Form 4: ASO EVP & CMO Converts RSUs, Sells Shares for Tax

Academy Sports & Outdoors EVP & CMO Matthew M. McCabe converted restricted stock units into common stock and subsequently sold shares to cover tax obligations.

Summary

• Matthew M. McCabe, EVP & CMO of Academy Sports & Outdoors, Inc. (ASO), reported changes in his beneficial ownership.
• On September 6, 2025, McCabe converted 1,621 restricted stock units (RSUs) into common stock on a one-for-one basis.
• These RSUs were part of a grant of 4,863 time-based RSUs on September 6, 2023, which vest in three equal installments, with the first installment vesting on the first anniversary of the grant date.
• Following this conversion, his direct beneficial ownership of common stock was 19,505 shares.
• On September 8, 2025, McCabe sold 638 shares of common stock at a price of $50.86 per share.
• This sale was executed to cover tax withholding obligations related to the RSU conversion.
• After the sale, his direct beneficial ownership of common stock was 18,867 shares.
• The filing indicates 1,621 derivative securities (RSUs) are beneficially owned following the reported conversion transaction.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The conversion of RSUs is a positive for the executive as it represents earned compensation, reflecting continued service. The subsequent sale is for tax purposes, a routine event, and not indicative of a negative outlook on the company.

Positives

• The conversion of restricted stock units indicates vesting, which represents earned compensation for the executive and reflects continued service to the company.

Negatives

• The sale of 638 shares, even for tax purposes, reduces the executive's direct equity stake in the company.

Future Outlook

The filing details a scheduled vesting and conversion of restricted stock units, indicating a pre-planned compensation event. Future vesting installments from the September 6, 2023 grant are expected.

Industry Context

This Form 4 filing is a routine insider transaction report and does not provide information directly related to broader industry trends or competitors for the sporting goods and outdoor retail sector.

Comparison to Industry Standards

• This filing reports a standard executive compensation event (RSU vesting and tax-related sale). Such transactions are common across all industries for executives receiving equity compensation.
• No specific comparable companies, projects, or results are mentioned in this transactional filing.

Stakeholder Impact

• Shareholders: The sale of shares by an executive, even for tax purposes, slightly reduces the executive's direct alignment with shareholder interests, though the overall impact is minimal given the small number of shares relative to total outstanding. The vesting of RSUs indicates the executive is being compensated with equity, aligning long-term interests.
• Employees: No direct impact.
• Customers: No direct impact.
• Suppliers: No direct impact.
• Creditors: No direct impact.

Next Steps

• Future installments of the 4,863 restricted stock units granted on September 6, 2023, are expected to vest in two more equal installments on subsequent anniversaries of the grant date.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions related to executive compensation (RSU vesting and tax-related share sale). It does not provide new fundamental information about the company's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. The transactions are expected and do not signal a significant positive or negative shift in the company's outlook or the executive's confidence beyond standard compensation practices.

Keywords

Academy Sports & Outdoors, ASO, Matthew M. McCabe, Insider Trading, Form 4, Restricted Stock Units, RSU Conversion, Stock Sale, Executive Compensation