Enterprise Financial (EFSC) CLO exercises RSUs, withholds stock for taxes
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Enterprise Financial Services Corp executive reports equity award activity. SEVP and Chief Legal Officer Nicole M. Iannacone exercised 3,326 restricted share units into 3,326 shares of common stock at a stated price of $0.00 per share.
To cover tax obligations on this issuance, 1,466 shares of common stock were disposed of at $57.57 per share through share withholding, a non-open-market transaction. Following these transactions, she directly owns 22,855 shares of common stock. The filing also lists multiple non-qualified stock options and additional restricted share units that vest or become exercisable in future years, subject to continued employment.
Positive
- None.
Negative
- None.
Insider Trade Summary
3,326 shares exercised/converted
Mixed
10 txns
Insider
IANNACONE NICOLE M
Role
SEVP, Chief Legal Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Share Units | 3,326 | $0.00 | -- |
| Exercise | Common Stock | 3,326 | $0.00 | -- |
| Tax Withholding | Common Stock | 1,466 | $57.57 | $84K |
| holding | Non Qualified Stock Option (Right to Buy) | -- | -- | -- |
| holding | Non Qualified Stock Option (Right to Buy) | -- | -- | -- |
| holding | Non Qualified Stock Option (Right to Buy) | -- | -- | -- |
| holding | Non Qualified Stock Option (Right to Buy) | -- | -- | -- |
| holding | Non Qualified Stock Option (Right to Buy) | -- | -- | -- |
| holding | Restricted Share Units | -- | -- | -- |
| holding | Restricted Share Units | -- | -- | -- |
Holdings After Transaction:
Restricted Share Units — 3,326 shares (Direct);
Common Stock — 24,321 shares (Direct);
Non Qualified Stock Option (Right to Buy) — 4,521 shares (Direct)
Footnotes (1)
- Withholding of stock to satisfy tax withholding obligation on issuance of common stock. This option becomes exercisable in the first quarter of 2027, subject to continued employment by the reporting person. The option becomes exercisable in the first quarter of 2028, subject to continued employment by the reporting person. The RSU's were granted pursuant to the Company's 2018 Stock Incentive Plan. Each RSU represents the right to receive one share of Common Stock, subject to adjustment as provided in the Grant Agreement. The RSU's vest 100% in the first quarter of 2027, subject to continued employment by the reporting person. The RSU's vest 100% in the first quarter of 2028, subject to continued employment by the reporting person. The RSUs vest over six years in one-third installments on each of February 24, 2024, February 24, 2026, and February 24, 2028. Vesting is subject to continued employment of the reporting person. On each vesting date, for each RSU vesting on such date, the reporting person will receive one share of Common Stock.
FAQ
What insider transactions did EFSC executive Nicole Iannacone report?
Nicole M. Iannacone reported exercising 3,326 restricted share units into common stock and a related tax-withholding share disposition. The disposition involved 1,466 common shares withheld at $57.57 per share to satisfy tax obligations on the stock issuance.
What type of equity awards are involved in EFSC executive Nicole Iannacone’s filing?
The filing involves restricted share units converting into 3,326 common shares and several non-qualified stock options. Footnotes explain that certain options and RSUs vest or become exercisable in future quarters, subject to Nicole Iannacone’s continued employment with the company.
Does the EFSC Form 4 indicate future vesting of RSUs for Nicole Iannacone?
Yes. Footnotes state specific restricted share unit grants vest 100% in the first quarter of 2027 and 2028, and another RSU grant vests in one-third installments on February 24, 2024, 2026, and 2028, contingent on continued employment at Enterprise Financial Services Corp.