Form 4: Pathfinder Bancorp Director Exercises Stock Options
Insider Transaction Report
Pathfinder Bancorp Director William A. Barclay exercised 4,500 stock options at $11.35 per share, increasing his direct common stock holdings.
Summary
- William A. Barclay, a Director of Pathfinder Bancorp, Inc. (PBHC), exercised 4,500 stock options.
- The transaction occurred on November 20, 2025, at an exercise price of $11.35 per share.
- This transaction was made pursuant to a Rule 10b5-1(c) plan.
- Following the exercise, Mr. Barclay directly holds 28,774 shares of common stock.
- He also indirectly beneficially owns 4,294 shares as custodian for children and 57,682 shares via Power of Attorney for parents.
- The stock options, originally exercisable from May 6, 2017, and expiring on May 6, 2026, are now fully exercised, resulting in 0 derivative securities beneficially owned.
Sentiment
Score: 6
Explanation: Slightly positive. The exercise of options and increase in direct holdings by a director generally signals confidence in the company, although it's a pre-planned event under a 10b5-1 plan.
Positives
- A company director increased their direct ownership of common stock, signaling confidence in the company's future.
- The transaction was executed under a Rule 10b5-1 plan, indicating a pre-planned and systematic approach to insider trading compliance.
Future Outlook
The transaction was executed under a Rule 10b5-1 plan, indicating a pre-arranged schedule for the purchase or sale of equity securities, which may involve future transactions not detailed in this specific filing.
Industry Context
This insider transaction is a routine disclosure for publicly traded companies, reflecting a director's pre-planned exercise of stock options. It does not inherently indicate broader industry trends but provides insight into individual executive compensation and equity management strategies within the financial services sector.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Insider Trading Policy | The transaction was conducted under a Rule 10b5-1(c) plan, which is a pre-arranged trading plan designed to comply with insider trading laws. | 11/20/2025 | Enhances transparency and provides an affirmative defense against insider trading allegations for the reporting person. |
Stakeholder Impact
- Shareholders: The director's increased direct ownership may be viewed as a positive signal of management's belief in the company's value.
Key Dates
| Date | Description |
|---|---|
| 05/06/2017 | Date stock options became exercisable. |
| 11/20/2025 | Date of stock option exercise and common stock acquisition. |
| 11/21/2025 | Date the Form 4 was signed. |
| 05/06/2026 | Expiration date of the stock options. |
Keywords
Pathfinder Bancorp, PBHC, Insider Trading, Form 4, Stock Options, Director, Equity, Beneficial Ownership, Rule 10b5-1
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