Form 4: First Internet Bancorp Executive Receives Stock Awards and Increases Holdings

Nicole S. Lorch, President & COO of First Internet Bancorp, received 4,508 restricted stock units and increased her holdings through employee and dividend reinvestment plans.

Summary

• Nicole S. Lorch, the President and COO of First Internet Bancorp, has reported changes in her beneficial ownership of the company's stock.
• On January 6, 2025, Ms. Lorch was granted 4,508 restricted stock units (RSUs) under the company's 2022 Equity Incentive Plan.
• These RSUs are scheduled to vest in equal annual installments on January 31, 2026, January 31, 2027, and January 31, 2028.
• Ms. Lorch also acquired 95 shares through the Employee Stock Purchase Plan between December 29, 2023, and December 31, 2024.
• Additionally, she acquired 326 shares through the Dividend Reinvestment and Stock Purchase Plan between January 18, 2024, and October 16, 2024.
• Following these transactions, Ms. Lorch's total beneficial ownership of First Internet Bancorp stock is 67,667 shares.

Sentiment

Score: 7

Explanation: The document reflects a positive sentiment due to the executive's increased stake in the company and the use of equity-based compensation, which is generally viewed favorably. There are no negative aspects to the document.

Positives

• The grant of RSUs to a key executive like the President & COO signals confidence in the company's future performance.
• The vesting schedule of the RSUs encourages long-term commitment from the executive.
• The executive's participation in the Employee Stock Purchase Plan and Dividend Reinvestment Plan demonstrates alignment with shareholder interests.

Industry Context

This filing is a routine disclosure of changes in beneficial ownership by a company executive, which is common in the financial services industry. It reflects standard practices for executive compensation and stock ownership.

Comparison to Industry Standards

• The use of restricted stock units as part of executive compensation is a common practice among publicly traded companies, including those in the financial sector.
• Many financial institutions use similar vesting schedules for RSUs, typically over a three to five year period.
• Employee stock purchase plans and dividend reinvestment plans are also standard offerings to encourage employee ownership and alignment with shareholder interests.

Stakeholder Impact

• The increased ownership by a key executive may be viewed positively by shareholders, indicating confidence in the company's future.
• Employees may be encouraged by the executive's participation in stock purchase plans.

Key Dates

Keywords

insider trading, beneficial ownership, restricted stock units, equity incentive plan, employee stock purchase plan, dividend reinvestment plan, First Internet Bancorp, INBK, executive compensation