Gregory J. Heller
About Gregory J. Heller
Executive Vice President, Chief Legal Officer and Secretary of Atlanta Braves Holdings and the Atlanta Braves; age 53. Heller has been with the Braves organization since 2000, overseeing legal matters for baseball operations, Truist Park, and The Battery Atlanta; his employment agreement became effective March 6, 2023 and runs through December 31, 2027 . 2024 incentives paid out at 98% of target off a mix of financial (Adjusted OIBDA), individual goals, and discretionary components; in mid-2025 he also received PSUs tied to three-year revenue CAGR (0–200% payout), adding explicit growth alignment through 2027 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Atlanta Braves Holdings / Atlanta Braves | EVP, Chief Legal Officer & Secretary | 2000–present | Oversees legal for baseball operations, Truist Park, and The Battery Atlanta |
| TBS Sports | Legal Counsel | 2000–2007 | Sports media legal counsel supporting Braves-related assets |
| Private practice (Chicago & Atlanta) | Corporate/media/sports law attorney | Pre-2000 | Built domain expertise in sports/media corporate law |
External Roles
No external directorships or committee roles disclosed in the proxy bio for Heller .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base Salary | $800,000 | Per employment agreement |
| Target Annual Cash Incentive | $400,000 | Target amount for 2024; increases $12,500 annually; equals 50% of 2024 base (derived) |
| All Other Compensation | $45,464 | As reported in SCT |
| Change in Pension Value | $29,548 | As reported in SCT |
| Total Reported Compensation (2024) | $1,817,012 | Salary, stock awards, bonus, pension change, all other comp |
Performance Compensation
2024 Annual Incentive Bonus
| Metric | Weighting | Target | Actual/Payout | Paid ($) | Vesting/Timing |
|---|---|---|---|---|---|
| Financial performance (Adjusted OIBDA) | Not disclosed | Not disclosed | 85% payout component; metric adjusted by $8.5m for a player contract adjustment | Cash | |
| Personal strategic goals | Not disclosed | Not disclosed | 100% payout component | Cash | |
| Qualitative discretionary | Not disclosed | Not disclosed | 150% payout component, reflecting split-off and transition execution | Cash | |
| Total | — | — | 98% of target | $392,000 | Cash paid for 2024 |
Equity Awards and Vesting Activity
- 2024 RSU Grant: 13,750 RSUs granted on 12/4/2024; target grant-date fair value $550,000; share count based on BATRK $40.00 close on grant date .
- Stock Vested in 2024: 22,980 shares vested; value realized $914,144 (includes shares withheld for taxes at holder election) .
- 2025 PSU Grant: 50,000 PSUs granted 6/27/2025; vesting 0–200% based on three-year revenue CAGR for period 1/1/2025–12/31/2027; one-for-one delivery of Series C common stock; continued employment required per plan/award terms .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 205,139 BATRK shares as of Feb 28, 2025; less than 1% of Series C |
| Vested vs. Unvested | Not fully broken out in proxy; 22,980 shares vested during 2024 |
| Options | No option exercises reported for Heller in 2024 |
| Pledging | No pledges disclosed for Heller; company notes no arrangements (including pledges) expected to result in change of control |
| Hedging | Company allows hedging generally, but as of Feb 28, 2025, none of directors/NEOs had hedging arrangements |
| Ownership Guidelines | Executives must hold stock equal to 3x the value of annual performance RSUs; 5 years to comply; annual assessment by Nominating & Governance Committee |
Employment Terms
| Term | Details |
|---|---|
| Agreement Effective / Term | Effective March 6, 2023; term through December 31, 2027 |
| Base Salary | $800,000 for 2024; increases by $25,000 each year thereafter |
| Target Annual Bonus | $400,000 for 2024; increases by $12,500 each year thereafter |
| Annual Equity Awards | Aggregate grant-date fair value target of $1.1 million |
| Severance (Termination Without Cause) | Cash severance $7,125,000; COBRA $28,558; equity acceleration $1,143,654 (as of 12/31/24 scenario) |
| Death/Disability | Equity acceleration $1,143,654; no cash severance |
| Change in Control (no termination) | Equity acceleration $1,143,654; no cash severance (indicates single-trigger equity acceleration) |
| Clawback | Dodd-Frank compliant recovery policy (3-year lookback) plus misconduct-based recoupment; applies to incentive compensation |
| Tax Gross-Ups | Company states no tax gross-ups for perquisites |
Pension and Deferred Benefits
| Plan | Years Credited Service | Present Value of Accumulated Benefit | Payments in Last FY |
|---|---|---|---|
| Non-Uniformed Personnel Pension Plan | 17.58 | $656,482 | — |
Compensation Committee and Advisors
- Compensation Committee members: Chair Wonya Y. Lucas, Brian M. Deevy, Diana M. Murphy; no interlocks or related-party transactions in 2024 .
- Advisors: Committee engaged Alston & Bird LLP (independent counsel) and Willis Towers Watson US LLC for feedback on compensation practices as the company transitions as a new public company .
Investment Implications
- Pay-for-performance alignment improving: 2025 PSU awards introduce explicit three-year revenue CAGR targets with up to 200% payout, extending incentive horizon through 2027 and aligning Heller’s upside with top-line growth during a critical post-split execution window .
- Retention risk appears contained near-term: multi-year contract through 2027, annual equity program ($1.1m target), and meaningful severance economics ($7.1m cash plus benefits in a no-cause termination as of 12/31/24) reduce flight risk but raise termination cost for shareholders .
- Potential selling/withholding flow: 22,980 shares vested in 2024 (with shares withheld for taxes), and additional RSU/PSU vesting could periodically create technical supply; no option exercises in 2024 and no pledging disclosed for Heller .
- Governance considerations: ownership guidelines (3x performance RSUs) and robust clawback are positives; however, the company allows hedging generally (though no NEOs currently hedge), which is looser than many peers and modestly weakens alignment protections .
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