Form 4: iHeartMedia CEO Robert Pittman Reports Stock Transactions
SEC Filing
Robert Pittman, Chairman and CEO of iHeartMedia, reports the vesting and disposal of restricted stock units and associated tax withholding.
Summary
- Robert Pittman, the Chairman and CEO of iHeartMedia, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- On May 18, 2024, Pittman vested 141,099 restricted stock units (RSUs), which are cash-settled and represent the right to receive cash equal to the fair market value of one share of Class A common stock per RSU.
- Also on May 18, 2024, 60,475 shares were disposed of to cover tax obligations at a price of $1.21 per share.
- Additionally, 80,624 shares were disposed of at $1.21 per share.
- Following these transactions, Pittman directly owns 3,516,359 shares of Class A Common Stock and indirectly owns 21,732 shares through Pittman CC, LLC.
- He also holds 282,199 derivative securities in the form of Restricted Stock Units.
Sentiment
Score: 5
Explanation: This is a routine filing related to executive compensation and tax obligations, and doesn't inherently indicate positive or negative sentiment.
Industry Context
Form 4 filings are routine disclosures for corporate insiders and provide transparency into their transactions in company stock. This filing indicates activity related to previously granted compensation.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they primarily reflect internal compensation mechanics.
Key Dates
| Date | Description |
|---|---|
| 05/18/2023 | Date from which the RSUs vest in one-third increments annually for three years. |
| 05/18/2024 | Date of the reported transactions, including RSU vesting and stock disposals for tax purposes. |
| 05/21/2024 | Date of signature of the Form 4 filing. |
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