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Warner Music Group (WMG) director Noreena Hertz receives 38-share equity award

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Warner Music Group Corp. director Noreena Hertz reported an acquisition of 38 shares of Class A common stock on June 2, 2026. These shares were granted at $0.00 per share as part of compensation, reflecting dividend equivalent rights accrued on outstanding restricted stock units.

Following this grant, Hertz directly holds 32,277 shares of Warner Music Group Class A common stock, including restricted stock units. The transaction is a routine equity award rather than an open-market purchase or sale.

Positive

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Negative

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Insider Hertz Noreena
Role null
Type Security Shares Price Value
Grant/Award Class A Common Stock 38 $0.00 --
Holdings After Transaction: Class A Common Stock — 32,277 shares (Direct, null)
Footnotes (1)
  1. Reflects dividend equivalent rights accrued on outstanding restricted stock units. Includes restricted stock units.
Shares granted 38 shares Class A common stock grant on June 2, 2026
Grant price $0.00 per share Compensation-related stock grant, not a market purchase
Total holdings after 32,277 shares Direct Class A holdings including restricted stock units
Transaction type Grant, award, or other acquisition Form 4 code A, non-derivative acquisition
Direction Acquire Transaction classified as acquisition, not a sale
restricted stock units financial
"Includes restricted stock units."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
dividend equivalent rights financial
"Reflects dividend equivalent rights accrued on outstanding restricted stock units."
Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.
Class A Common Stock financial
"security_title": "Class A Common Stock""
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.
Form 4 regulatory
"INSIDER FILING DATA (Form 4):"
Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Hertz Noreena
(Last)(First)(Middle)
C/O WARNER MUSIC GROUP CORP.
1633 BROADWAY
(Street)
NEW YORK NEW YORK 10019
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Warner Music Group Corp. [ WMG ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/02/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Class A Common Stock06/02/2026A38(1)A$032,277(2)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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Reflects dividend equivalent rights accrued on outstanding restricted stock units.
2. Includes restricted stock units.
/s/ Trent N. Tappe, as Attorney-In-Fact06/04/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Warner Music Group (WMG) director Noreena Hertz report?

Noreena Hertz reported receiving 38 shares of Warner Music Group Class A common stock. The shares were granted at $0.00 per share as a compensation-related award tied to dividend equivalent rights on existing restricted stock units, not an open-market purchase.

Was the Warner Music Group (WMG) insider transaction a stock purchase or a compensation grant?

The transaction was a compensation-related grant, not a market purchase. Hertz acquired 38 Class A shares at $0.00 per share as dividend equivalent rights on outstanding restricted stock units, which increase her equity-based compensation position with Warner Music Group.

How many Warner Music Group (WMG) shares does Noreena Hertz hold after this Form 4 transaction?

After the transaction, Noreena Hertz directly holds 32,277 shares of Warner Music Group Class A common stock. This total includes restricted stock units, reflecting both previously awarded equity and the newly credited 38-share grant reported in this Form 4.

What does the $0.00 price on the Warner Music Group (WMG) Form 4 transaction mean?

The $0.00 per-share price indicates the 38 shares were granted, not bought. They represent dividend equivalent rights accrued on outstanding restricted stock units, so Hertz did not pay cash to acquire them; they were issued as part of her compensation package.

Are restricted stock units included in Noreena Hertz’s reported Warner Music Group (WMG) holdings?

Yes. The filing states that her 32,277-share total includes restricted stock units. RSUs are promises of future shares that typically vest over time, and here also generate dividend equivalent rights that can be settled in additional shares like the 38-share grant.