Form 4: ConnectOne Bancorp Director Stephen Boswell Receives Restricted Stock Grant

ConnectOne Bancorp, Inc. Director Stephen T. Boswell reported the acquisition of 2,613 shares of restricted common stock, vesting in May 2026, as part of his compensation.

Summary

• Stephen T. Boswell, a Director at ConnectOne Bancorp, Inc. (CNOB), reported changes in his beneficial ownership of company common stock.
• On June 2, 2025, Mr. Boswell was granted 2,613 shares of restricted common stock, which are subject to forfeiture and will vest in full on May 2, 2026.
• Following this transaction, Mr. Boswell's direct beneficial ownership stands at 76,174.455 shares, which includes 1,834.9850 shares acquired through the Company's Dividend Reinvestment & Optional Cash Purchase Plan.
• His indirect beneficial ownership is 274,266.733 shares, including 10,271.4520 shares from the Dividend Reinvestment & Optional Cash Purchase Plan, held by an irrevocable trust for the benefit of his spouse and descendants.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive. The grant of restricted stock to a director is a standard compensation practice that aligns the director's interests with shareholders. It indicates continued commitment from the director and is not indicative of any negative operational or financial news.

Positives

• The grant of restricted stock to a director aligns management's interests with those of shareholders, as the value of the grant is tied to the company's stock performance.
• The acquisition of additional shares through the Dividend Reinvestment & Optional Cash Purchase Plan indicates continued investment by the director in the company.

Risks

• The restricted stock grant is subject to forfeiture, meaning the director may not fully realize the value if certain conditions (e.g., continued employment) are not met before the vesting date.

Future Outlook

The restricted stock grant to Director Stephen T. Boswell is scheduled to vest in full on May 2, 2026, indicating a future increase in his fully vested equity holdings.

Industry Context

This Form 4 filing is a routine disclosure of an insider's equity transaction, specifically a restricted stock grant, which is a common form of executive and director compensation in the banking and financial services industry. It reflects standard corporate governance practices for aligning insider interests with long-term company performance.

Comparison to Industry Standards

• Restricted stock grants are a standard component of director compensation across the financial services sector, including regional banks like ConnectOne Bancorp. The practice is consistent with compensation structures observed in comparable institutions such as Provident Financial Services (PFS), Lakeland Bancorp (LBAI), and OceanFirst Financial Corp. (OCFC).
• The vesting schedule of approximately one year (May 2026 for a June 2025 grant) is a common period for director equity awards, aiming to retain directors and incentivize long-term commitment, similar to practices at other publicly traded banks.

Corporate Governance

Related Party Transactions

• Indirect beneficial ownership of 274,266.733 shares is held by an irrevocable trust for the benefit of the reporting person's spouse and descendants, with the spouse, adult daughter, and an unrelated third person serving as trustees. This represents a related party arrangement for beneficial ownership reporting.

Stakeholder Impact

• Shareholders: The grant of restricted stock to a director can be seen as a positive signal of management alignment with shareholder interests, as the director's compensation is tied to the company's stock performance.
• Employees: No direct impact on general employees is indicated by this specific filing.

Next Steps

• The restricted stock granted to Stephen T. Boswell is expected to vest on May 2, 2026.

Key Dates

Recommendation

Keywords

ConnectOne Bancorp, CNOB, SEC Form 4, Insider Trading, Restricted Stock, Beneficial Ownership, Director Compensation, Equity Grant, Dividend Reinvestment Plan