Form 4: Gannett CEO Michael Reed Disposes of Shares to Cover Tax Obligations

Gannett's CEO, Michael Reed, disposed of 194,556 shares of common stock on March 24, 2024, to cover tax withholding obligations related to the vesting of restricted stock units, leaving him with 3,206,971 shares.

Summary

• On March 24, 2024, Michael Reed, the CEO of Gannett Co., Inc., disposed of 194,556 shares of common stock.
• The transaction was executed to cover tax withholding obligations associated with the vesting of restricted stock units.
• The price per share for the transaction was $2.22.
• Following the transaction, Reed beneficially owns 3,206,971 shares of Gannett Co., Inc.

Sentiment

Score: 6

Explanation: The document is a routine SEC filing related to stock transactions for tax purposes. It doesn't indicate any significant positive or negative sentiment.

Industry Context

Executive stock transactions are common and often related to compensation and tax planning. It's typical for executives to sell shares to cover tax obligations when restricted stock units vest.

Comparison to Industry Standards

• Executive compensation packages often include restricted stock units (RSUs) that vest over time.
• Upon vesting, these RSUs are subject to income tax, and executives commonly sell a portion of the newly vested shares to cover these tax liabilities.
• This practice is widespread across publicly traded companies and is not unique to Gannett or its CEO.
• Comparable companies such as News Corp, The New York Times Company, and Lee Enterprises also see similar transactions by their executives.

Stakeholder Impact

• The transaction is unlikely to have a significant impact on stakeholders as it is a routine transaction for tax purposes.

Key Dates