4/A: Director James J. Clarke Amends Form 4 Filing to Reflect Corrected Transaction Date for Quaint Oak Bancorp Inc. (QNTO)
SEC Filing (Form 4/A)
James J. Clarke, a director of Quaint Oak Bancorp Inc., amended a previous Form 4 filing to correct the transaction date of a recent stock purchase.
Summary
- James J. Clarke, a director of Quaint Oak Bancorp Inc. (QNTO), filed an amended Form 4 with the SEC.
- The amendment corrects the transaction date for a purchase of common stock, changing it to May 17, 2024.
- On May 17, 2024, Clarke acquired 200 shares of common stock at a price of $10.3 per share.
- On May 22, 2024, Clarke acquired 300 shares of common stock at a price of $10.45 per share.
- Following these transactions, Clarke beneficially owns 68,640 shares of Quaint Oak Bancorp Inc. common stock.
- Clarke also holds options to purchase 100 shares at $13.3, which vested at a rate of 20% per year commencing on May 9, 2019, and options to purchase 5,000 shares at $18, vesting at a rate of 20% per year commencing on May 10, 2024.
- The filing also clarifies that some shares are held jointly with Clarke's spouse and includes unvested shares granted under the Issuer's 2023 Stock Incentive Plan.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It's a routine filing correcting a transaction date. The director's stock purchases are a mildly positive signal.
Positives
- The director's continued investment in the company may signal confidence in its future prospects.
Industry Context
Form 4 filings are standard disclosures required by the SEC when insiders of a publicly traded company buy or sell the company's securities. These filings provide transparency into the transactions of company insiders and can be used by investors to gauge management's sentiment about the company's prospects.
Comparison to Industry Standards
- Director ownership is common across the banking industry.
- Comparing Clarke's holdings to those of directors at similar-sized community banks would provide a benchmark for assessing the significance of his stake.
- For example, directors at companies like OceanFirst Financial Corp. or Fulton Financial Corporation typically hold significant equity positions.
Stakeholder Impact
- The director's stock purchases could be viewed positively by shareholders.
Key Dates
| Date | Description |
|---|---|
| 05/09/2019 | Options to purchase 100 shares at $13.3 vested at a rate of 20% per year commencing on this date. |
| 05/09/2023 | Date of stock option grant (Right to Buy) with an exercise price of $13.3. |
| 05/10/2024 | Options to purchase 5,000 shares at $18 vesting at a rate of 20% per year commencing on this date; vesting start date for 2023 Stock Incentive Plan. |
| 05/17/2024 | Corrected transaction date for the purchase of 200 shares of common stock at $10.3 per share. |
| 05/22/2024 | Date of original Form 4 filing; purchase of 300 shares of common stock at $10.45 per share. |
| 05/23/2024 | Date of amended Form 4/A filing. |
| 05/09/2028 | Expiration date for stock options (Right to Buy) with an exercise price of $13.3. |
| 05/10/2033 | Expiration date for stock options (Right to Buy) with an exercise price of $18. |
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