Form 4: Northfield Bancorp EVP Robin Lefkowitz Reports Stock Transactions
SEC Form 4 Filing
Robin Lefkowitz, EVP of Northfield Bancorp, reports acquisition of shares through performance-based restricted stock units and disposition of shares to cover tax obligations.
Summary
- Robin Lefkowitz, an EVP at Northfield Bancorp, filed a Form 4 detailing changes in beneficial ownership of the company's stock.
- On February 28, 2024, Lefkowitz acquired 2,900 shares of common stock related to performance-based restricted stock units granted on January 29, 2021, at no cost.
- On the same day, 1,305 shares were disposed of at $9.86 per share to satisfy tax obligations.
- Following these transactions, Lefkowitz directly owns 21,920 shares and indirectly owns 23,773.554 shares through a 401(k) and 30,376.819 shares through an ESOP.
- Lefkowitz also holds stock options for 18,000 shares at an exercise price of $13.13 (expiring 06/11/2024), 10,000 shares at $14.76 (expiring 05/27/2025), and 40,000 shares at $18.44 (expiring 11/16/2026).
Sentiment
Score: 6
Explanation: The sentiment is neutral. The filing reflects routine transactions related to executive compensation and tax obligations, with no indication of significant positive or negative developments.
Positives
- Acquisition of 2,900 shares indicates confidence in the company's performance, as the shares were awarded based on performance-based restricted stock units.
Negatives
- Disposition of 1,305 shares to cover tax obligations, although a common practice, slightly reduces Lefkowitz's direct stake in the company.
Risks
- Fluctuations in the stock price could impact the value of Lefkowitz's holdings and stock options.
- Changes in tax laws could affect the amount of shares needed to be disposed of to cover tax obligations in the future.
Industry Context
Form 4 filings are a routine part of regulatory compliance for corporate insiders and provide transparency into their transactions in company stock. It's common for executives to receive stock-based compensation and subsequently sell shares to cover tax liabilities.
Comparison to Industry Standards
- Executive compensation packages often include stock options and restricted stock units to align management's interests with those of shareholders.
- The exercise prices and expiration dates of the stock options are typical for such grants.
- The practice of withholding shares to cover tax obligations is a standard procedure in executive compensation.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they are related to executive compensation and tax obligations.
Key Dates
| Date | Description |
|---|---|
| 01/29/2021 | Date of grant for Performance-based Restricted Stock Units. |
| 06/11/2015 | Grant date of stock options with exercise price of $13.13. |
| 06/11/2024 | Expiration date of stock options with exercise price of $13.13. |
| 05/27/2016 | Grant date of stock options with exercise price of $14.76. |
| 05/27/2025 | Expiration date of stock options with exercise price of $14.76. |
| 11/16/2017 | Grant date of stock options with exercise price of $18.44. |
| 11/16/2026 | Expiration date of stock options with exercise price of $18.44. |
| 02/28/2024 | Date of stock acquisition and disposition. |
| 03/01/2024 | Date of signature on the Form 4 filing. |
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