Form 4: ConnectOne Bancorp Chairman & CEO Frank Sorrentino III Reports Stock Transactions

Frank Sorrentino III, Chairman & CEO of ConnectOne Bancorp, reports acquisition of deferred stock units and disposals for tax withholding.

Summary

• Frank Sorrentino III, Chairman & CEO of ConnectOne Bancorp, reported transactions involving ConnectOne Bancorp, Inc. [CNOB] common stock.
• On March 22, 2024, Sorrentino acquired 28,761 shares of common stock through a grant of deferred stock units.
• These units vest over a three-year period: 1/3 on 3/22/25, 1/3 on 3/22/26, and the final 1/3 on 3/22/27.
• Sorrentino disposed of 4,085 shares on March 23, 2024, at $19.01 per share and 4,528 shares on March 25, 2024, at $18.98 per share for tax withholding purposes related to vesting deferred stock units.
• Following these transactions, Sorrentino directly owns 580,528 shares of common stock and indirectly owns 416 shares through an IRA for his spouse and 236,773 shares held in a trust for the benefit of his spouse.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The document primarily reports routine stock transactions related to executive compensation. The grant of deferred stock units is a positive sign, aligning management's interests with shareholders, but the tax withholding disposals are neutral events.

Positives

• The grant of deferred stock units to the CEO aligns his interests with the long-term performance of the company.

Industry Context

This Form 4 filing is a routine disclosure related to executive compensation and stock ownership, common in the banking industry.

Stakeholder Impact

• The grant of deferred stock units aligns the CEO's interests with shareholders, potentially encouraging decisions that benefit long-term shareholder value.

Key Dates