Form 4: Community Bank System EVP Exercises Stock Options, Reports Ownership Changes
SEC Form 4 Filing
Michael N. Abdo, EVP and General Counsel of Community Bank System, Inc., exercised stock options and reported changes in beneficial ownership of company stock.
Summary
- On March 7, 2024, Michael N. Abdo, EVP and General Counsel of Community Bank System, Inc., exercised stock options for 700 shares of common stock at a price of $37.77.
- Following the transaction, Abdo directly owns 3,833 shares of common stock.
- Abdo also indirectly owns 1,597.1419 shares of common stock through a 401(k) plan.
- The stock options exercised were part of an option grant that vested ratably from March 19, 2015, to March 19, 2019.
Sentiment
Score: 5
Explanation: The document is a neutral regulatory filing, so the sentiment is neither positive nor negative.
Industry Context
This filing is a routine disclosure of insider transactions, which are common in publicly traded companies. It provides transparency regarding the ownership of company stock by its executives.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and their executives, ensuring transparency in insider trading.
- Comparable companies in the financial sector, such as KeyCorp or M&T Bank, also regularly file Form 4s when their executives trade company stock.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
- The transaction itself has minimal direct impact on other stakeholders.
Key Dates
| Date | Description |
|---|---|
| 03/19/2015 | First vesting date of the stock options. |
| 03/19/2016 | Second vesting date of the stock options. |
| 03/19/2017 | Third vesting date of the stock options. |
| 03/19/2018 | Fourth vesting date of the stock options. |
| 03/19/2019 | Final vesting date of the stock options. |
| 03/07/2024 | Date of stock option exercise. |
| 03/11/2024 | Date of Form 4 signature. |
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