Form 4: Sphere Entertainment Co. Executive Chairman James L. Dolan and Director Kristin A. Dolan Report Changes in Beneficial Ownership
SEC Form 4
James L. Dolan, Executive Chairman and CEO, and Kristin A. Dolan, Director, reported changes in their beneficial ownership of Sphere Entertainment Co. stock due to the vesting of performance restricted stock units.
Summary
- James L. Dolan, Executive Chairman and CEO of Sphere Entertainment Co., and Kristin A. Dolan, Director, filed Form 4s detailing changes in their beneficial ownership.
- The changes are due to the vesting of performance restricted stock units (PSUs).
- The Compensation Committee of the Board of Directors decided to deem the PSUs earned at 100% of target.
- James L. Dolan was granted 84,736 PSUs on August 27, 2021, and April 20, 2022, which are scheduled to vest and settle on September 15, 2024.
- He was also granted 98,750 PSUs on August 31, 2022, scheduled to vest and settle on September 15, 2025, and 80,689 PSUs on September 1, 2023, scheduled to vest and settle on September 15, 2026.
- Kristin A. Dolan disclaims beneficial ownership of securities beneficially owned by James L. Dolan, her spouse, except for securities in which she has a direct pecuniary interest.
Sentiment
Score: 6
Explanation: The document is a standard regulatory filing related to executive compensation. The sentiment is neutral as it simply reports transactions.
Positives
- The vesting of PSUs indicates that performance targets were met, as deemed by the Compensation Committee.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The vesting of PSUs is a common form of executive compensation.
Stakeholder Impact
- The vesting of PSUs could have a minor dilutive effect on existing shareholders.
Key Dates
| Date | Description |
|---|---|
| 08/27/2021 | Date of PSU grant to James L. Dolan (84,736 PSUs) |
| 04/20/2022 | Date of PSU grant to James L. Dolan (84,736 PSUs) |
| 08/31/2022 | Date of PSU grant to James L. Dolan (98,750 PSUs) |
| 09/01/2023 | Date of PSU grant to James L. Dolan (80,689 PSUs) |
| 03/27/2024 | Date of transaction (PSU vesting) |
| 09/15/2024 | Scheduled vesting and settlement date for 84,736 PSUs granted in 2021 and 2022 |
| 09/15/2025 | Scheduled vesting and settlement date for 98,750 PSUs granted in 2022 |
| 09/15/2026 | Scheduled vesting and settlement date for 80,689 PSUs granted in 2023 |
| 03/29/2024 | Date of filing |
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