Form 4: Sphere Entertainment Co. Executive Andrea Greenberg Reports Stock Transactions
SEC Form 4
Andrea Greenberg, President/CEO of MSG Networks, reports the vesting and tax withholding of performance restricted stock units (PSUs) of Sphere Entertainment Co.
Summary
- On March 27, 2024, Andrea Greenberg, President/CEO of MSG Networks and an officer of Sphere Entertainment Co., reported transactions involving Class A Common Stock and Performance Restricted Stock Units (PSUs).
- These transactions included the vesting of PSUs granted in 2021, 2022, and 2023, and the subsequent withholding of shares to cover FICA tax obligations.
- The Compensation Committee of the Board of Directors of the Issuer decided to deem the PSUs earned at 100% of target.
- Following these transactions, Greenberg directly owns 88,781 shares of Class A Common Stock and varying amounts of PSUs scheduled to vest in 2024, 2025 and 2026.
Sentiment
Score: 5
Explanation: This is a neutral report on stock transactions, with no inherent positive or negative implications for the company's performance.
Positives
- The vesting of PSUs indicates that performance targets were met or deemed to be met by the Compensation Committee.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency into the holdings and transactions of company insiders.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect changes in insider ownership.
Key Dates
| Date | Description |
|---|---|
| 03/27/2024 | Date of the reported transactions (vesting of PSUs and tax withholding). |
| 03/29/2024 | Date of signature of the report. |
| 08/27/2021 | Date of grant of PSUs that are scheduled to vest and settle on September 15, 2024. |
| 08/31/2022 | Date of grant of PSUs that are scheduled to vest and settle on September 15, 2025. |
| 09/01/2023 | Date of grant of PSUs that are scheduled to vest and settle on September 15, 2026. |
| 09/15/2024 | Scheduled vesting and settlement date for PSUs granted on August 27, 2021. |
| 09/15/2025 | Scheduled vesting and settlement date for PSUs granted on August 31, 2022. |
| 09/15/2026 | Scheduled vesting and settlement date for PSUs granted on September 1, 2023. |
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