Form 4: Sterling Bancorp EVP Karen Knott Receives Restricted Stock Award

Karen Knott, EVP and CFO of Sterling Bancorp, Inc., was granted 46,392 shares of restricted stock on June 24, 2024, under the company's 2020 Omnibus Equity Incentive Plan.

Summary

• On June 24, 2024, Karen Knott, the EVP and CFO of Sterling Bancorp, Inc., received an award of 46,392 shares of restricted stock.
• The award was granted under the Sterling Bancorp, Inc. 2020 Omnibus Equity Incentive Plan.
• The restricted stock will vest in three tranches: 15,309 shares on June 24, 2027, 15,309 shares on June 24, 2028, and 15,774 shares on June 24, 2029.
• Vesting is contingent upon continued service on each vesting date, or earlier upon death, disability, or a change of control, as specified in the Plan.
• Following the transaction, Ms. Knott directly owns 170,982 shares of common stock and indirectly owns 4,492 shares through a 401(k) plan.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, indicating stability and alignment of interests. The sentiment is neutral to positive.

Positives

• The grant of restricted stock aligns Ms. Knott's interests with those of the shareholders, incentivizing her to contribute to the long-term success of Sterling Bancorp, Inc.
• The vesting schedule encourages continued service and commitment to the company over the next several years.

Risks

• The vesting of the restricted stock is contingent upon continued service, and Ms. Knott's departure from the company would result in forfeiture of unvested shares.
• A change of control could accelerate the vesting of the shares, potentially leading to dilution for existing shareholders.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting schedule of the restricted stock.

Industry Context

Granting restricted stock is a common practice in the financial industry to incentivize and retain key executives. The vesting schedule is designed to align executive compensation with long-term company performance.

Stakeholder Impact

• Shareholders may view the restricted stock award positively as it incentivizes the CFO to contribute to the company's long-term success.
• Employees may see the award as a sign of the company's commitment to its leadership team.

Key Dates