Form 4: TEGNA INC Executive McClelland Reports Stock Transactions Following Vesting of Performance Shares and Restricted Stock Units

Clifton A. McClelland III, SVP, Controller, and Principal Accounting Officer of TEGNA INC, reports the vesting and subsequent transactions of performance shares and restricted stock units.

Summary

• On February 28, 2025, Clifton A. McClelland III, SVP, Controller, and Principal Accounting Officer of TEGNA INC, had performance shares and restricted stock units vest.
• These vested shares were converted into common stock.
• A portion of the shares were withheld to satisfy tax obligations.
• McClelland also acquired 14,454 restricted stock units on March 1, 2025, which vest in equal annual installments beginning February 28, 2026.
• Following these transactions, McClelland directly owns 60,702.332 shares of TEGNA INC common stock and indirectly owns 8,561.827 shares through a 401(k) plan.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The vesting of shares and continued holding by the executive suggest confidence, but it's a routine transaction.

Positives

• The vesting of performance shares and restricted stock units suggests that the executive is meeting performance goals.
• The executive's continued holding of a significant number of shares indicates confidence in the company's future.

Future Outlook

The executive will receive shares from remaining restricted stock units in future years, contingent on continued employment or a change in control.

Industry Context

Executive compensation through stock options and restricted stock units is a common practice in publicly traded companies to align management's interests with those of shareholders.

Comparison to Industry Standards

• Executive compensation packages, including performance shares and restricted stock units, are standard practice among publicly traded media companies like TEGNA INC.
• Companies such as Nexstar Media Group and Gray Television also utilize similar equity-based compensation to incentivize their executives.
• The vesting schedules and terms of these equity grants are typically benchmarked against industry peers to ensure competitiveness and alignment with performance goals.

Stakeholder Impact

• The vesting of shares has a minor dilutive effect on existing shareholders.
• The executive's actions signal confidence in the company, which can positively influence investor sentiment.

Next Steps

• The executive will continue to receive shares as the remaining restricted stock units vest according to their respective schedules.
• Future Form 4 filings will be required to report any subsequent transactions.

Key Dates