Form 4: Provident Bancorp EVP and CFO Kenneth R. Fisher Reports Acquisition of Shares and Stock Options

Kenneth R. Fisher, EVP and CFO of Provident Bancorp, Inc., reports the acquisition of common stock and stock options.

Summary

• Kenneth R. Fisher, the EVP and CFO of Provident Bancorp, Inc., filed a Form 4 detailing changes in beneficial ownership.
• On August 20, 2024, Fisher acquired 12,000 shares of common stock and 8,000 shares of restricted stock.
• Fisher also acquired 20,000 stock options with an exercise price of $11.17.
• Following these transactions, Fisher beneficially owns 25,000 shares of common stock and 20,000 stock options.
• The restricted stock vests at a rate of 20% per year commencing on April 4, 2025, and February 8, 2025, respectively.
• The stock options also vest at a rate of 20% per year commencing on February 8, 2025.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a standard disclosure of stock and option acquisitions by an executive. The vesting schedules suggest a long-term commitment.

Positives

• The acquisition of shares and stock options by a key executive could be interpreted as a sign of confidence in the company's future prospects.

Future Outlook

The vesting schedules for the restricted stock and stock options indicate a long-term incentive plan for the executive.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders. These filings are closely watched by investors to gauge management's sentiment and alignment with shareholder interests.

Comparison to Industry Standards

• Executive compensation packages often include a mix of salary, stock options, and restricted stock to align management's interests with those of shareholders.
• Vesting schedules are common to incentivize long-term performance and retention.
• The specific terms of the stock options and restricted stock grants (e.g., vesting schedule, exercise price) are generally comparable to those offered by similar-sized financial institutions.

Stakeholder Impact

• The acquisition of shares and stock options by the CFO could positively influence shareholder sentiment.

Key Dates