Form 4: New York Times Director Manuel Bronstein Reports Stock Grant

Director Manuel Bronstein reported receiving a grant of stock-settled restricted stock units from The New York Times Company.

Summary

• On April 24, 2024, Manuel Bronstein, a director of The New York Times Company, reported a transaction involving the company's Class A Common Stock.
• Bronstein acquired 4,048 shares of Class A Common Stock through a grant of stock-settled restricted stock units.
• These restricted stock units were granted under The New York Times Company 2020 Incentive Compensation Plan.
• Each unit represents a contingent right to receive one share of Class A Common Stock and vests on the date of the following Annual Meeting of Stockholders.
• Vested shares will be delivered within 90 days following the cessation of Bronstein's membership on the Board of Directors.
• Following the reported transaction, Bronstein beneficially owns 14,126 shares of Class A Common Stock.

Sentiment

Score: 7

Explanation: The document reflects a standard transaction (stock grant) for a company director, indicating a neutral to slightly positive sentiment due to alignment of interests.

Positives

• The grant of restricted stock units aligns the director's interests with those of the shareholders.
• The vesting schedule encourages continued service on the Board of Directors.

Future Outlook

The director's vested shares will be delivered within 90 days following the cessation of the reporting person's membership on the Board of Directors.

Industry Context

This filing is a routine disclosure of stock grants to company directors, a common practice in publicly traded companies to incentivize and align the interests of board members with shareholders.

Comparison to Industry Standards

• Stock grants to directors are a standard practice across publicly listed companies.
• The size of the grant and vesting schedule are typical for director compensation packages, aligning with industry norms for companies of similar size and market capitalization to The New York Times Company.
• Companies like Gannett, News Corp, and Lee Enterprises also utilize stock grants as part of their director compensation packages.

Stakeholder Impact

• The stock grant aligns the director's interests with those of shareholders, potentially leading to decisions that benefit the company's long-term value.
• The grant has a minor dilutive effect on existing shareholders.

Key Dates