Form 4: Pathfinder Bancorp Director Exercises Stock Options
Insider Transaction Report
Pathfinder Bancorp Director Adam C. Gagas reported the exercise of stock options and changes in his beneficial ownership of common stock.
Summary
- Adam C. Gagas, a Director of Pathfinder Bancorp, Inc. (PBHC), reported a transaction involving the company's common stock.
- On August 28, 2025, Gagas acquired 3,116 shares of common stock through the exercise of stock options at a price of $11.09 per share.
- Following this transaction, Gagas directly beneficially owns 26,801 shares of common stock.
- Additionally, Gagas indirectly beneficially owns 15,800 shares through an IRA and 149,664 shares through a Power of Attorney (POA).
- Gagas also holds 8,787 unexercised stock options with an exercise price of $11.35, exercisable from May 6, 2017, and expiring on May 6, 2026.
Sentiment
Score: 5
Explanation: This is a neutral, factual report of an insider transaction. While an insider acquiring shares can be a minor positive signal, the filing itself does not contain information that significantly alters the company's fundamental outlook or sentiment.
Positives
- A director acquired additional shares of common stock through option exercise, which can be interpreted as a signal of confidence in the company's future prospects.
- The exercise price of $11.09 for the acquired shares is a specific, known value for the transaction.
Related Party Transactions
- The transaction involves Adam C. Gagas, a Director of Pathfinder Bancorp, Inc., exercising stock options to acquire company common stock, which is a standard related-party transaction for insider reporting.
Stakeholder Impact
- Shareholders: The transaction results in a slight increase in the number of outstanding shares and provides transparency into insider holdings and activity, which can be a minor signal of management confidence.
Key Dates
| Date | Description |
|---|---|
| 11/02/2016 | Date exercisable for 3,116 stock options that were subsequently exercised. |
| 05/06/2017 | Date exercisable for 8,787 stock options. |
| 08/28/2025 | Date of transaction, where 3,116 stock options were exercised. |
| 08/29/2025 | Date the Form 4 was signed by James A. Dowd as POA for Adam C. Gagas. |
| 11/02/2025 | Expiration date for the 3,116 stock options that were exercised. |
| 05/06/2026 | Expiration date for 8,787 stock options. |
Recommendation
holdThis Form 4 filing reports a routine insider transaction, specifically the exercise of stock options by a director. While the exercise of options can be a minor signal of confidence, it does not provide sufficient fundamental or strategic information to warrant a change in investment recommendation. Investors should consider this as a standard disclosure rather than a primary driver for investment decisions.
Keywords
Pathfinder Bancorp, PBHC, Adam C. Gagas, Insider Transaction, Stock Options, Beneficial Ownership, Form 4
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