Form 4: Altice USA Director Charles Stewart Settles Prepaid Forward Transactions, Transfers Shares

Director Charles Stewart settled two Variable Prepaid Forward Transactions (VPFTs) involving Altice USA Class A common stock, resulting in the transfer of 950,000 shares to unaffiliated banks.

Summary

• Charles Stewart, a director of Altice USA, settled a Variable Prepaid Forward Transaction (VPFT) on August 7, 2023, involving 600,000 shares of Altice USA Class A common stock.
• The settlement price on August 7, 2023, was $3.46 per share, leading to the transfer of all 600,000 pledged shares to the VPFT bank.
• Stewart also settled a separate VPFT on March 19, 2024, involving 350,000 shares.
• The settlement price on March 19, 2024, was $2.61 per share, resulting in the transfer of all 350,000 pledged shares to the VPFT bank.
• These transactions were initially entered into on August 7, 2020, and September 19, 2019 (amended on September 19, 2022), respectively.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing detailing the settlement of prepaid forward transactions. It doesn't inherently convey positive or negative sentiment, but rather reports factual transactions.

Industry Context

Variable prepaid forward transactions are often used by executives to monetize their stock holdings while deferring capital gains taxes. The settlement of these transactions indicates the conclusion of these arrangements.

Stakeholder Impact

• The settlement of these transactions may have a minor impact on the overall shareholding structure of Altice USA.
• The transfer of shares to the VPFT banks could slightly increase the institutional ownership.

Key Dates

Keywords

Variable Prepaid Forward Transaction, VPFT, Altice USA, Charles Stewart, Class A common stock, Settlement, Shares, Director