Form 4: Blue Foundry Bancorp CEO James Nesci Reports Changes in Beneficial Ownership
SEC Form 4 Filing
James Nesci, President and CEO of Blue Foundry Bancorp, reports a transaction involving the withholding of shares to cover tax obligations.
Summary
- On March 6, 2024, James Nesci, the President and CEO of Blue Foundry Bancorp, had 8,166 shares of common stock withheld by the issuer to satisfy tax obligations at a price of $8.98 per share.
- Following this transaction, Nesci directly owns 162,969 shares of Blue Foundry Bancorp common stock.
- Nesci also indirectly owns 36,882 shares through an IRA, 8,500 shares through a 401(k), and 4,320 shares through an ESOP.
- Nesci also holds options for 570,450 shares of common stock.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing a transaction related to tax obligations. It doesn't inherently convey positive or negative sentiment.
Industry Context
Form 4 filings are a routine part of regulatory compliance for corporate insiders and provide transparency into their transactions in company stock. This filing indicates activity by the CEO of a publicly traded bank.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and their executives.
- The information provided is consistent with what is expected in such filings, including details of transactions, ownership, and derivative holdings.
- Comparable companies would have similar filings when their executives trade company stock.
Stakeholder Impact
- The transaction may have a minor impact on shareholders due to the change in the CEO's holdings.
- The withholding of shares to cover tax obligations is a standard practice and should not significantly affect employees or other stakeholders.
Key Dates
| Date | Description |
|---|---|
| 10/19/2023 | Date stock options were granted. |
| 03/06/2024 | Date of the transaction where shares were withheld for tax obligations. |
| 03/08/2024 | Date of signature on the Form 4 filing. |
| 10/19/2032 | Expiration date of the stock options. |
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