Form 4: Madison Square Garden Sports Corp. COO Jamaal Lesane Reports Stock Transactions
SEC Form 4
Chief Operating Officer Jamaal Lesane reports the vesting and settlement of restricted stock units and performance restricted stock units, along with associated tax withholding, affecting his holdings of Madison Square Garden Sports Corp. Class A Common Stock.
Summary
- On September 13, 2024, Jamaal Lesane, COO of Madison Square Garden Sports Corp., reported transactions involving Class A Common Stock.
- These transactions included the vesting and settlement of restricted stock units (RSUs) and performance restricted stock units (PSUs) granted under the company's 2015 Employee Stock Plan.
- The RSUs vested in tranches based on grant dates in 2021, 2022 and 2023, with the final tranches vesting on September 13, 2024.
- Similarly, PSUs granted in 2021 and 2022 vested and were settled on September 13, 2024, following the satisfaction of performance conditions on August 29, 2024.
- A portion of the shares were withheld to satisfy tax obligations related to the vesting of the RSUs and PSUs.
- Following these transactions, Lesane directly owns 3,848 shares of Class A Common Stock.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.
Comparison to Industry Standards
- Stock-based compensation is a common practice among publicly traded companies to align the interests of management with those of shareholders.
- The vesting schedules and performance conditions associated with the RSUs and PSUs are typical for executive compensation packages.
- Companies like Live Nation Entertainment (LYV) and The Walt Disney Company (DIS) also utilize similar equity-based compensation plans for their executives.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the change in the number of outstanding shares.
- Employees holding similar equity grants may be interested in the vesting schedules and terms of these grants.
Key Dates
| Date | Description |
|---|---|
| August 19, 2021 | Date of grant for some of the restricted stock units and performance restricted stock units. |
| April 25, 2022 | Date of grant for some of the restricted stock units and performance restricted stock units. |
| August 29, 2022 | Date of grant for some of the restricted stock units. |
| August 28, 2023 | Date of grant for some of the restricted stock units. |
| August 29, 2024 | Performance conditions satisfied for performance restricted stock units granted in 2021 and 2022. |
| September 13, 2024 | Date of transactions: vesting and settlement of RSUs and PSUs, and tax withholding. |
| September 15, 2025 | Scheduled vesting and settlement date for remaining one-third of RSUs granted on August 29, 2022. |
| September 15, 2026 | Scheduled vesting and settlement date for remaining one-third of RSUs granted on August 28, 2023. |
| 09/17/2024 | Date of filing. |
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