Form 4: Quaint Oak Bancorp Executive William Gonzalez Reports Changes in Beneficial Ownership
SEC Form 4
William Gonzalez, President and COO of Quaint Oak Bancorp, reports a disposition of shares to cover tax obligations and updates on stock options and shares held through 401(k) and ESOP plans.
Summary
- William Gonzalez, President and COO of Quaint Oak Bancorp, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- On May 10, 2024, Gonzalez disposed of 331 shares of common stock at $10.1 per share to meet tax obligations related to a stock benefit plan distribution.
- As of the report, Gonzalez directly owns 14,662 shares of common stock, including 3,600 unvested shares granted under the 2023 Stock Incentive Plan.
- Gonzalez also indirectly owns 12,834.824 shares through the company's 401(k) plan and 11,723.9301 shares through the ESOP, with an additional 1,010.3599 shares held by his spouse through the ESOP.
- Gonzalez holds options to buy 11,220 shares at $13.3, which vested at 20% per year starting May 9, 2019, and options to buy 15,000 shares at $18, vesting at 20% per year starting May 10, 2024.
Sentiment
Score: 7
Explanation: The document is a routine regulatory filing, indicating standard executive compensation and stock management practices. It doesn't contain any alarming or negative information.
Positives
- The report provides transparency into the executive's holdings and transactions.
- The vesting of stock options and grants aligns the executive's interests with the company's long-term performance.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive stock ownership.
- The vesting of stock options aligns executive interests with shareholder value.
Key Dates
| Date | Description |
|---|---|
| 05/09/2019 | Commencement of vesting for stock options at $13.3 per share at a rate of 20% per year |
| 05/09/2023 | Date of stock option grant with an exercise price of $13.3 |
| 05/10/2024 | Date of transaction where 331 shares were disposed of to cover tax obligations. |
| 05/10/2024 | Commencement of vesting for stock options at $18 per share at a rate of 20% per year |
| 05/10/2033 | Expiration date of stock options with an exercise price of $18 |
| 06/06/2024 | Date of report for shares acquired in the Issuer's 401(k) Plan since the last filed Form 4. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.