John F. Rath - Feb 22, 2023 Form 4 Insider Report for LAKELAND BANCORP INC (LBAI)

Role: EVP/Chief Loan 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	+6.85K	+14.61%	$0.00	53.8K	Feb 22, 2023	Direct	F1
transaction	LBAI	Common Stock	Award	$0	+6.85K	+12.75%	$0.00	60.6K	Feb 22, 2023	Direct	F2

* 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	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. Includes 22,806 Performance Stock Units that have not yet vested.

Content

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.

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. Includes 22,806 Performance Stock Units that have not yet vested.