Ronald E. Schwarz - May 19, 2021 Form 4 Insider Report for LAKELAND BANCORP INC (LBAI)

Role
Sr. EVP & COO
Signature
/s/ Patricia Backman, POA
Stock symbol
LBAI
Transactions as of
May 19, 2021
Transactions value $
$0
Form type
4
Date filed
5/21/2021, 02:06 PM
Next filing
Feb 25, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LBAI Common Stock Award $0 +6.91K +6.46% $0.00 114K May 19, 2021 Direct F1
transaction LBAI Common Stock Award $0 +6.91K +6.07% $0.00 121K May 19, 2021 Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The above transaction represents the Executive's 2021 Incentive Plan award. The award is time-based Restricted Stock Units (RSUs) issued under the Issuer's 2018 Omnibus Equity Incentive Plan (Plan) and represent the right to receive, following vesting, one share of common stock. One-third (1/3rd) of the time-based RSUs shall become vested on May 19 of each of the following three years provided that Mr. Schwarz remains in Continuous Service (as defined in the Plan) through each respective anniversary/vesting date. If such Continuous Service terminates sooner, the RSUs will be forfeited unless such termination of Continuous Service occurs because of death, disability, normal or early retirement, or a change in control event.
F2 The above transaction represents the Executive's 2021 Incentive Plan award. The award is Performance-Based Stock Units issued under the Issuer's 2018 Omnibus Equity Incentive Plan and represent the right to receive, following vesting, one share of common stock. The performance-based award is subject to goals based on the Company's return on average equity and may be adjusted upward or downward based on the Company's total shareholder return as compared to the TSR of the median of the Peer Group during the performance period. The PSUs shall become vested on May 19, 2024 provided that Mr. Schwarz remains in Continuous Service through each respective anniversary/vesting date. If such Continuous Service terminates sooner, the PSUs will be forfeited unless such termination of Continuous Service occurs because of death, disability, normal or early retirement, or a change in control event.
F3 Represents a total of 60,574 RSU's that have not yet vested.