[Form 4] Academy Sports & Outdoors, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Ken C. Hicks, a director of Academy Sports & Outdoors, Inc. (ASO), reported transactions on 09/30/2025. He was credited with 1,244 restricted stock units (RSUs) granted under the company's 2020 Omnibus Incentive Plan that convert one-for-one into common stock. After that RSU award, his beneficial ownership of common stock was reported as 449,784 shares.

On the same date he sold 588 shares of common stock at a price of $50.71, leaving reported beneficial ownership of 449,196 shares. The filing also notes previously granted performance-based RSUs from March 30, 2022, of which 59,713 were deemed earned and vest monthly; 4,047 remain unearned and may vest only if stock-price conditions are met as of January 30, 2026.

Positive

• Director received RSU award under the 2020 Omnibus Incentive Plan (1,244 RSUs) which aligns management with shareholder interests
• Majority of 2022 PRSUs were deemed earned (59,713 of 63,760) and vest monthly, indicating achievement of performance criteria for fiscal 2022

Negative

• Sale of 588 shares at $50.71 was reported, reducing the director's holdings slightly
• 4,047 PRSUs remain contingent on stock-price conditions as of January 30, 2026, and are not yet earned

Insights

Corporate Governance Expert

TL;DR: Director received time-based RSUs and concurrently sold a small block of shares; remaining performance RSUs retain time and price-based vesting conditions.

The filing shows routine director compensation activity: an award of 1,244 RSUs under the 2020 Omnibus Incentive Plan and a contemporaneous sale of 588 shares at $50.71. The reporting distinguishes time-based RSUs that convert one-for-one and a separate March 30, 2022 PRSU grant where 59,713 PRSUs were deemed earned and vest monthly while 4,047 PRSUs remain contingent on future stock-price certification as of January 30, 2026. These items are disclosures of insider holdings and compensation structure rather than operational events.

Securities Analyst

TL;DR: Transactions are informational: modest sale versus award; no indication of material change in overall ownership stake.

The director's reported sale of 588 shares is small relative to the ~449k shares reported beneficially owned and follows an award of 1,244 RSUs. The filing quantifies vested and contingent PRSUs from a 2022 grant and specifies vesting mechanics (monthly vesting of earned PRSUs and contingency for remaining PRSUs tied to a January 30, 2026 price condition). There is no disclosure of additional cash compensation, changes to ownership percentages, or other material events in this Form 4.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

HICKS KEN C

(Last) (First) (Middle)

C/O ACADEMY SPORTS AND OUTDOORS, INC.

1800 NORTH MASON ROAD

(Street)

KATY TX 77449

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Academy Sports & Outdoors, Inc. [ ASO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/30/2025		M		1,244	A	(1)	449,784	D
Common Stock	09/30/2025		F		588	D	$50.71	449,196	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units(2)	(1)	09/30/2025		M			1,244	(3)	03/30/2032	Common Stock	1,244	$0	9,026	D

Explanation of Responses:

1. Restricted stock units convert into common stock on a one-for-one basis.

2. Granted under the Company's 2020 Omnibus Incentive Plan.

3. On March 30, 2022, the Reporting Person was granted 63,760 performance-based restricted stock units ("PRSUs"). These PRSUs vest if certain performance criteria and/or Issuer stock price conditions are met and certified by the Issuer's compensation committee. On March 1, 2023, the Issuer's compensation committee certified achievement of 93.7% of the performance criteria during fiscal 2022 meaning that 59,713 PRSUs were deemed earned. Of this earned amount, 1/48 of the PRSUs earned will vest for every monthly anniversary since the Vesting Commencement Date (i.e., January 30, 2022), and thereafter, subject to the Reporting Person's continued service with the Issuer through each applicable vesting date. The remaining unearned amount of this grant (i.e., 4,047 PRSUs) may vest upon certification by the Issuer's compensation committee of achievement of certain Issuer stock price conditions as of January 30, 2026.

Remarks:

	/s/ Gary Holland, Attorney-in-Fact	09/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Ken C. Hicks report on Form 4 for ASO?

He was credited with 1,244 RSUs (award) on 09/30/2025 and sold 588 shares of common stock the same day at $50.71.

How many ASO shares does Ken C. Hicks beneficially own after the reported transactions?

449,196 shares of common stock are reported as beneficially owned following the sale.

What are the vesting terms for the RSUs and PRSUs disclosed?

RSUs convert one-for-one to common stock. The March 30, 2022 PRSUs had 59,713 deemed earned and vest monthly; 4,047 PRSUs remain contingent on stock-price certification as of January 30, 2026.

Under which plan were the RSUs granted?

The RSUs were granted under the Company's 2020 Omnibus Incentive Plan.

Who signed the Form 4 filing for Ken C. Hicks?

/s/ Gary Holland, Attorney-in-Fact signed the Form 4 on behalf of the reporting person on 09/30/2025.