Form 4: Tompkins Financial Corp Director's Holdings Updated Following Passing

A Form 4 filing reveals changes in beneficial ownership of Tompkins Financial Corp stock following the passing of director Alfred J. Weber.

Summary

• This document is a Form 4 filing, which reports changes in beneficial ownership of securities.
• The filing is for Alfred J. Weber, a director at Tompkins Financial Corporation.
• The report indicates that Mr. Weber passed away on November 19, 2024, and is no longer considered an insider.
• The filing shows Mr. Weber beneficially owned 14,689.973 shares of common stock directly.
• Additionally, he held 4,231.117 shares of phantom stock, which are economically equivalent to common stock, held in a rabbi trust.
• These phantom stock shares are part of a deferred compensation plan and will be distributed upon certain events.
• Mr. Weber had no voting or investment power over the phantom stock prior to distribution.

Sentiment

Score: 5

Explanation: The document is a neutral regulatory filing reporting a change in ownership due to a director's passing. It does not contain any positive or negative financial news.

Industry Context

This filing is a standard regulatory disclosure following a change in beneficial ownership due to the passing of a company director. It is a routine process for publicly traded companies.

Comparison to Industry Standards

• Form 4 filings are a standard requirement for all publicly traded companies in the United States.
• The reporting of changes in beneficial ownership by directors and officers is a common practice.
• The use of phantom stock as a form of deferred compensation is also a common practice in the financial industry.

Stakeholder Impact

• The passing of a director may have a minor impact on stakeholder sentiment, but this filing is primarily a regulatory requirement.
• The change in ownership is not expected to have a significant impact on the company's operations or financial performance.

Key Dates

Keywords

Form 4, Beneficial Ownership, Tompkins Financial Corp, Director, Stock, Phantom Stock, Deferred Compensation, Rabbi Trust