Form 4: First Internet Bancorp Executive Vice President & CFO Reports Changes in Beneficial Ownership

Kenneth J. Lovik, Executive Vice President & CFO of First Internet Bancorp, reports changes in beneficial ownership of common stock due to tax withholding obligations and employee stock purchase plan acquisitions.

Summary

• Kenneth J. Lovik, the Executive Vice President & CFO of First Internet Bancorp, filed a Form 4 on February 04, 2025, reporting changes in his beneficial ownership of the company's common stock.
• On January 31, 2025, 1,028 shares were forfeited to satisfy tax withholding obligations related to the vesting of restricted stock units at a price of $32.57.
• Between January 15, 2025, and January 31, 2025, Mr. Lovik acquired 25 shares through the First Internet Bancorp Employee Stock Purchase Plan.
• Following these transactions, Mr. Lovik beneficially owns 47,901 shares of First Internet Bancorp common stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral as the filing primarily reflects routine transactions related to tax obligations and employee stock purchase plan participation. There is no indication of significant positive or negative sentiment.

Positives

• The reporting person participates in the First Internet Bancorp Employee Stock Purchase Plan, indicating confidence in the company's future.

Industry Context

Form 4 filings are a routine part of insider trading regulations, providing transparency into the transactions of company executives and directors. This filing indicates activity related to tax obligations and participation in an employee stock purchase plan, which are common occurrences.

Comparison to Industry Standards

• Form 4 filings are standard practice across all publicly traded companies in the United States, ensuring compliance with SEC regulations.
• Companies like JPMorgan Chase & Co. and Bank of America also have executives who regularly file Form 4s to report changes in their ownership positions.
• Employee stock purchase plans are a common benefit offered by many financial institutions, including Citigroup and Wells Fargo, to incentivize employee ownership.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they reflect routine adjustments to the executive's stock holdings.
• Employees participating in the stock purchase plan benefit from the opportunity to acquire company stock.

Key Dates