Ellen Lalwani - Feb 22, 2023 Form 4 Insider Report for LAKELAND BANCORP INC (LBAI)

Role
EVP/Chief Banking Officer
Signature
/s/ Patricia Backman, POA
Stock symbol
LBAI
Transactions as of
Feb 22, 2023
Transactions value $
$0
Form type
4
Date filed
2/24/2023, 01:40 PM
Previous filing
Dec 23, 2022
Next filing
Mar 1, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LBAI Common Stock Award $0 +5.85K +13.35% $0.00 49.7K Feb 22, 2023 Direct F1, F2
transaction LBAI Common Stock Award $0 +5.85K +11.78% $0.00 55.5K Feb 22, 2023 Direct 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 2023 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 February 27 of each of the following three years provided that the Executive 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 Includes 73 shares for dividend reinvestment shares credited on 2-27-23.
F3 The above transaction represents the Executive's 2023 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 February 27, 2025 provided that the Executive remains in Continuous Service through the 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. Represents a total of 34,606 unvested restricted and performance stock units that have not vested.