Form 4: Paramount Global Executive Nancy Phillips Reports Acquisition of Restricted Share Units

EVP and Chief People Officer of Paramount Global, Nancy Phillips, reports the acquisition of 31,475 Restricted Share Units (RSUs) under the company's long-term incentive plan.

Summary

• Nancy Phillips, EVP and Chief People Officer of Paramount Global, filed a Form 4 on June 13, 2024, reporting a transaction on June 12, 2024.
• Phillips acquired 31,475 Restricted Share Units (RSUs) under Paramount Global's long-term incentive plan.
• These RSUs will vest in three equal installments on June 12, 2025, June 12, 2026, and June 4, 2027.
• Upon vesting, a corresponding number of Class B common stock shares, net of tax withholdings, will be delivered on each vest date.
• Phillips directly owns 31,475 derivative securities.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, indicating stability and alignment of interests. It's a neutral-positive event.

Positives

• The grant of RSUs aligns the executive's interests with the long-term performance of the company.
• The vesting schedule encourages continued service and commitment from the executive.

Future Outlook

The executive will receive shares of Class B common stock upon the vesting of the RSUs over the next three years, contingent on continued service.

Industry Context

Granting stock-based compensation is a common practice in the media and entertainment industry to incentivize executives and align their interests with shareholders. This is similar to compensation packages offered by companies like Disney, Netflix, and Warner Bros. Discovery.

Comparison to Industry Standards

• Companies like Disney, Netflix, and Warner Bros. Discovery use similar long-term incentive plans, including restricted stock units, to compensate their executives.
• The vesting schedule of three years is a standard practice in the industry to ensure executive retention.
• The amount of RSUs granted is likely determined based on the executive's role, performance, and industry benchmarks.

Stakeholder Impact

• Shareholders may view the RSU grant positively as it aligns executive interests with company performance.
• Employees may see the grant as a sign of the company's commitment to its leadership team.

Next Steps

• The executive will continue to hold the RSUs until the vesting dates.
• Paramount Global will deliver Class B common stock upon vesting, net of tax withholdings.

Key Dates