Form 4: Seacoast Banking Corp Executive Joseph Forlenza Reports Stock Transactions
SEC Form 4 Filing
EVP & CRO of Seacoast Banking Corp, Joseph Forlenza, reports acquisition and disposal of common stock and stock options.
Summary
- Joseph M. Forlenza, EVP & CRO of Seacoast Banking Corporation of Florida, filed a Form 4 detailing changes in beneficial ownership.
- On February 29, 2024, Mr. Forlenza acquired 4,715 shares of common stock related to performance-based restricted stock units (PSUs) granted on April 1, 2021.
- These PSUs vested based on performance criteria achieved over a period ending December 31, 2023, and will fully vest on December 31, 2024, contingent upon continued employment.
- Mr. Forlenza also disposed of 4,496 shares related to an unvested time-based restricted stock award granted on April 1, 2023, 1,220 shares related to an unvested time-based restricted stock award granted on April 1, 2022, and 524 shares related to an unvested time-based restricted stock award granted on April 1, 2021.
- Mr. Forlenza also holds options to buy 12,635 shares of common stock at an exercise price of $31.15, granted on April 2, 2018, which vest in one-third increments annually.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing stock transactions by an executive, indicating neutral sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive compensation and stock ownership.
Key Dates
| Date | Description |
|---|---|
| 04/02/2018 | Stock option granted to Joseph Forlenza. |
| 04/01/2021 | Performance based restricted stock units (PSUs) granted. |
| 04/01/2021 | Time-based restricted stock award granted. |
| 12/31/2023 | End of performance period for PSUs. |
| 02/29/2024 | Shares acquired related to PSUs. |
| 03/04/2024 | Date of Form 4 filing. |
| 04/01/2023 | Time-based restricted stock award granted. |
| 04/01/2022 | Time-based restricted stock award granted. |
| 12/31/2024 | PSUs will fully vest. |
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