Form 4: New York Times CFO William Bardeen Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
William Bardeen, CFO of The New York Times Company, sold shares of Class A Common Stock to satisfy tax withholding obligations related to vesting stock-settled restricted stock units.
Summary
- On August 9, 2024, William Bardeen, the Chief Financial Officer of The New York Times Company, sold 2,000 shares of Class A Common Stock at a price of $54.557 per share.
- On August 12, 2024, Bardeen disposed of 353 shares of Class A Common Stock at a price of $53.97 per share to satisfy tax withholding obligations.
- These transactions were related to the vesting of stock-settled restricted stock units granted on August 10, 2023, under The New York Times Company 2020 Incentive Compensation Plan.
- Following these transactions, Bardeen beneficially owns 9,962 shares of Class A Common Stock.
Sentiment
Score: 5
Explanation: The document is a standard SEC Form 4 filing, indicating routine transactions related to executive compensation and tax obligations. It doesn't inherently convey positive or negative sentiment about the company's performance or future prospects.
Industry Context
Executive stock transactions are a common occurrence in publicly traded companies, often related to compensation packages and tax obligations. These transactions are closely monitored by investors for insights into management's perspective on the company's value and future prospects.
Comparison to Industry Standards
- Executive compensation packages, including stock options and restricted stock units, are standard practice among publicly traded companies like The New York Times Company.
- Companies such as Gannett, News Corp, and Lee Enterprises also utilize similar compensation strategies to incentivize and retain key personnel.
- The sale of shares to cover tax obligations upon vesting of restricted stock units is a typical financial planning activity for executives in these companies.
Stakeholder Impact
- The transactions have a minimal direct impact on shareholders, employees, customers, suppliers, and creditors, as they are related to individual executive financial planning.
Key Dates
| Date | Description |
|---|---|
| 08/10/2023 | Date of grant for stock-settled restricted stock units under The New York Times Company 2020 Incentive Compensation Plan. |
| 08/09/2024 | Date of sale of 2,000 shares of Class A Common Stock at $54.557 per share. |
| 08/12/2024 | Date of disposal of 353 shares of Class A Common Stock at $53.97 per share for tax obligations. |
| 08/13/2024 | Date of signature on the Form 4 filing. |
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