Form 4: Northfield Bancorp CEO Steven Klein Reports Stock Transactions
SEC Form 4
Steven Klein, Chairman, President, and CEO of Northfield Bancorp, reports acquisition and disposal of company stock on February 28, 2024, according to a Form 4 filing.
Summary
- Steven M. Klein, the Chairman, President, and CEO of Northfield Bancorp, Inc., filed a Form 4 detailing changes in beneficial ownership.
- On February 28, 2024, Klein acquired 8,444 shares of common stock at $0, representing the satisfaction of performance-based restricted stock units granted on January 29, 2021.
- On the same day, Klein disposed of 3,800 shares of common stock at $9.86 to satisfy tax obligations.
- Following these transactions, Klein directly owns 457,782 shares of common stock.
- Klein also indirectly owns 48,602.482 shares through an ESOP and 60,937.9544 shares through a 401(k).
- Klein holds options for 40,000 shares exercisable at $16.89, 124,004 shares exercisable at $13.13 and 135,000 shares exercisable at $14.76.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing primarily reports routine transactions. The acquisition of shares through restricted stock units is mildly positive, while the sale for tax obligations is neutral.
Positives
- The acquisition of shares through performance-based restricted stock units suggests that Klein has met certain performance targets.
Negatives
- The disposal of shares to cover tax obligations could be interpreted as a need for liquidity, although it is a common practice.
Industry Context
Form 4 filings are a routine part of regulatory compliance for corporate insiders and are closely watched by investors for signals about management's view of the company's prospects.
Stakeholder Impact
- The transactions may have a minor impact on shareholder sentiment, depending on how they interpret the insider's actions.
Key Dates
| Date | Description |
|---|---|
| 06/11/2015 | Date of Stock Options with exercise price of $13.13 |
| 05/27/2016 | Date of Stock Options with exercise price of $14.76 |
| 11/01/2018 | Date of Stock Options with exercise price of $16.89 |
| 01/29/2021 | Date of grant for Performance-based Restricted Stock Units. |
| 02/28/2024 | Date of stock acquisition and disposal. |
| 03/01/2024 | Date of signature on the Form 4 filing. |
| 06/11/2024 | Expiration Date of Stock Options with exercise price of $13.13 |
| 05/27/2025 | Expiration Date of Stock Options with exercise price of $14.76 |
| 11/01/2027 | Expiration Date of Stock Options with exercise price of $16.89 |
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