Form 4: Pinstripes Holdings CEO Dale Schwartz Receives Stock Grant
SEC Form 4
Dale Schwartz, CEO of Pinstripes Holdings, receives a grant of 129,032 shares of Class A Common Stock.
Summary
- Dale Schwartz, the President and CEO of Pinstripes Holdings, Inc., received a grant of 129,032 shares of Class A Common Stock on May 9, 2024.
- These shares vest in equal installments on May 9, 2025, May 9, 2026, and May 9, 2027, contingent upon continued employment.
- Following this transaction, Schwartz beneficially owns 9,800,794 shares of Class A Common Stock.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive as it reflects standard executive compensation practices, incentivizing the CEO. There are no immediate negative implications.
Positives
- The stock grant incentivizes the CEO to remain with the company for the vesting period.
- The vesting schedule aligns the CEO's interests with the long-term performance of the company.
Risks
- The CEO's departure before the vesting dates would result in the forfeiture of unvested shares.
Future Outlook
The stock grant is designed to incentivize long-term performance and retention of the CEO.
Industry Context
Stock grants are a common form of executive compensation used to align management's interests with those of shareholders.
Comparison to Industry Standards
- Executive compensation packages, including stock grants, are common practice across publicly traded companies to incentivize and retain key personnel.
- The vesting schedule of one-third annually over three years is a typical structure for such grants, aligning with industry norms for long-term performance incentives.
- Comparable companies in the entertainment and hospitality sectors, such as Dave & Buster's Entertainment, Inc. and Topgolf Callaway Brands Corp., also utilize stock grants as part of their executive compensation packages.
Stakeholder Impact
- Shareholders may view the stock grant positively as it aligns the CEO's interests with the company's long-term success.
- Employees may see the grant as a sign of confidence in the company's leadership.
Key Dates
| Date | Description |
|---|---|
| 05/09/2024 | Date of the stock grant to Dale Schwartz. |
| 05/09/2025 | First vesting date for one-third of the granted shares. |
| 05/09/2026 | Second vesting date for one-third of the granted shares. |
| 05/09/2027 | Final vesting date for the remaining one-third of the granted shares. |
| 05/10/2024 | Date of signature on the Form 4 filing. |
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