Form 4: Western New England Bancorp CEO James Hagan Acquires Shares and Satisfies Tax Obligations

James Hagan, President and CEO of Western New England Bancorp, acquired shares through a long-term incentive plan and surrendered shares to cover tax obligations.

Summary

• On March 5, 2024, James C. Hagan, President and CEO of Western New England Bancorp, Inc., acquired 14,715 shares of common stock at a price of $8.29 per share.
• These shares were issued under the company's 2021 Long-Term Incentive Plan, based on the company's performance over a three-year period.
• On the same day, Hagan surrendered 4,318 shares of common stock at $8.29 to satisfy tax withholding obligations related to the incentive plan award.
• Following these transactions, Hagan directly owns 217,152 shares of common stock.
• Hagan also indirectly owns 44,552 shares through an ESOP and 12,230 shares through a 401(k) plan.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The CEO's acquisition of shares through an incentive plan is a positive sign, while the sale for tax obligations is a standard procedure.

Positives

• The acquisition of shares by the CEO demonstrates confidence in the company's performance and future prospects.

Negatives

• The sale of shares to cover tax obligations could be perceived as a minor negative, although it's a common practice.

Industry Context

Form 4 filings are standard practice and provide transparency into the transactions of company insiders, allowing investors to track ownership changes and potential alignment of interests.

Stakeholder Impact

• The transactions provide transparency to shareholders regarding insider ownership.

Key Dates