Form 4: Berkshire Hills Bancorp SEVP R David Rosato Reports Stock Award Vesting
SEC Form 4 Filing
R David Rosato, SEVP and CFO of Berkshire Hills Bancorp, reports the vesting of stock awards and subsequent changes in beneficial ownership.
Summary
- R David Rosato, the SEVP and Chief Financial Officer of Berkshire Hills Bancorp Inc., filed a Form 4 detailing changes in beneficial ownership.
- On April 1, 2024, 815 shares of common stock were disposed of at a price of $22.25.
- These shares were related to the vesting of stock awards.
- Following the transaction, Rosato directly owns 1,845 shares of common stock.
- Rosato also indirectly owns 5,321 shares through Stock Award I and 6,348 shares through Stock Award II.
- 2,660 shares previously held through Stock Award I have vested and are now owned directly since the last report.
Sentiment
Score: 6
Explanation: The document is a routine regulatory filing detailing stock transactions related to executive compensation. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.
Positives
- The vesting of stock awards indicates that performance milestones may have been met.
Future Outlook
The document does not contain specific forward-looking statements beyond the vesting schedules of the stock awards.
Industry Context
This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies. It provides transparency into the equity holdings of key executives.
Comparison to Industry Standards
- Executive compensation packages including stock awards are common in the banking industry.
- Vesting schedules, such as the three-year annual installments described, are standard practice to incentivize long-term performance.
- Comparable companies like People's United Financial (now part of M&T Bank) and Eastern Bankshares also utilize equity compensation as part of their executive pay structure.
Stakeholder Impact
- The vesting of stock awards aligns executive interests with those of shareholders.
Key Dates
| Date | Description |
|---|---|
| 04/01/2024 | Date of transaction (stock disposal due to vesting) |
| 04/01/2024 | First vesting date for Stock Awards granted pursuant to the Berkshire Hills Bancorp, Inc. 2022 Equity Compensation Plan |
| 01/30/2025 | First vesting date for Stock Awards II granted pursuant to the Berkshire Hills Bancorp, Inc. 2022 Equity Compensation Plan |
| 04/03/2024 | Date of Form 4 filing |
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