Form 4: Sandy Spring Bancorp Director Kenneth Cook Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Director Kenneth Cook reports a transaction involving the withholding of shares for tax obligations and vesting of restricted stock units.
Summary
- On April 1, 2024, Director Kenneth Cook had shares of restricted stock withheld for tax obligations.
- This transaction involved 295 shares at a price of $23.18.
- Following the transaction, Cook directly owns 6,281.5874 shares of common stock.
- Cook also owns 279,805.0361 shares of common stock.
- Additionally, Cook holds restricted stock units that will vest on April 1, 2023, April 1, 2024, and April 1, 2025 (958 shares).
- Further restricted stock units will vest entirely on May 24, 2024 (2,254 shares).
- Cook also holds options to buy 35,784 shares at $14.77 expiring on May 19, 2025, 7,466 shares at $14.77 expiring on June 16, 2025 and 10,072 shares at $16.2 expiring on February 16, 2026.
Sentiment
Score: 5
Explanation: The document is a neutral regulatory filing detailing insider transactions. It doesn't inherently convey positive or negative sentiment.
Industry Context
This filing is a routine disclosure related to insider transactions and equity compensation, common in the financial services industry.
Comparison to Industry Standards
- Form 4 filings are standard practice for directors and officers of publicly traded companies like Sandy Spring Bancorp.
- The vesting schedules and option grants are typical forms of executive compensation in the banking sector, similar to practices at institutions like Bank of America or JPMorgan Chase.
- The amounts of shares and options are within a normal range for a director of a company of Sandy Spring Bancorp's size.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
- It assures stakeholders that executive compensation is being disclosed in accordance with regulations.
Key Dates
| Date | Description |
|---|---|
| 06/16/2015 | Date of stock options grant with expiration date of 06/16/2025 |
| 04/01/2020 | Date of stock options grant with expiration date of 05/19/2025 |
| 04/01/2020 | Date of stock options grant with expiration date of 02/16/2026 |
| 04/01/2023 | Vesting date of restricted stock units |
| 04/01/2024 | Date of transaction: shares withheld for tax obligations and vesting date of restricted stock units |
| 05/24/2024 | Vesting date of restricted stock units |
| 04/01/2025 | Vesting date of restricted stock units |
| 05/19/2025 | Expiration date of stock options |
| 06/16/2025 | Expiration date of stock options |
| 02/16/2026 | Expiration date of stock options |
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.