12/11/2025 | Press release | Distributed by Public on 12/11/2025 17:47
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FORM 4
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
| 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 control number. | SEC 1474 (9-02) | ||
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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 Underlying Securities (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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Restricted Stock Units | (4) | 12/11/2025 | D(4) | 3,004.531 | 02/17/2026 | 02/17/2026 | Common | 3,004.531 | $83.5 | 0 | D | ||||
| Restricted Stock Units | (4) | 12/11/2025 | D(4) | 3,435.507 | 02/16/2027 | 02/16/2027 | Common | 3,435.507 | $83.5 | 0 | D | ||||
| Restricted Stock Units | (5) | 12/11/2025 | D(5) | 8,907.983 | 02/21/2028 | 02/21/2028 | Common | 8,907.983 | $83.5 | 0 | D | ||||
| Performance-based Restricted Stock Units | (6) | 12/11/2025 | A(6) | 18,157 | (6) | (6) | Common | 18,157 | $ 0 | 18,157 | D | ||||
| Performance-based Restricted Stock Units | (6) | 12/11/2025 | D(6) | 18,157 | (6) | (6) | Common | 18,157 | $83.5 | 0 | D | ||||
| Stock Option | $66.8 | 12/11/2025 | D(7) | 12,662 | (7) | 02/19/2026 | Common | 12,662 | $16.70 | 0 | D | ||||
| Stock Option | $64.48 | 12/11/2025 | D(7) | 12,775 | (7) | 02/17/2027 | Common | 12,775 | $19.02 | 0 | D | ||||
| Stock Option | $61.62 | 12/11/2025 | D(7) | 15,263 | (7) | 02/16/2028 | Common | 15,263 | $21.88 | 0 | D | ||||
| Stock Option | $50.18 | 12/11/2025 | D(7) | 19,288 | (7) | 02/22/2029 | Common | 19,288 | $33.32 | 0 | D | ||||
| Stock Option | $57.96 | 12/11/2025 | D(7) | 11,396 | (7) | 02/21/2030 | Common | 11,396 | $25.54 | 0 | D | ||||
| Stock Option | $51.23 | 12/11/2025 | D(7) | 14,098 | (7) | 02/19/2031 | Common | 14,098 | $32.27 | 0 | D | ||||
| Reporting Owner Name / Address | Relationships | |||
| Director | 10% Owner | Officer | Other | |
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Bahner Kris 412 N. WELLS ST. CHICAGO, IL 60654 |
SVP-Chief Global Corp Affairs | |||
| /s/ Todd W. Haigh, Attorney-in-fact | 12/11/2025 | |
| **Signature of Reporting Person | Date |
| * | 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). |
| (1) | Reflects the gift of shares of the Issuer's common stock, par value $0.25 per share ("Common Stock"), by the Reporting Person to a charitable donor-advised fund. |
| (2) | Pursuant to the Agreement and Plan of Merger, dated as of August 13, 2024, by and among the Issuer, Acquiror 10VB8, LLC ("Acquiror"), Merger Sub 10VB8, LLC ("Merger Sub"), and solely for the limited purposes set forth therein, Mars, Incorporated, Merger Sub merged with and into the Issuer, with the Issuer surviving as a wholly owned subsidiary of Acquiror (the "Merger"). At the effective time of the Merger (the "Effective Time"), upon the terms and subject to the conditions set forth in the Merger Agreement, each share of the Common Stock that was issued and outstanding immediately prior to the Effective Time was automatically cancelled and converted into the right to receive $83.50 per share in cash, without interest and subject to any applicable withholding taxes (the "Merger Consideration"). |
| (3) | Represents shares of Common Stock indirectly held by the Reporting Person's account in the Kellanova Savings and Investment Plan immediately prior to the Effective Time. |
| (4) | Upon the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, these restricted stock units ("RSUs") were cancelled and converted into the right to receive an amount in cash, without interest, equal to the sum of the product of the number of shares of Common Stock issuable pursuant to such RSUs and the per share Merger Consideration, plus all dividend equivalents accrued or credited with respect to such RSUs. |
| (5) | Upon the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, these RSUs were cancelled and converted into the contractual right of the Reporting Person to receive a payment in an amount of cash (without interest and subject to applicable tax withholdings) equal to the sum of the per share Merger Consideration multiplied by the total number of shares of Common Stock issuable pursuant to such RSUs as of immediately prior to the Effective Time plus all dividend equivalents accrued or credited with respect to such RSUs (each, a "Converted RSU Cash Award"). Each Converted RSU Cash Retention Award will generally be subject to the same terms and conditions as applied to such RSUs immediately prior to the Effective Time and will become payable in accordance with the original vesting schedule applicable to the corresponding RSUs or, if earlier, upon a qualifying termination of employment. |
| (6) | Upon the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each performance-based restricted stock unit ("PSU") outstanding immediately prior to the Effective Time was deemed fully vested, based on the greater of target or actual level of performance, and was cancelled and converted into the right of the Reporting Person to receive an amount, in cash, without interest, equal to the sum of the product of such number of shares of Common Stock issuable pursuant to the PSU (based on the level of vesting described above) and the per share Merger Consideration, plus all dividend equivalents accrued or credited with respect to such PSU, subject to tax withholding. |
| (7) | Upon the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each option to purchase a share of Common Stock (an "Option") that was outstanding and unexercised as of immediately prior to the Effective Time was converted into the right of the Reporting Person to receive an amount, in cash, without interest, equal to the product of the total number of shares subject to such Option and the excess, if any, of the per share Merger Consideration over the exercise price per share of Common Stock underlying the Option. |