Form 4: Citizens Community Bancorp Executive Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
James S. Broucek, EVP/CFO/Treasurer/Secretary of Citizens Community Bancorp, sold 337 shares of common stock to cover tax obligations related to vesting restricted stock.
Summary
- James S. Broucek, an executive at Citizens Community Bancorp, sold 337 shares of the company's common stock on January 19, 2025.
- The sale was executed at a price of $16.06 per share.
- This transaction was to cover withholding taxes due upon the vesting of previously awarded restricted stock under the company's 2018 Equity Incentive Plan.
- Following the transaction, Mr. Broucek directly owns 19,972 shares and indirectly owns 43,136 shares through his self-directed IRA.
- Mr. Broucek also holds options to purchase 8,000 shares of common stock, which vest over time.
Sentiment
Score: 5
Explanation: The document reflects a routine transaction for tax purposes, with no significant positive or negative implications for the company's performance or outlook.
Industry Context
This is a routine transaction for executives to manage their tax obligations related to equity compensation. It is common for executives to sell shares to cover taxes when restricted stock vests.
Comparison to Industry Standards
- Similar transactions are common among executives at publicly traded companies, particularly in the financial sector.
- Many companies use equity-based compensation, such as restricted stock and stock options, as part of their overall compensation strategy.
- The vesting schedules and tax implications are generally consistent across the industry.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine sale by an executive for tax purposes.
Key Dates
| Date | Description |
|---|---|
| 10/31/2018 | First vesting date for 20% of the common stock options awarded under the 2008 Equity Incentive Plan. |
| 10/31/2019 | Second vesting date for 20% of the common stock options awarded under the 2008 Equity Incentive Plan. |
| 10/31/2020 | Third vesting date for 20% of the common stock options awarded under the 2008 Equity Incentive Plan. |
| 10/31/2021 | Fourth vesting date for 20% of the common stock options awarded under the 2008 Equity Incentive Plan. |
| 10/31/2022 | Final vesting date for 20% of the common stock options awarded under the 2008 Equity Incentive Plan. |
| 01/19/2025 | Date of the stock sale transaction. |
| 01/22/2025 | Date the Form 4 was signed. |
| 10/31/2027 | Expiration date of the common stock options. |
Keywords
Citizens Community Bancorp, CZWI, insider trading, stock sale, executive compensation, equity incentive plan, restricted stock, tax obligations, Form 4
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