Sphere Entertainment Appoints New CFO, Details Compensation
Ticker: SPHR · Form: 8-K · Filed: Aug 30, 2024 · CIK: 1795250
| Field | Detail |
|---|---|
| Company | Sphere Entertainment Co. (SPHR) |
| Form Type | 8-K |
| Filed Date | Aug 30, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, compensation, cfo
TL;DR
Sphere Entertainment names David Rone new CFO, with $750K salary + stock grants.
AI Summary
Sphere Entertainment Co. announced on August 27, 2024, the appointment of David Rone as Chief Financial Officer, effective September 3, 2024. Rone will receive an annual base salary of $750,000 and a target annual bonus of 100% of his base salary. He will also be granted 150,000 restricted stock units, vesting over three years, and a one-time grant of 100,000 stock options.
Why It Matters
The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key executive positions, especially the CFO, can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $750,000 — CFO Base Salary (Annual compensation for David Rone)
- 100% — CFO Target Bonus (Potential bonus as a percentage of base salary for David Rone)
- 150,000 — RSUs Granted (Restricted stock units awarded to David Rone)
- 100,000 — Stock Options Granted (Stock options awarded to David Rone)
Key Players & Entities
- Sphere Entertainment Co. (company) — Registrant
- David Rone (person) — Appointed Chief Financial Officer
- $750,000 (dollar_amount) — Annual base salary for new CFO
- 100% (dollar_amount) — Target annual bonus percentage for new CFO
- 150,000 (dollar_amount) — Restricted stock units granted to new CFO
- 100,000 (dollar_amount) — Stock options granted to new CFO
- August 27, 2024 (date) — Date of report
- September 3, 2024 (date) — Effective date for new CFO
FAQ
Who has been appointed as the new Chief Financial Officer of Sphere Entertainment Co.?
David Rone has been appointed as the new Chief Financial Officer of Sphere Entertainment Co.
When is David Rone's appointment as CFO effective?
David Rone's appointment as CFO is effective September 3, 2024.
What is David Rone's annual base salary?
David Rone's annual base salary is $750,000.
How many restricted stock units has David Rone been granted?
David Rone has been granted 150,000 restricted stock units.
What is the vesting schedule for David Rone's restricted stock units?
David Rone's restricted stock units will vest over three years.
Filing Stats: 723 words · 3 min read · ~2 pages · Grade level 11.4 · Accepted 2024-08-30 16:05:31
Filing Documents
- d590358d8k.htm (8-K) — 27KB
- d590358dex101.htm (EX-10.1) — 62KB
- g590358g0830052228546.jpg (GRAPHIC) — 4KB
- 0001193125-24-211062.txt ( ) — 231KB
- sphr-20240827.xsd (EX-101.SCH) — 3KB
- sphr-20240827_lab.xml (EX-101.LAB) — 17KB
- sphr-20240827_pre.xml (EX-101.PRE) — 11KB
- d590358d8k_htm.xml (XML) — 3KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description of Exhibit 10.1 Employment Agreement, dated as of August 27, 2024, between MSG Networks Inc., Sphere Entertainment Co. and Andrea Greenberg. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). This exhibit is a management contract or a compensatory plan or arrangement.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SPHERE ENTERTAINMENT CO. (Registrant) By: /s/ Mark C. Cresitello Name: Mark C. Cresitello Title: Secretary Dated: August 30, 2024