Form 4: Dime Community Bancshares Director Receives Stock Award
Statement of Changes in Beneficial Ownership
Dime Community Bancshares director Kevin Stein was granted 1,865 shares of common stock as a restricted stock award, vesting on January 2, 2027.
Summary
- Director Kevin Stein of Dime Community Bancshares, Inc. was granted 1,865 shares of common stock.
- This transaction is a restricted stock award with a price of $0.00 per share.
- The award is scheduled to cliff vest on January 2, 2027, which is the one-year anniversary of the grant date.
- Following this transaction, Kevin Stein will beneficially own 6,724 shares directly, 1,296 shares indirectly through an IRA, and 23,264 shares indirectly through The Kevin Stein Rev Living Trust U/A 4/30/19.
Sentiment
Score: 7
Explanation: The grant of restricted stock to a director is generally a positive event for the individual, aligning their interests with the company's performance. It's a routine compensation disclosure rather than a significant operational or financial announcement.
Positives
- Director Kevin Stein received a restricted stock award of 1,865 shares, aligning his interests with shareholders.
Future Outlook
The restricted stock award is scheduled to cliff vest on January 2, 2027, which is one year from the grant date.
Industry Context
This filing reflects a standard practice of executive and director compensation within the financial services industry, where equity awards are often used to align management interests with long-term shareholder value.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Power of Attorney Grant | Kevin Stein granted a Limited Power of Attorney to Megan Hickey, Marc Levy, Jeffrey Cass, and Edward A. Quint to handle his Section 16 reporting obligations (Forms ID, 3, 4, and 5) for Dime Community Bancshares, Inc. securities. | 2022-12-23 | Streamlines compliance with SEC reporting requirements for insider transactions, ensuring timely and accurate filings on behalf of the director. |
Related Party Transactions
- The restricted stock award to Director Kevin Stein is a transaction between the company and a related party (director) as part of his compensation.
Stakeholder Impact
- Shareholders: Minor dilution from the issuance of new shares for the award, but also potential for increased alignment of director's interests with long-term shareholder value.
- Director (Kevin Stein): Receives additional equity compensation, increasing his stake in the company.
Next Steps
- The restricted stock award will cliff vest on January 2, 2027.
Key Dates
| Date | Description |
|---|---|
| 2022-12-23 | Date Kevin Stein executed the Limited Power of Attorney for Section 16 reporting obligations. |
| 2026-01-02 | Date of the restricted stock award grant to Kevin Stein. |
| 2026-01-05 | Date the Form 4 was signed by the attorney-in-fact. |
| 2027-01-02 | Expected vesting date for the restricted stock award (one-year anniversary of grant). |
Keywords
Dime Community Bancshares, DCOM, Kevin Stein, Restricted Stock Award, Form 4, Insider Transaction, Director Compensation, Equity Grant
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