Form 4: Cumulus Media Executive Richard Denning Reports Stock Transactions
SEC Form 4 Filing
Richard Denning, EVP, General Counsel & Secretary of Cumulus Media, reports acquisition and disposal of Class A Common Stock due to vesting of restricted stock units and tax obligations.
Summary
- On February 26, 2024, Richard Denning, EVP, General Counsel & Secretary of Cumulus Media Inc., reported transactions involving Class A Common Stock.
- Denning acquired 8,157 shares of Class A Common Stock at $0 due to the vesting of performance-based restricted stock units.
- He also disposed of 2,646 shares to cover tax withholding obligations related to the vesting of these units, also at $0.
- Following these transactions, Denning directly owns 179,344 shares of Cumulus Media Inc. Class A Common Stock.
Sentiment
Score: 5
Explanation: The document reflects routine stock transactions related to executive compensation. It doesn't indicate any significant positive or negative developments for the company.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates the vesting of previously awarded stock units and the subsequent tax implications, which is a common occurrence.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they relate to executive compensation and tax obligations.
Key Dates
| Date | Description |
|---|---|
| 02/13/2020 | Date of award of 1,500 vested performance-based restricted stock units. |
| 02/05/2021 | Date of award of 1,462 vested performance-based restricted stock units. |
| 02/03/2022 | Date of award of 3,506 vested performance-based restricted stock units. |
| 03/03/2023 | Date of award of 1,689 vested performance-based restricted stock units. |
| 02/26/2024 | Date of stock acquisition and disposal. |
| 02/28/2024 | Date of signature on the Form 4 filing. |
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.