Form 4: Kearny Financial Corp. EVP Patrick Joyce Reports Stock Award and Tax Withholding

Patrick M. Joyce, EVP and CLO of Kearny Financial Corp., reports the acquisition of 9,759 shares of common stock as a restricted stock unit award and the disposition of 3,468 shares for tax withholding.

Summary

• On August 7, 2024, Patrick M. Joyce, EVP and CLO of Kearny Financial Corp., acquired 9,759 shares of common stock as a restricted stock unit award.
• These restricted stock units vest at a rate of 33% per year commencing on August 7, 2025.
• On the same day, Joyce disposed of 3,468 shares of common stock at a price of $6.24 for tax withholding purposes.
• Following these transactions, Joyce directly owns 54,622 shares of common stock.
• Joyce also indirectly owns 61,681 shares through an ESOP, 31,207 shares through a 401(k), and 2,093 shares through a BEP.
• Joyce also owns 150,000 stock options exercisable at $15.35, expiring on December 1, 2026.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It reflects standard compensation practices and tax obligations. There's no indication of significant positive or negative implications.

Positives

• The acquisition of restricted stock units suggests confidence in the company's future performance.

Negatives

• The disposition of shares for tax withholding, while routine, slightly reduces the executive's direct holdings.

Risks

• Vesting of restricted stock units is contingent on continued employment and company performance.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates stock-based compensation and tax-related transactions, which are common practices in publicly traded companies.

Stakeholder Impact

• The transactions have a minor impact on shareholders, reflecting standard executive compensation practices.

Key Dates