Old Second (OSBC) EVP gets 5,912 RSUs, 894 shares withheld
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Old Second Bancorp EVP Richard A. Gartelmann Jr. reported equity-compensation activity involving restricted stock units tied to the company’s common stock. He received a grant of 5,912 restricted stock units, split evenly between time-based and performance-based awards.
On the same award, 894 shares were withheld at $20.57 per share to cover tax obligations when 2,585 previously reported time-based units vested, with the remaining vested shares added to his common stock holdings. Following these transactions, he holds company stock both directly and through a 401(k).
Positive
- None.
Negative
- None.
Insider Trade Summary
5 transactions reported
Mixed
5 txns
Insider
Gartelmann Richard A JR
Role
EVP
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Tax Withholding | Restricted Stock Units | 894 | $20.57 | $18K |
| Grant/Award | Restricted Stock Units | 5,912 | $0.00 | -- |
| holding | Old Second Bancorp, Inc. Common Stock | -- | -- | -- |
| holding | Old Second Bancorp, Inc. Common Stock | -- | -- | -- |
| holding | Old Second Bancorp, Inc. Common Stock | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Units — 23,879 shares (Direct);
Old Second Bancorp, Inc. Common Stock — 1,691 shares (Direct);
Old Second Bancorp, Inc. Common Stock — 12,563 shares (Indirect, By 401-K)
Footnotes (1)
- Each restricted stock unit represents a contingent right to receive one share of common stock. The reporting person was granted 5,912 restricted stock units on the date of the grant, 2,956 of which are time-based restricted stock units that vest on the third anniversary of the grant date, and 2,956 of which are performance-based restricted stock units that may vest and convert to shares within a range from 0% to 175% of the underlying performance-based restricted stock units originally awarded, depending on our compensation committee approved performance metrics. Vested shares, if any, will be delivered to the reporting person in 3 to 5 business days from the date of vesting. Represents shares withheld by the issuer to satisfy applicable tax withholding obligations in connection with the vesting of 2,585 previously reported time-based restricted stock units, the remaining shares of which were issued and added to the reporting person's common stock holdings. These shares are held in Mr. Gartelmann's name outright.
FAQ
What did Old Second Bancorp (OSBC) disclose about Richard Gartelmann’s Form 4?
Old Second Bancorp reported EVP Richard A. Gartelmann Jr. received 5,912 restricted stock units and had 894 shares withheld for taxes. The filing reflects routine equity compensation and tax withholding, not an open-market stock purchase or sale by the executive.
How many restricted stock units did OSBC’s EVP receive in this Form 4 filing?
Richard Gartelmann Jr. was granted 5,912 restricted stock units. Half are time-based units vesting on the third anniversary of the grant date, while the other half are performance-based units that may vest from 0% to 175% depending on compensation committee-approved performance metrics.
What are the vesting terms of the new OSBC restricted stock unit grant?
The 5,912 restricted stock units are split into 2,956 time-based and 2,956 performance-based units. Time-based units vest on the third anniversary of grant. Performance-based units can vest between 0% and 175% of the original amount, depending on approved performance metrics and subsequent outcomes.
Does this OSBC Form 4 show Richard Gartelmann selling stock on the market?
No, the disposition involves shares withheld for taxes, not an open-market sale. Code F reflects payment of tax liability by delivering securities when restricted stock units vest, while the rest of the vested shares increased his direct common stock holdings at Old Second Bancorp.