4/A: E.W. Scripps Co: Executive's Amended Statement of Changes in Beneficial Ownership
SEC Filing
William Appleton, Chief Legal Officer of E.W. Scripps Co, files an amended Form 4 detailing transactions involving Class A Common Shares and Restricted Stock Units.
Summary
- On March 1, 2024, William Appleton converted 26,231 Restricted Stock Units into Class A Common Shares.
- Also on March 1, 2024, 10,675 Class A Common Shares were withheld to satisfy tax obligations related to a long-term incentive award.
- Following these transactions, Appleton directly owns 140,508 Class A Common Shares and no Common Voting Shares.
- Appleton also holds various Restricted Stock Units that will vest between 2025 and 2028.
- The filing also includes a Power of Attorney, dated August 13, 2024, granting authority to Jason Combs, David M. Giles, and Robert Oestreicher to sign and file reports under Section 16(a) of the Securities and Exchange Act of 1934.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing, so the sentiment is neutral. It reflects standard executive compensation practices and compliance with SEC regulations.
Industry Context
Form 4 filings are standard practice for company insiders to report transactions in their company's stock, ensuring transparency and compliance with SEC regulations.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units (RSUs) as a form of long-term incentive.
- The vesting schedules and tax withholding practices described in the document are typical for RSU grants.
- Companies like Gannett and Tegna, which are also in the media industry, similarly use RSUs as part of their executive compensation plans.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive compensation and stock ownership.
- It assures stakeholders that the company is complying with SEC regulations regarding insider trading.
Key Dates
| Date | Description |
|---|---|
| 03/01/2021 | Date exercisable for 11,050 Class A Common Shares |
| 03/01/2022 | Date exercisable for 9,428 Class A Common Shares |
| 03/01/2023 | Date exercisable for 5,753 Class A Common Shares |
| 03/01/2024 | Conversion of Restricted Stock Units to Class A Common Shares; Tax obligation fulfillment |
| 03/01/2024 | Expiration date for 11,050 Class A Common Shares |
| 03/01/2025 | Date exercisable for 24,771 Class A Common Shares |
| 03/01/2025 | Expiration date for 9,428 Class A Common Shares |
| 03/01/2026 | Date exercisable for 24,771 Class A Common Shares |
| 03/01/2026 | Expiration date for 5,753 Class A Common Shares |
| 03/01/2027 | Date exercisable for 21,460 Class A Common Shares |
| 03/01/2027 | Date exercisable for 24,771 Class A Common Shares |
| 03/01/2028 | Date exercisable for 24,771 Class A Common Shares |
| 08/13/2024 | Date of Power of Attorney |
| 08/14/2024 | Date of signature for the report |
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