Form 4: Lions Gate Entertainment Corp: General Counsel Bruce Tobey Reports Share Withholding for Tax Obligations
SEC Form 4 Filing
Bruce Tobey, General Counsel of Lions Gate Entertainment Corp, reports the withholding of Class B Common Shares to cover tax obligations upon the vesting of restricted share units.
Summary
- On March 27, 2024, Bruce Tobey, General Counsel of Lions Gate Entertainment Corp, had 4,479 Class B Common Shares withheld by the issuer to satisfy tax obligations.
- This was due to the vesting of 8,837 Class B restricted share units previously reported.
- The shares were automatically canceled to cover the reporting person's tax obligations, in accordance with the Lions Gate Entertainment Corp. 2023 Performance Incentive Plan and the Issuer's policies.
- Following the transaction, Tobey beneficially owns 81,984 Class B Common Shares, including 17,674 restricted share units vesting in two equal annual installments beginning March 27, 2025, and 59,952 restricted share units vesting in three equal annual installments beginning July 3, 2024.
Sentiment
Score: 7
Explanation: The sentiment is neutral as it reflects a standard transaction related to executive compensation and tax obligations. There are no indications of positive or negative implications for the company's performance.
Future Outlook
The reporting person holds restricted share units that are scheduled to vest in the future, indicating continued alignment with the company's performance.
Industry Context
This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies.
Stakeholder Impact
- The transaction has a minimal direct impact on shareholders, as it involves the withholding of shares for tax purposes related to executive compensation.
Key Dates
| Date | Description |
|---|---|
| 03/27/2024 | Date of transaction: 4,479 Class B Common Shares withheld for tax obligations. |
| 03/27/2025 | First vesting date for 17,674 restricted share units in two equal annual installments. |
| 07/03/2024 | First vesting date for 59,952 restricted share units in three equal annual installments. |
| 03/28/2024 | Date of signature for the Form 4 filing. |
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