Sauer Richard H. 4

What Happened

• Richard H. Sauer, Executive Vice President and General Counsel of OUTFRONT Media (OUT), sold a total of 10,000 shares of OUT common stock in two open‑market transactions. He disposed of 5,000 shares on 2026-06-18 for a weighted average price of $31.05 (proceeds $155,250) and 5,000 shares on 2026-06-22 for a weighted average price of $31.13 (proceeds $155,650), for total gross proceeds of approximately $310,900. These were sales (not purchases), which are typically routine insider liquidity events rather than bullish signals.

Key Details

• Transaction dates and reported weighted average prices:
  • 2026-06-18: Sold 5,000 shares @ $31.05 (weighted avg.; range $30.75–$31.43) — $155,250.
  • 2026-06-22: Sold 5,000 shares @ $31.13 (weighted avg.; range $30.94–$31.34) — $155,650.
• Total shares sold: 10,000; total reported proceeds: ~$310,900.
• Shares owned after the transactions: Not specified in the provided filing excerpt.
• Notable footnotes:
  • Sales were made pursuant to a Rule 10b5‑1 trading plan adopted March 13, 2026 (Footnote F1).
  • Reported prices are weighted averages; the filing provides price ranges for the multiple trades and offers to supply a per‑price breakdown on request (Footnotes F2, F3).
• Filing info: Form 4 filed with an accession date of 2026-06-23 (reporting transactions through 2026-06-22).

Context

• These transactions were executed under a pre‑arranged 10b5‑1 trading plan, which many insiders use to systematically sell shares and avoid trading on nonpublic information. Sales under such plans are generally considered routine liquidity rather than a direct indicator of management sentiment.
• No options exercises, gifts, or tax‑withholding events are reported here — only open‑market sales.