Charles F. Withee - Nov 2, 2021 Form 4 Insider Report for Provident Bancorp, Inc. /MD/ (PVBC)

Role
Pres. & CLO of Subsidiary Bank
Signature
/s/ Carol Houle, pursuant to power of attorney
Stock symbol
PVBC
Transactions as of
Nov 2, 2021
Transactions value $
-$130,967
Form type
4
Date filed
11/8/2021, 09:35 AM
Next filing
Nov 18, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PVBC Common Stock Options Exercise $524K +60.9K +81.94% $8.61 135K Nov 2, 2021 Direct F1, F2
transaction PVBC Common Stock Tax liability -$655K -36.4K -26.92% $18.00 98.8K Nov 2, 2021 Direct F1, F2
holding PVBC Common Stock 40.2K Nov 2, 2021 By 401(k) F5
holding PVBC Common Stock 11.6K Nov 2, 2021 By ESOP F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction PVBC Stock Options Options Exercise $0 -60.9K -80% $0.00 15.2K Nov 2, 2021 Common Stock 60.9K $8.61 Direct F4
holding PVBC Stock Options 102K Nov 2, 2021 Common Stock 102K $11.93 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Includes shares of restricted stock which vest at a rate of 20% per year commencing on November 17, 2017.
F2 Shares of restricted stock vest at a rate of 20% per year commencing on December 17, 2021.
F3 Stock option vest at a rate of 20% per year commencing on December 17, 2021.
F4 Stock option vest at a rate of 20% per year commencing on November 17, 2017.
F5 Reflects transactions not required to be reported pursuant to Section 16 of the Securities Exchange Act of 1934, as amended.