QNTO.OQBQuaint Oak Bancorp INC
4/A: CEO Strong Amends SEC Filing, Details Stock Holdings
Sentiment:
Amendment to Beneficial Ownership Statement
Quaint Oak Bancorp CEO Robert T. Strong filed an amended Form 4 to correct a date and include a Power of Attorney, detailing his beneficial ownership and recent equity grants.
Delay expectedThe original Form 4 was filed late due to an inadvertent administrative error.
Summary
- The Form 4/A was filed solely to correct a typographical error in the signature block date from September 10, 2025, to September 9, 2025.
- The amendment also includes a Power of Attorney as Exhibit 24.
- The original Form 4 was filed late due to an inadvertent administrative error, not an error by the reporting person.
- Robert T. Strong was granted 500 shares of common stock on September 5, 2025, under the Issuer's 2023 Stock Incentive Plan, which will vest ratably over five years at 20% per year commencing on September 5, 2026.
- He acquired 2,500 employee stock options on September 5, 2025, with an exercise price of $10.15, vesting at a rate of 20% per year commencing on September 5, 2026, and expiring on September 5, 2035.
- His direct beneficial ownership of common stock totals 203,608 shares, including 2,700 unvested shares from a previous 2023 Stock Incentive Plan grant and 200,408 shares held jointly with his spouse.
- Indirect beneficial ownership includes 22,742 shares held by IRA, 10,548.292 shares held by 401(k) Plan (based on a September 4, 2025 report), and 32,218.4863 shares held by ESOP.
- He holds 15,000 employee stock options with an exercise price of $18, which are vesting at a rate of 20% per year commencing on May 10, 2024, and expire on May 10, 2033.
- He also holds 14,962 employee stock options with an exercise price of $13.3, which vested at a rate of 20% per year commencing on May 9, 2019, were fully vested as of May 9, 2023, and expire on May 9, 2028.
Sentiment
Score: 5
Explanation: Neutral. The filing is an administrative correction and a routine disclosure of insider holdings and grants. The late filing is a minor negative, but the grants are positive for the executive, aligning interests.
Positives
- The CEO received a grant of 500 shares of common stock, aligning his interests with shareholders.
- The CEO was granted 2,500 employee stock options, providing further incentive for long-term performance.
- The inclusion of a Power of Attorney streamlines future SEC compliance filings for the CEO, potentially reducing administrative errors.
Negatives
- The original Form 4 was filed late due to an inadvertent administrative error.
Future Outlook
NA
Management Comments
- The late filing is due to an inadvertent administrative error and not any error of the reporting person.
Industry Context
NA
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Power of Attorney Grant | Robert T. Strong granted a Power of Attorney to the Chief Financial Officer, Corporate Secretary, and Stock Compliance Officer of Quaint Oak Bancorp, Inc. to execute and file Forms 3, 4, and 5 on his behalf. | 2024-07-10 | This change streamlines the process for insider trading compliance filings for the CEO, potentially reducing future administrative errors and ensuring timely disclosures. |
Stakeholder Impact
- Shareholders: Provides transparency regarding the CEO's equity holdings and recent compensation, which generally aligns management's interests with those of shareholders. The administrative error for the late filing is minor.
- Management: The Power of Attorney simplifies the compliance process for the CEO by delegating the execution and filing of required SEC forms.
Next Steps
- Future Forms 3, 4, and 5 for Robert T. Strong will be executed and filed by the designated attorneys-in-fact (Chief Financial Officer, Corporate Secretary, and Stock Compliance Officer).
Key Dates
| Date | Description |
|---|---|
| 2019-05-09 | Commencement of vesting for 14,962 employee stock options at 20% per year. |
| 2023-05-09 | Date when 14,962 employee stock options became fully vested. |
| 2024-05-10 | Commencement of vesting for 15,000 employee stock options at 20% per year. |
| 2024-07-10 | Effective date of the Power of Attorney granted by Robert T. Strong. |
| 2025-09-04 | Date of report used for 401(k) Plan shares calculation. |
| 2025-09-05 | Transaction date for the grant of 500 common shares and 2,500 employee stock options to Robert T. Strong. |
| 2025-09-09 | Corrected signature date for the Form 4/A filing. |
| 2025-09-10 | Original filing date of the Form 4 and the incorrect signature date. |
| 2026-09-05 | Commencement of vesting for 500 common shares and 2,500 employee stock options at 20% per year. |
| 2028-05-09 | Expiration date for 14,962 employee stock options with an exercise price of $13.3. |
| 2033-05-10 | Expiration date for 15,000 employee stock options with an exercise price of $18. |
| 2035-09-05 | Expiration date for 2,500 employee stock options with an exercise price of $10.15. |
Keywords
Quaint Oak Bancorp, QNTO, Robert T. Strong, SEC Form 4/A, Beneficial Ownership, Stock Options, Equity Grant, Insider Trading, CEO, Financial Services, Banking
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