Form 4: Old Second Bancorp CEO James Eccher Reports Changes in Beneficial Ownership
SEC Form 4 Filing
James Eccher, Chairman and CEO of Old Second Bancorp, reports changes in beneficial ownership of company stock due to profit sharing and 401(k) plan allocations.
Summary
- James Eccher, the Chairman and CEO of Old Second Bancorp, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- The changes are primarily due to allocations of Old Second Bancorp common stock through the company's Profit Sharing Plan and Trust, as well as the Employee Salary and Savings Plan (401-K).
- In the first quarter of 2024, 23 shares were allocated through the Profit Sharing Plan and 403 shares through the 401-K.
- In the second quarter of 2024, 22 shares were allocated through the Profit Sharing Plan and 149 shares through the 401-K.
- Eccher directly owns 289,407 shares of Old Second Bancorp common stock, including 148 shares held jointly with his spouse and 289,259 shares held in a brokerage account.
- He also holds 161,680 Restricted Stock Units.
Sentiment
Score: 6
Explanation: The document is a routine regulatory filing, indicating standard compensation practices. Sentiment is neutral to slightly positive as it reflects ongoing investment in the company by its CEO.
Positives
- The report indicates ongoing participation in company benefit plans, which can be seen as a positive sign of management's alignment with shareholder interests.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities and ownership positions of company insiders. This filing is typical for executives receiving stock through compensation plans.
Comparison to Industry Standards
- Executive compensation packages often include stock and stock options to align management's interests with those of shareholders.
- Many financial institutions offer profit sharing and 401(k) plans as part of their employee benefits programs, similar to Old Second Bancorp.
- Tracking insider ownership is a common practice among investors to gauge management's confidence in the company's future prospects.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive compensation and ownership.
Key Dates
| Date | Description |
|---|---|
| 03/31/2024 | Date of first quarter profit sharing and 401-K allocations. |
| 06/30/2024 | Date of second quarter profit sharing and 401-K allocations. |
| 07/02/2024 | Date of Form 4 filing. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.