Form 4: Old Second Bancorp Vice Chairman Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Gary S. Collins, Vice Chairman of Old Second Bancorp, reports transactions involving company stock, including acquisition through vesting of restricted stock units and disposal for tax purposes.
Summary
- Gary S. Collins, Vice Chairman of Old Second Bancorp, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- On March 13, 2024, Collins acquired 15,924 shares of Old Second Bancorp common stock through the vesting of performance-based restricted stock units.
- Also on March 13, 2024, 4,665 shares were disposed of at $13.36 per share to cover taxes related to the vesting of these restricted stock units.
- Following these transactions, Collins directly owns 6,594 shares, 11,259 shares of restricted stock, and indirectly owns 92,893.306 shares jointly with a child, 76,768.085 shares in IRAs, and 5,894 shares through a 401-K.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The filing reflects routine transactions related to stock-based compensation and tax obligations. There is no indication of unusual or concerning activity.
Positives
- The vesting of performance-based restricted stock units suggests that the company achieved certain performance goals, which is a positive indicator.
- Collins' continued holding of a significant number of shares demonstrates his ongoing investment in the company.
Negatives
- The disposal of shares to cover taxes indicates a reduction in Collins' direct holdings, although this is a common practice.
Industry Context
Form 4 filings are standard practice and provide transparency into the transactions of company insiders, allowing investors to track ownership changes and potential sentiment.
Stakeholder Impact
- The transactions may have a minor impact on shareholders by slightly diluting the stock, but this is typical with stock-based compensation plans.
- Employees who are granted restricted stock units benefit from the company's performance, as these units vest upon achieving certain goals.
Key Dates
| Date | Description |
|---|---|
| 03/13/2024 | Date of stock acquisition and disposal transactions. |
| 03/15/2024 | Date of signature on the 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.