Form 4: Sterling Bancorp Executive Eleni Willis Reports Stock Award and Tax Withholding

Eleni Willis, Chief Risk Officer of Sterling Bancorp, reports the acquisition of restricted stock and subsequent disposal of shares for tax obligations.

Summary

• Eleni Willis, Chief Risk Officer of Sterling Bancorp, filed a Form 4 detailing changes in beneficial ownership.
• On May 17, 2024, Willis acquired 14,151 shares of common stock at $5.30 per share as a restricted stock award under the 2020 Omnibus Equity Incentive Plan.
• These shares vest in three tranches: 4,669 shares on May 17, 2025, 4,669 shares on May 17, 2026, and 4,813 shares on May 17, 2027, contingent upon continued service.
• On May 19, 2024, 3,795 shares were disposed of at $5.30 per share to cover tax withholding obligations related to previously vested restricted stock.
• Following these transactions, Willis directly owns 55,152 shares of common stock and indirectly owns 2,050 shares through a 401(k) plan.

Sentiment

Score: 5

Explanation: The document reflects standard executive compensation practices and tax obligations, indicating a neutral sentiment.

Positives

• The grant of restricted stock aligns the executive's interests with those of the shareholders.
• The vesting schedule encourages long-term commitment from the executive.

Future Outlook

The executive's future stock ownership will depend on continued service and the vesting of the restricted stock.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders.

Stakeholder Impact

• Shareholders can monitor insider transactions for insights into management's perspective on the company's stock.

Key Dates