Form 4: TrustCo Bank Corp NY Director Settles Restricted Stock Units for Cash

Director Steffani Cotugno settled 739 restricted stock units for cash, resulting in a change in beneficial ownership of TrustCo Bank Corp NY stock.

Summary

• Steffani Cotugno, a director at TrustCo Bank Corp NY, settled 739 restricted stock units for cash on November 21, 2024.
• These restricted stock units, which were awarded on November 21, 2023, vested on November 21, 2024 and were settled in cash.
• The settlement resulted in a decrease of 739 shares of common stock held directly by the director.
• The cash settlement price was $36.77 per share.

Sentiment

Score: 5

Explanation: The document reflects a routine transaction related to executive compensation, with no significant positive or negative implications.

Industry Context

This is a routine transaction related to executive compensation and is common in publicly traded companies.

Comparison to Industry Standards

• The vesting and settlement of restricted stock units is a standard practice for executive compensation in the financial industry.
• Many financial institutions use similar equity-based compensation plans to align the interests of management with those of shareholders.
• The specific terms of the vesting schedule and settlement method are typical for this type of award.

Stakeholder Impact

• The transaction has a minor impact on the total number of shares outstanding.
• The settlement of restricted stock units is part of the company's compensation strategy for its directors.

Key Dates

Keywords

restricted stock units, beneficial ownership, director, cash settlement, TrustCo Bank Corp NY, TRST, stock