Form 4: E.W. Scripps CEO Adam Symson Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Adam Symson, President and CEO of E.W. Scripps Co, reports transactions involving Class A Common Shares and Restricted Stock Units.
Summary
- Adam Symson, the President and CEO of E.W. Scripps Co, filed a Form 4 detailing changes in his beneficial ownership of company securities.
- On March 1, 2024, shares were withheld to satisfy tax obligations related to a long-term incentive award at a price of $3.76.
- Also on March 1, 2024, restricted stock units were converted into 153,037 Class A Common Shares at a price of $3.76.
- Symson was granted 128,048 Restricted Stock Units that will vest in equal parts in 2025, 2026, 2027 and 2028.
- He also holds 180,045 Restricted Stock Units that will vest in 2027.
- Additionally, he holds 117,482 Restricted Stock Units that will vest in equal parts in 2024, 2025, 2026 and 2027.
- Following these transactions, Symson directly owns 460,689 Class A Common Shares and various Restricted Stock Units with different vesting schedules.
Sentiment
Score: 7
Explanation: The document is a standard regulatory filing, indicating routine transactions. The granting of restricted stock units is generally viewed positively as it aligns management's interests with shareholders.
Positives
- The granting of restricted stock units to the CEO aligns his interests with the long-term performance of the company.
- The vesting schedules of the restricted stock units incentivize continued service and performance over multiple years.
Future Outlook
The document outlines future vesting schedules for restricted stock units, indicating potential future increases in the CEO's holdings of Class A Common Shares.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders and their alignment with shareholder interests.
Comparison to Industry Standards
- Equity compensation is a common practice among publicly traded companies to align executive incentives with shareholder value.
- Vesting schedules for restricted stock units typically range from 3 to 5 years, which is consistent with the vesting schedules outlined in this filing.
- Companies like Gannett and Sinclair Broadcast Group also utilize restricted stock units as part of their executive compensation packages.
Stakeholder Impact
- Shareholders may view the transactions positively as they demonstrate the CEO's continued investment in the company.
- The vesting schedules of the restricted stock units incentivize the CEO to focus on long-term value creation.
Key Dates
| Date | Description |
|---|---|
| 03/01/2021 | Date exercisable for 59,070 Restricted Stock Units that expired on 03/01/2024 |
| 03/01/2022 | Date exercisable for 56,290 Restricted Stock Units that expire on 03/01/2025 |
| 03/01/2023 | Date exercisable for 37,677 Restricted Stock Units that expire on 03/01/2026 |
| 03/01/2024 | Date of transactions including share withholding for tax obligations and conversion of restricted stock units to Class A Common Shares; Date exercisable for 117,482 Restricted Stock Units that expire on 03/01/2027 |
| 03/01/2025 | First vesting date for 128,048 Restricted Stock Units that expire on 03/01/2028 |
| 12/31/2027 | Vesting date for 180,045 Restricted Stock Units |
| 03/01/2028 | Expiration date for 128,048 Restricted Stock Units |
| 03/05/2024 | Date of Form 4 filing |
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