable election forms thereunder, the "Plan") in arrears with respect to services rendered over the course of the prior year, and each unit of phantom stock is the economic equivalent of one share of the company's common stock.

2. To be settled following termination of service as a director in accordance with the terms and conditions of the Plan.

Remarks:

	/s/ William Shrank by Cherita Thomas, Attorney-in-Fact	08/15/2025
	** 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

What did William H. Shrank report on Form 4 for WBA?

The Form 4 reports an annual grant of 16,820.86 phantom stock units on 08/13/2025 granted as non-employee director compensation under the company's 2021 Omnibus Incentive Plan.

Are the phantom stock units equivalent to Walgreens Boots Alliance common stock?

Yes. The filing states each phantom stock unit is the economic equivalent of one share of WBA common stock.

When will the phantom stock units be settled?

The units are to be settled following termination of service as a director, in accordance with the terms of the Plan.

What monetary value was reported for the grant?

The filing reports a per-unit price/value of $11.89 for the phantom stock units.

Was this transaction a purchase or a sale?

No. The transaction code indicates an award/grant (A) of derivative securities (phantom stock units), not an open-market purchase or sale.