# EDGAR Filing Document

**Accession Number:** 0001905613
**File Stem:** 0001628280-25-057661
**Filing Date:** 2025-12
**Character Count:** 9502
**Document Hash:** 9597fe18f5a0c8bdfe11388157dba3ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-057661.hdr.sgml**: 20251217

**ACCESSION NUMBER**: 0001628280-25-057661

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251215

**FILED AS OF DATE**: 20251217

**DATE AS OF CHANGE**: 20251217

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Gutierrez Horacio E
- **CENTRAL INDEX KEY:** 0001905613

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38842
- **FILM NUMBER:** 251579606

**MAIL ADDRESS:**
- **STREET 1:** 500 SOUTH BUENA VISTA STREET
- **CITY:** BURBANK
- **STATE:** CA
- **ZIP:** 91521
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Walt Disney Co
- **CENTRAL INDEX KEY:** 0001744489
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 830940635
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1003

**BUSINESS ADDRESS:**
- **STREET 1:** 500 SOUTH BUENA VISTA STREET
- **CITY:** BURBANK
- **STATE:** CA
- **ZIP:** 91521
- **BUSINESS PHONE:** (818) 560-1000

**MAIL ADDRESS:**
- **STREET 1:** 500 SOUTH BUENA VISTA STREET
- **CITY:** BURBANK
- **STATE:** CA
- **ZIP:** 91521

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWDC Holdco 613 Corp.
- **DATE OF NAME CHANGE:** 20180702

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWDC Holdco 613 Corp
- **DATE OF NAME CHANGE:** 20180622

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>Gutierrez Horacio E<br><sub>(Last) (First) (Middle)</sub><br>500 SOUTH BUENA VISTA STREET<br><sub>(Street)</sub><br>BURBANK, CA 91521<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-15 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_SEVP, CL&GAO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Walt Disney Co [ DIS ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Disney Common Stock | 2025-12-15 |  | M |  | 27414<sup>(1)</sup> | A | <sup>(2)</sup> | 59941 | D |  |
| Disney Common Stock | 2025-12-15 |  | F |  | 13922<sup>(3)</sup> | D | $110.05 | 46019 | D |  |
| Disney Common Stock | 2025-12-15 |  | M |  | 6162<sup>(4)</sup> | A | <sup>(2)</sup> | 52181 | D |  |
| Disney Common Stock | 2025-12-15 |  | F |  | 3130<sup>(5)</sup> | D | $110.05 | 49051 | D |  |
| Disney Common Stock | 2025-12-15 |  | M |  | 8499<sup>(6)</sup> | A | <sup>(2)</sup> | 57550 | D |  |
| Disney Common Stock | 2025-12-15 |  | F |  | 4316<sup>(7)</sup> | D | $110.05 | 53234 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Unit | <sup>(2)</sup> | 2025-12-15 |  | M |  |  | 27414 | <sup>(1)</sup> | 2025-12-15 | Disney Common Stock | 27414 | $0 | 0 | D |  |
| Restricted Stock Unit | <sup>(2)</sup> | 2025-12-15 |  | M |  |  | 6162 | <sup>(4)</sup> | <sup>(4)</sup> | Disney Common Stock | 6162 | $0 | 0 | D |  |
| Restricted Stock Unit | <sup>(2)</sup> | 2025-12-15 |  | M |  |  | 8499 | <sup>(6)</sup> | <sup>(6)</sup> | Disney Common Stock | 8499 | $0 | 8499 | D |  |
| Restricted Stock Unit | <sup>(2)</sup> | 2025-12-15 |  | A |  | 28090 |  | <sup>(8)</sup> | <sup>(8)</sup> | Disney Common Stock | 28090 | $0 | 28090 | D |  |
| Stock Option (Right-to-Buy) | $110.05 | 2025-12-15 |  | A |  | 84728 |  | <sup>(9)</sup> | 2035-12-15 | Disney Common Stock | 84728 | $0 | 84728 | D |  |

---

### Footnotes:

(1) Vesting of restricted stock units granted under The Walt Disney Company's Amended and Restated 2011 Stock Incentive Plan, previously reported on a Form 4 filed on December 2, 2025. The total also reflects a deduction for cash paid in lieu of fractional shares upon conversion of previously-granted units to shares and includes dividend equivalents accrued on the award.

(2) Restricted stock units convert into common stock at 1-for-1.

(3) The 13,922 shares reported as a disposition represent an automatic reduction of shares issued to the reporting person to discharge withholding tax obligations of reporting person and do not constitute an actual sale or other open-market transaction.

(4) Vesting of restricted stock units previously granted under The Walt Disney Company's Amended and Restated 2011 Stock Incentive Plan. The award is fully vested. Includes dividend equivalents accrued on the award.

(5) The 3,130 shares reported as a disposition represent an automatic reduction of shares issued to the reporting person to discharge withholding tax obligations of reporting person and do not constitute an actual sale or other open-market transaction.

(6) Vesting of restricted stock units previously granted under The Walt Disney Company's Amended and Restated 2011 Stock Incentive Plan. The remaining 8,499 stock units vest on December 15, 2026. Includes dividend equivalents accrued on the award.

(7) The 4,316 shares reported as a disposition represent an automatic reduction of shares issued to the reporting person to discharge withholding tax obligations of reporting person and do not constitute an actual sale or other open-market transaction.

(8) This restricted stock unit award was granted under the Company's Amended and Restated 2011 Stock Incentive Plan in a transaction exempt under Rule 16(b)-3. The award is scheduled to vest in three equal installments on each December 15 of 2026, 2027 and 2028.

(9) Option was granted under the Company's Amended and Restated 2011 Stock Incentive Plan in a transaction exempt under Rule 16(b)-3. The option is scheduled to vest in three equal installments on each December 15 of 2026, 2027 and 2028. In connection with this stock option award, the reporting person also was awarded restricted stock units whose vesting is subject to performance vesting criteria. The number of stock units vesting depends on the extent to which the performance criteria are satisfied, and ranges from zero to 103,928, not including potential accrued dividends.

**Signature:** /s/ Carla J. Silva, as attorney-in-fact  
**Date:** 2025-12-17

### Remarks:

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.**