Form 4: AMC Networks EVP James Gallagher Reports Stock Transactions Following RSU Vesting
SEC Form 4 Filing
EVP and General Counsel of AMC Networks, James Gallagher, reports acquisition and disposal of Class A Common Stock related to the vesting of restricted stock units (RSUs) to satisfy tax obligations.
Summary
- On March 8, 2024, James Gallagher, EVP and General Counsel of AMC Networks, reported transactions involving AMC Networks Class A Common Stock.
- These transactions are related to the vesting of restricted stock units (RSUs) granted under the AMC Networks Inc. 2016 Employee Stock Plan.
- Gallagher acquired shares as RSUs vested and simultaneously disposed of shares to cover tax withholding obligations.
- The transactions involved the vesting of RSUs granted on March 12, 2021, March 10, 2022, and April 13, 2023.
- A total of 7,412, 10,193, and 24,699 shares vested from the respective grants.
- Shares were withheld to satisfy tax obligations at a price of $11.85 per share, resulting in the disposal of 3,944, 5,424 and 13,144 shares respectively.
- Following these transactions, Gallagher directly owns 26,659 shares of AMC Networks Inc. Class A Common Stock and 49,398 Restricted Stock Units.
Sentiment
Score: 5
Explanation: This is a neutral report on routine stock transactions related to executive compensation. It doesn't indicate positive or negative sentiment.
Future Outlook
The remaining two-thirds of the RSUs granted on April 13, 2023, will vest on March 9, 2025, and March 9, 2026. One-third of the RSUs granted on March 10, 2022 will vest on March 9, 2025.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It reflects standard practices for equity-based compensation and tax obligations.
Comparison to Industry Standards
- Equity compensation is a common practice among publicly traded companies to align the interests of executives with those of shareholders.
- RSUs are a standard form of equity compensation, vesting over time and often subject to performance or service requirements.
- Tax withholding upon vesting of RSUs is a standard procedure to cover income tax obligations.
- Comparable companies like Paramount, Warner Bros. Discovery, and Lionsgate also utilize equity compensation for their executives.
Key Dates
| Date | Description |
|---|---|
| 2021-03-12 | RSUs granted under the AMC Networks Inc. 2016 Employee Stock Plan |
| 2022-03-10 | RSUs granted under the AMC Networks Inc. 2016 Employee Stock Plan |
| 2023-04-13 | RSUs granted under the AMC Networks Inc. 2016 Employee Stock Plan |
| 2024-03-08 | Date of transaction (RSU vesting and tax withholding) |
| 2024-03-09 | Vesting date of some RSUs |
| 2025-03-09 | Future vesting date of some RSUs |
| 2026-03-09 | Future vesting date of some RSUs |
| 2024-03-12 | Date of signature on the Form 4 |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.