Form 4: Tompkins Financial Corp Executive Charles J. Guarino Reports Stock Disposals for Tax Obligations

Charles J. Guarino, a senior executive at Tompkins Financial Corp, disposed of company stock to cover tax obligations related to vesting restricted stock.

Summary

• Charles J. Guarino, a Senior Vice President and Chief Bank Operations Officer at Tompkins Financial Corp, reported the disposal of company stock.
• The disposals were made on November 9, 2024, to cover tax obligations arising from the vesting of restricted stock.
• A total of 128 shares were disposed of at a price of $73.7 per share.
• Following these transactions, Mr. Guarino directly owns 2,576 shares of common stock.
• He also indirectly owns 949.1333 shares through a 401(k) plan and 309.5067 shares through an ESOP.

Sentiment

Score: 5

Explanation: The document is neutral, reporting a routine transaction related to executive compensation. There is no indication of positive or negative sentiment.

Industry Context

This is a routine filing related to executive compensation and is common for publicly traded companies. It reflects the standard practice of executives selling shares to cover tax liabilities when restricted stock vests.

Comparison to Industry Standards

• The practice of executives selling shares to cover tax obligations is a common occurrence across publicly traded companies.
• Many companies, such as JP Morgan Chase & Co (JPM) and Bank of America Corp (BAC), have executives who regularly file similar Form 4 documents.
• The number of shares disposed of and the price are specific to the individual's compensation package and the company's stock performance.

Stakeholder Impact

• The transaction has a minimal impact on shareholders as it is a routine disposal of shares by an executive for tax purposes.

Key Dates

Keywords

Tompkins Financial Corp, stock disposal, insider trading, Form 4, executive compensation, restricted stock, tax obligations, TMP