Form 4: Western New England Bancorp SVP Leo Sagan Jr. Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Leo Sagan Jr., SVP & Chief Risk Officer of Western New England Bancorp, reports changes in beneficial ownership due to tax withholding obligations and vesting of restricted stock.
Summary
- Leo Sagan Jr., SVP & Chief Risk Officer of Western New England Bancorp, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- On December 31, 2024, 941 shares of common stock were surrendered to the issuer to satisfy tax withholding obligations related to the vesting of restricted common stock at a price of $9.2 per share.
- Following the transaction, Sagan directly owns 3,646 shares of common stock, which includes 3,646 unvested time-based incentive stock award shares.
- 2,357 and 1,289 of these shares are scheduled to vest on December 31, 2025, and December 31, 2026, respectively.
- Sagan also indirectly owns 59,210 shares through a family trust, 29,613 shares through an ESOP, and 4,909 shares through a 401(k) plan.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, and the transactions described are routine. Therefore, the sentiment is neutral.
Future Outlook
The document outlines the vesting schedule for unvested incentive stock award shares, indicating future dates of potential stock ownership changes.
Industry Context
Form 4 filings are standard disclosures required by the SEC for insiders of publicly traded companies, providing transparency into their transactions and holdings.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
Key Dates
| Date | Description |
|---|---|
| 09/13/2013 | Date of Leo R. Sagan Jr 2013 Family Trust UAD |
| 12/31/2024 | Date of transaction: surrender of shares for tax withholding. |
| 12/31/2025 | Vesting date for 2,357 unvested incentive stock award shares. |
| 12/31/2026 | Vesting date for 1,289 unvested incentive stock award shares. |
| 01/03/2025 | Date of signature on the Form 4 filing. |
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