4/A: E.W. Scripps Co: Officer Daniel Perschke Reports Changes in Beneficial Ownership
SEC Form 4/A
Daniel Perschke, SVP, Controller of E.W. Scripps Co, filed an amended Form 4 detailing changes in beneficial ownership of Class A Common Shares and Restricted Stock Units.
Summary
- On May 1, 2024, Daniel Perschke, SVP, Controller of E.W. Scripps Co, engaged in transactions involving Class A Common Shares and Restricted Stock Units.
- The transactions included the conversion of 3,843 Restricted Stock Units into Class A Common Shares.
- Additionally, 1,724 shares were withheld to satisfy the reporting person's tax obligation related to a long-term incentive award.
- Perschke was also credited with 5,588 additional Restricted Stock Units due to the company exceeding performance goals.
- Following these transactions, Perschke directly owns 10,505.4354 Class A Common Shares and 0 Common Voting Shares.
- Perschke also holds 7,689 Restricted Stock Units that convert into Class A Common Shares, in addition to other previously granted restricted stock units.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, and the transactions described are part of normal executive compensation practices. Therefore, the sentiment is neutral.
Positives
- The company exceeding performance goals resulted in additional restricted stock units being credited to the reporting person.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies.
Comparison to Industry Standards
- Executive compensation packages including restricted stock units are a standard practice among publicly traded companies like E.W. Scripps Co.
- Companies such as Gannett, Tegna, and Gray Television also utilize similar equity-based compensation to align executive interests with shareholder value.
- The vesting schedules and performance-based components of the restricted stock units are consistent with industry norms for incentivizing long-term performance.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the change in the number of outstanding shares.
- Employees may be impacted by the company exceeding performance goals, leading to additional restricted stock units being awarded.
Key Dates
| Date | Description |
|---|---|
| 03/01/2022 | Date of Restricted Stock Units (4) award which vests in 2025, with 25% vesting in 2022, 2023 and 2024. |
| 03/01/2023 | Date of Restricted Stock Units (5) award which vests in 2025 and 2026, with 25% vesting in 2023 and 2024. |
| 05/01/2024 | Date of transactions: conversion of restricted stock units, share withholding for taxes, and crediting of additional restricted stock units. |
| 05/03/2024 | Date of Original Filing. |
| 03/01/2025 | Vesting date for 25% of Restricted Stock Units (4). |
| 03/01/2025 | Vesting date for Restricted Stock Units (6). |
| 03/01/2026 | Vesting date for Restricted Stock Units (5). |
| 03/01/2026 | Vesting date for Restricted Stock Units (6). |
| 03/01/2028 | Vesting date for Restricted Stock Units (6). |
| 03/04/2025 | Date of signature of Reporting Person. |
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