Form 4: Sandy Spring Bancorp Executive Vice President Reports Changes in Beneficial Ownership
SEC Form 4
Joseph J. O'Brien Jr., an Executive Vice President at Sandy Spring Bancorp, reported transactions involving common stock, including acquisitions, disposals, and vesting of restricted stock units.
Summary
- On March 13, 2024, Joseph J. O'Brien Jr., an Executive Vice President at Sandy Spring Bancorp, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- The reported transactions include the acquisition of 9,070 shares of common stock at $0, the acquisition of 6,541 shares of common stock at $0 related to performance criteria, and the disposal of 1,970 shares for tax obligations at $22.12 per share.
- Following these transactions, O'Brien directly owns 64,822.6997 shares of common stock and indirectly owns 5,992.5128 shares through a 401(k).
- He also holds restricted stock units that will vest on various dates in the future.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral.
Industry Context
Form 4 filings are a routine part of regulatory compliance for corporate insiders and provide transparency into their transactions in company stock.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
Key Dates
| Date | Description |
|---|---|
| 03/10/2021 | Reporting person was granted shares of restricted stock units subject to certain performance criteria to be achieved January 1, 2021 through December 31, 2023. |
| 04/01/2022 | Restricted stock awarded under 2015 Omnibus Incentive Plan will vest ratably on April 1, 2022, April 1, 2023, and April 1 2024. |
| 04/01/2023 | Restricted stock units awarded under 2015 Omnibus Incentive Plan will vest ratably on April 1, 2023, April 1, 2024, and April 1 2025. |
| 03/13/2024 | Date of earliest transaction reported on Form 4. |
| 03/13/2024 | Result of restricted stock unit award determined and granted. |
| 03/15/2024 | Date of signature on the Form 4 filing. |
| 04/01/2024 | Restricted stock units awarded under 2015 Omnibus Incentive Plan will vest ratably on April 1, 2024, April 1, 2025, and April 1 2026. |
| 04/01/2025 | Restricted stock units awarded under 2015 Omnibus Incentive Plan will vest ratably on April 1, 2025, April 1, 2026, and April 1 2027. |
| 04/01/2026 | Restricted stock units awarded under 2015 Omnibus Incentive Plan will vest ratably on April 1, 2026, and April 1 2027. |
| 04/01/2027 | Restricted stock units awarded under 2015 Omnibus Incentive Plan will vest on April 1, 2027. |
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