David D. Smith - Mar 2, 2023 Form 4 Insider Report for SINCLAIR BROADCAST GROUP INC (SBGI)

Role: Executive Chairman, Director, 10%+ Owner
Signature: Clinton R. Black, V, Esq., on behalf of David D. Smith, by Power of Attorney
Stock symbol: SBGI
Transactions as of: Mar 2, 2023
Transactions value $: -$1,035,335
Form type: 4
Date filed: 3/6/2023, 03:32 PM
Previous filing: Feb 28, 2023
Next filing: Jan 9, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SBGI	Class A Common Stock	Award		+134K	+43.04%		446K	Mar 2, 2023	Direct	F1, F2, F3
transaction	SBGI	Class A Common Stock	Tax liability	-$1.04M	-64.8K	-14.53%	$15.97	381K	Mar 2, 2023	Direct	F3, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SBGI	Stock Appreciation Rights	Award	$0	+413K	+125.1%	$0.00	744K	Mar 2, 2023	Class A Common Stock	413K		Direct	F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Common Stock issued as Restricted Stock which vests 50% on March 2, 2024 and 50% on March 2, 2025.
F2	N/A
F3	Common Stock issued as Restricted Stock. The Reporting Person also directly owns (i) 607,154 shares of Class A Common Stock (ii) 911,072 shares of Class B Common Stock, and (iii) 15,697.415415 shares of Class A Common Stock held in a 401(k) unitized stock fund. The Reporting Person indirectly owns (i) 28,160 shares of Class A Common Stock held in separate custodial accounts established by the Reporting Person for the benefit family members of which the Reporting Person is the custodian, (ii) 338,400 shares of Class A Common Stock held by trusts f/b/o family members of which the Reporting Person is a trustee, (iii) 6,000,000 shares of Class B Common Stock held by trusts f/b/o family members, (iv) 162,553 shares of Class A Common Stock held by a limited liability company controlled by the Reporting Person, and (v) 803,178 shares of Class A Common Stock held f/b/o David D. Smith Family Foundation, Inc., which the Reporting Person controls, but does not derive any benefit.
F4	Designates withholding of shares to satisfy the Reporting Person's tax liability
F5	The Stock Appreciation Right is exercisable at the price equal in value to the difference between the stock appreciation right's base value of $15.97 per stock appreciation right which is the fair market value of one share as of the grant date and the per share closing price of Sinclair Broadcast Group, Inc. common stock on the date of exercise.