Sachetta Joseph 4/A

What Happened Joseph Sachetta, a director of ECB Bancorp, exercised 5,832 stock options on December 18, 2024 (derivative transaction code M). He paid $11.80 per share for the exercise (total cash outlay $68,818). The filing also reports an equal number (5,832) of shares as disposed at $0.00 in connection with the same transaction, indicating the shares were surrendered/withheld as part of the exercise rather than sold in the open market. This is an option exercise (acquisition by exercise), not a standard purchase of open-market shares.

Key Details

• Transaction date: 2024-12-18 (reported on an amended Form 4 filed 2026-03-20).
• Exercise: Acquired 5,832 shares at $11.80/share; total paid $68,818.
• Disposition: 5,832 shares reported disposed at $0.00 (derivative), consistent with share surrender/withholding in the exercise.
• Shares owned after the transaction: not specified in the provided filing data.
• Footnotes: F1 — includes restricted stock vesting at 20% per year starting Sept 8, 2024. F2 — stock options vest at 20% per year starting Sept 8, 2024.
• Timeliness: The Form 4 was amended and filed on 2026-03-20 for a 2024 transaction (late filing).

Context

• Code M denotes exercise or conversion of derivatives (stock options). When an equal number of shares are reported disposed at $0.00, that commonly reflects shares withheld or surrendered to cover exercise costs or taxes rather than a cash sale — in other words, not a market sale that would generate proceeds.
• Such exercises can be routine (vesting/exercise-related) and do not by themselves indicate the insider’s view on the company’s stock price.