Sorrentino Frank III 4

What Happened

• Frank Sorrentino, Chairman & CEO of ConnectOne Bancorp (CNOB), had 21,909 shares disposed (withheld) to satisfy tax withholding related to the vesting of deferred stock units. The withholdings occurred on March 20 and March 23, 2026, for aggregate proceeds of approximately $572,967.
• Breakdown: 9,882 shares withheld at $25.95 for $256,438; 6,275 shares withheld at $25.95 for $162,836; and 5,752 shares withheld at $26.72 for $153,693. These are tax-withholding disposals (transaction code F), not open-market discretionary sales.

Key Details

• Transaction dates/prices:
  • 2026-03-20: 9,882 shares @ $25.95 = $256,438 (F1)
  • 2026-03-20: 6,275 shares @ $25.95 = $162,836 (F2)
  • 2026-03-23: 5,752 shares @ $26.72 = $153,693 (F3)
• Total: 21,909 shares withheld, total value ≈ $572,967.
• Shares owned after the transactions: not specified in the provided filing details.
• Footnotes: F1–F3 indicate shares were withheld to cover taxes upon vesting of deferred stock units granted on 3/20/2023, 3/20/2025, and 3/22/2024 (vesting effectively 3/23/2026), respectively. F4 notes a trust held for the reporting person’s spouse (mentioned in the filing).
• Timeliness: Filing dated 2026-03-24; reported transactions occurred 3/20 and 3/23/2026. The Form 4 filing is within the typical 2-business-day reporting window.

Context

• These disposals are tax-withholding actions tied to DSU vesting (code F). This is a routine administrative step — shares are withheld to satisfy tax obligations rather than indicating a discretionary sale or change in insider sentiment.
• For retail investors, purchases or open-market sales by insiders are generally more informative about sentiment than routine tax withholdings.