Schatz Scott 4

What Happened
Scott Schatz, EVP, Finance Operations & Technology at Townsquare Media (TSQ), received an immediate stock award of 84,906 shares (reported as an acquisition) valued at $5.83/share ($495,002). The next day he sold 28,980 shares in open-market transactions at a weighted average price of $5.08/share, for total proceeds of $147,218. The award vested immediately (footnote F1), so the grant increased his share position even after the sale.

Key Details

• Transactions: 2026-03-18 — Award (A) 84,906 shares @ $5.83 = $495,002; 2026-03-19 — Sale (S) 28,980 shares @ weighted avg $5.08 = $147,218.
• Sale price range: shares sold in multiple trades at $5.00–$5.26; reported weighted avg $5.08 (footnote F2).
• Shares owned after transactions (per footnotes): approximately 149,903 Class A shares (93,977 previously unrestricted + 84,906 award − 28,980 sale). Also holds 21,846 Class B shares, 30,000 vested Class A options, and 175,000 vested Class B options (footnotes F3–F4).
• Filing: Form 4 filed 2026-03-20 reporting transactions on 2026-03-18 and 2026-03-19 — appears timely.
• Footnotes: F1 (award vested immediately), F2 (weighted average sale price; detailed per-trade prices available on request), F3–F4 list unrestricted shares and vested options.

Context
This filing shows both an immediate stock award (an acquisition) and a subsequent open-market sale of a portion of those shares. Awards that vest immediately increase an insider’s holdings; routine sales shortly after awards are common for liquidity or diversification and do not by themselves indicate company outlook. The filing discloses vested options and unrestricted shares separately; no indication of a 10b5-1 plan or gifting is provided.