Form 4: Sandy Spring Bancorp Executive Reports Stock Transactions
SEC Form 4 Filing
Gary John Fernandes, EVP and Chief Human Resources Officer of Sandy Spring Bancorp, reports transactions involving common stock and restricted stock units.
Summary
- Gary John Fernandes, an executive at Sandy Spring Bancorp, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- On April 1, 2024, 941 shares of common stock were withheld for tax obligations related to vested restricted stock at a price of $23.18 per share.
- Fernandes also holds 1,905.9394 shares purchased through the Employee Stock Purchase Plan.
- He also holds restricted stock and restricted stock units that vest over several years, from 2021 to 2027.
Sentiment
Score: 5
Explanation: This is a neutral regulatory filing, reflecting standard executive compensation and stock transactions.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders and their holdings in the company.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive stock ownership.
Key Dates
| Date | Description |
|---|---|
| 04/01/2021 | Start date for vesting of restricted stock awarded under the 2015 Omnibus Incentive Plan, vesting annually for five years. |
| 04/01/2023 | Start date for ratable vesting of restricted stock units awarded under the 2015 Omnibus Incentive Plan, vesting on April 1, 2023, April 1, 2024, and April 1, 2025. |
| 04/01/2024 | Date of the reported transaction where 941 shares were withheld for tax obligations and start date for ratable vesting of restricted stock units awarded under the 2015 Omnibus Incentive Plan, vesting on April 1, 2024, April 1, 2025, and April 1, 2026. |
| 04/01/2025 | Date for ratable vesting of restricted stock units awarded under the 2015 Omnibus Incentive Plan, vesting on April 1, 2025, April 1, 2026, and April 1, 2027. |
| 04/01/2026 | Date for ratable vesting of restricted stock units awarded under the 2015 Omnibus Incentive Plan, vesting on April 1, 2026, and April 1, 2027. |
| 04/01/2027 | Final date for ratable vesting of restricted stock units awarded under the 2015 Omnibus Incentive Plan. |
| 04/02/2024 | Date of signature for the Form 4 filing. |
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