[Form 4] Walmart Inc. Insider Trading Activity

Rhea-AI Filing Summary

General Mills, Inc. (GIS) – Form 4 insider filing

On 06/30/2025, General Counsel & Secretary Karen Wilson Thissen reported the following equity transactions with General Mills:

• Common stock acquisition: 8,204 shares were acquired at a stated cost of $0.00, increasing her direct holdings to 32,737.1 shares.
• New option grant: 41,016 non-qualified stock options with an exercise price of $51.81 and an expiration date of 07/30/2035 were awarded. The grant vests in four equal annual tranches beginning 06/30/2026.

The filing shows no dispositions and indicates the transaction was filed individually (single reporting person). No Rule 10b5-1 checkbox information is provided in the excerpt.

While the additional equity aligns the executive’s incentives with shareholders, the zero-priced share acquisition suggests it was likely a restricted or performance-based stock award rather than an open-market purchase, which generally carries less signaling value.

Positive

• Increased direct share ownership: 8,204 additional shares boost insider alignment to 32,737.1 shares.
• Long-dated option grant: 41,016 options exercisable until 2035 tie compensation to long-term stock performance.

Negative

• No open-market purchase: Shares were acquired at $0.00, implying an award and providing weaker bullish signal.
• Single routine grant: One executive transaction carries limited informational value for broader investor sentiment.

Insights

Corporate Governance Expert

TL;DR Executive received stock and sizeable option grant, marginally tightening pay-for-performance alignment; signaling value modest because shares were not bought with cash.

The 41,016-unit option grant, struck at $51.81, creates long-dated upside exposure for the General Counsel through 2035. Four-year ratable vesting links retention and performance. The additional 8,204 shares—granted at no cost—lift direct ownership to roughly 32.7k shares, reinforcing alignment but without personal capital at risk. Because the transaction is a routine compensation award rather than a discretionary market purchase, governance impact is neutral-to-positive rather than strongly bullish.

Portfolio Manager

TL;DR Routine equity grant; limited trading signal but adds insider skin in the game—overall neutral for near-term share price.

From a portfolio perspective, I view the activity as compensation-driven: no shares were sold, and the insider’s ownership base rose modestly. Option strike of $51.81 is close to typical mid-year grant levels and sits near recent trading ranges, suggesting standard annual issuance. With no open-market buying, I assign low immediate price impact; however, the added exposure can reduce agency risk over time.

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^*

Nicholas Christopher James

(Last) (First) (Middle)

1 CUSTOMER DRIVE

(Street)

BENTONVILLE AR 72716

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Walmart Inc. [ WMT ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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	07/01/2025		F		10.182(1)	D	$97.98	573,934.243	D
Common	07/01/2025		F		110.747(1)	D	$97.78	573,823.496	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

Explanation of Responses:

1. Represents shares withheld to satisfy tax withholding obligations upon the vesting of restricted stock. A portion of the remaining vested shares was deferred by the Reporting Person to a future date.

	/s/ Jennifer F. Rudolph, by power of attorney	07/02/2025
	** 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 General Mills (GIS) shares did Karen Wilson Thissen acquire?

She acquired 8,204 common shares, raising her direct holdings to 32,737.1 shares.

What is the size and pricing of the new stock option grant?

The insider received 41,016 non-qualified options with a $51.81 exercise price expiring 07/30/2035.

When do the newly granted options vest?

They vest in four equal annual installments beginning on 06/30/2026.

Did the filing report any stock sales by the insider?

No, the Form 4 shows no dispositions; only acquisitions were reported.

Is this Form 4 likely to impact GIS’s share price?

Because the transactions appear to be routine compensation awards rather than open-market buys, the near-term price impact is generally viewed as neutral.