Form 4: Sphere Entertainment Co. Executive Brunner Reports Stock Transactions
SEC Form 4
Gregory Brunner, SVP, Controller & PAO of Sphere Entertainment Co., reports the vesting and settlement of restricted stock units and associated tax withholding.
Summary
- On September 13, 2024, Gregory Brunner, SVP, Controller & PAO of Sphere Entertainment Co., reported transactions involving Class A Common Stock.
- 1,479 restricted stock units (RSUs) vested and were settled, resulting in the acquisition of 1,479 shares of Class A Common Stock at $0.00 per share.
- 533 shares were withheld to satisfy tax obligations at a price of $42.23 per share.
- Following these transactions, Brunner directly owns 946 shares of Class A Common Stock and 2,959 restricted stock units.
- The RSUs were granted on September 1, 2023, under the company's 2020 Employee Stock Plan and vest in three tranches.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing related to executive compensation. It doesn't indicate any significant positive or negative sentiment.
Future Outlook
The remaining restricted stock units are scheduled to vest and settle on September 15, 2025, and September 15, 2026.
Industry Context
This filing is a routine disclosure of insider transactions, which are common in publicly traded companies as part of executive compensation packages. It provides transparency into the trading activities of company insiders.
Stakeholder Impact
- The vesting of RSUs and subsequent tax withholding has a minor dilutive effect on existing shareholders.
Key Dates
| Date | Description |
|---|---|
| September 1, 2023 | Date the restricted stock units (RSUs) were granted under the Sphere Entertainment Co. 2020 Employee Stock Plan. |
| September 13, 2024 | Date of the reported transaction: vesting and settlement of 1,479 RSUs and tax withholding. |
| September 15, 2025 | Scheduled vesting and settlement date for one-third of the remaining RSUs. |
| September 15, 2026 | Scheduled vesting and settlement date for the final one-third of the RSUs. |
| September 17, 2024 | Date of the form filing. |
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