The Spill
Ari P. Kornhaber, EVP and head of corporate development at Esquire Financial (ESQ), sold 20,000 shares on Oct. 28, 2026, for $2,563,036.52, with no pre-set trading plan (10b5-1) marked on the form. The insider filing (Form 4) reached the SEC on Oct. 30 at 11:22 a.m. ET, two business days after the trade and inside the deadline.
Lag Clock
Two business days from trade to filing, inside the two-business-day deadline (Rule 16a-3).
Signal Check
The 10b5-1 box is unchecked and no footnote mentions a plan, so the form reports an open-market sale with no disclosed schedule; the label describes the paperwork, not a reason.
What the filing shows
Two rows, both coded S for an open-market sale, add up to exactly 20,000 shares and $2,563,036.52 at weighted average prices of $127.851 and $128.7662. The price footnotes give the actual spread: the first lot of 13,426 shares went for $127.19 to $128.175, the second lot of 6,574 for $128.225 to $129.0625.
After the sale Kornhaber holds 99,792 shares directly and 1,947 shares by IRA, 101,739 in all, as reported, including unvested restricted stock. Six footnotes on the direct line describe grants that vest in three equal annual installments, with start dates running from Dec. 16, 2024, to Jan. 29, 2029.
The sale was a 16.4% trim of the 121,739 common shares he held before the trade. The filing lists no options or RSU rows.
| Shares | Weighted avg. price (range) | Value |
|---|---|---|
| 13,426 | $127.851 ($127.19-$128.175) | $1,716,527.526 |
| 6,574 | $128.7662 ($128.225-$129.0625) | $846,508.9988 |
The Other Side
A $2.56 million sale by the executive who runs corporate development looks, on a phone screen, like a large cut. By the filing's count it wasn't: 20,000 shares out of 121,739, with 101,739 still held and restricted stock on the books with installments starting as late as Jan. 29, 2029.
The round total doesn't prove a schedule either. The two lots, 13,426 and 6,574, sum to an even 20,000, but the box that would mark a plan is empty, and on a Form 4 the only evidence for one is that checkbox and a footnote.
What it can't tell you
- Why Kornhaber sold. The form doesn't say, and a Form 4 has no field for it.
- The price of each share. The filing gives two weighted averages and two ranges; the lot-by-lot breakdown is available only on request, per footnotes 1 and 2.
- How much of the 99,792 is vested. The footnotes say the direct figure includes restricted stock on six vesting schedules but don't give the split between vested and unvested.
What to watch
- Kornhaber's next Form 4. One with the 10b5-1 box checked and a plan date in a footnote would read differently from this one; another unchecked sale would carry the same label.
- The Dec. 19, 2026, vesting date. Footnote 5 puts a restricted stock installment there; if shares are withheld for taxes at vesting, that arrives as a tax-withholding entry (code F), which is routine paperwork.
Original sources
Edited by K. Song. Educational reporting from public filings, not investment advice. Filings can be late, incomplete or amended; check the original source and dates. Free to read; advertising and sponsors pay for it, and they do not pick the stories. How we work · Corrections: [email protected]