Form 4: Waterstone Financial CFO Mark Gerke Reports Stock Vesting and Tax Withholding
SEC Form 4 Filing
Mark Gerke, CFO of Waterstone Financial, reports the vesting of restricted stock and shares withheld for taxes on March 6, 2024.
Summary
- On March 6, 2024, Mark Gerke, CFO of Waterstone Financial, had 1,568 shares of restricted stock vest.
- These shares were granted on March 6, 2021, and vested after three years, subject to performance criteria.
- Additionally, 559 shares were disposed of to cover tax obligations at a price of $12.15 per share.
- Following these transactions, Gerke directly owns 28,072 shares of Waterstone Financial common stock.
- He also indirectly owns 32,604 shares through an ESOP and 1,761 shares through a 401(k).
- Gerke also holds options to purchase 5,000 shares at $12.75 and 10,000 shares at $14.98.
Sentiment
Score: 6
Explanation: The document is neutral, reporting routine transactions related to executive compensation. There are no indications of significant positive or negative events.
Positives
- The vesting of restricted stock indicates that performance criteria were met, which could be viewed positively.
Negatives
- The disposal of shares to cover tax obligations, while standard, slightly reduces Gerke's direct holdings.
Risks
- There are no specific risks mentioned in this document.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing is typical for executives receiving and managing their equity compensation.
Comparison to Industry Standards
- Equity compensation is a common practice among publicly traded companies to align the interests of executives with those of shareholders.
- Vesting schedules, such as the three-year cliff vesting mentioned, are standard in the industry to incentivize long-term performance.
- Companies like JPMorgan Chase & Co. and Bank of America also use similar equity compensation plans for their executives.
Stakeholder Impact
- The vesting of restricted stock and tax withholding have a minimal direct impact on shareholders, employees, customers, suppliers, and creditors.
Key Dates
| Date | Description |
|---|---|
| 03/04/2016 | Date of Stock Options grant with exercise price of $12.75 |
| 06/21/2016 | Date of Stock Options grant with exercise price of $14.98 |
| 03/06/2021 | Date of grant of 1,807 shares of restricted stock subject to a three-year cliff vesting schedule and subject to the satisfaction of certain performance criteria. |
| 03/06/2024 | Date of vesting of 1,568 shares of restricted stock and tax withholding. |
| 03/08/2024 | Date of signature on the Form 4 filing. |
| 03/04/2025 | Expiration date of Stock Options grant with exercise price of $12.75 |
| 06/21/2025 | Expiration date of Stock Options grant with exercise price of $14.98 |
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