Form 4: First of Long Island Corp Executive Vice President Michael J. Spolarich Reports Stock Transactions

Michael J. Spolarich, EVP and Chief Credit Officer of First of Long Island Corp, reports the vesting and subsequent disposal of shares to cover tax obligations.

Summary

• Michael J. Spolarich, an Executive Vice President and Chief Credit Officer at First of Long Island Corp (FLIC), filed a Form 4 detailing changes in beneficial ownership.
• On April 15, 2024, 500 shares of common stock vested from restricted stock units.
• Also on April 15, 2024, 181 shares were disposed of at a price of $10.17 to cover tax obligations.
• Following these transactions, Spolarich directly owns 7,340 shares of First of Long Island Corp.
• He also owns 500 restricted stock units.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing stock transactions, with no inherent positive or negative sentiment.

Industry Context

Executive stock transactions are a routine part of corporate governance and are closely watched by investors for insights into management's perspective on the company's performance and future prospects.

Comparison to Industry Standards

• Executive compensation packages, including restricted stock units, are common in the banking industry.
• Comparable companies like New York Community Bancorp (NYCB) and Dime Community Bancshares (DCOM) also utilize stock-based compensation for their executives.
• The vesting schedules and terms of these grants are typically aligned with industry standards to incentivize long-term performance and retention.

Stakeholder Impact

• The transaction has a minor impact on shareholders as it involves a small number of shares.
• The disposal of shares to cover tax obligations is a standard practice and does not indicate any change in the executive's commitment to the company.

Key Dates