John P. Cahill - Jan 31, 2022 Form 4 Insider Report for STERLING BANCORP (STL)

Role
Director
Signature
/s/ John P. Cahill
Stock symbol
STL
Transactions as of
Jan 31, 2022
Transactions value $
$0
Form type
4
Date filed
2/2/2022, 08:39 PM
Previous filing
Oct 4, 2021
Next filing
May 2, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction STL Common Stock Disposed to Issuer -29.8K -100% 0 Jan 31, 2022 Direct F1, F2, F3, F4
transaction STL Common Stock Disposed to Issuer -2.64K -100% 0 Jan 31, 2022 By IRA 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 STL Phantom Stock Disposed to Issuer $0 -544 -100% $0.00* 0 Jan 31, 2022 Phantom Stock 0 $0.00 Direct F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

John P. Cahill is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Includes 68.76 shares of the Issuer's stock acquired under a Dividend Reinvestment Plan for which the Reporting Owner was enrolled during the fiscal year ended December 31, 2021 that would have been subject to reporting on a Form 5.
F2 Includes 3,433 restricted stock awards of the Issuer (the "Issuer RSAs").
F3 Disposed of pursuant to the Merger Agreement between Issuer and Webster Financial Corporation ("Webster"), dated April 18, 2021 (the "Merger Agreement"), for total stock consideration of 13,804 shares of new Webster common stock. Pursuant to the terms of the Merger Agreement, at the effective time of the merger between Issuer and Webster (the "Effective Time"), each share of Issuer common stock issued and outstanding immediately prior to the Effective Time was converted into the right to receive 0.4630 shares of Webster common stock. All fractional share holdings were paid in cash. The Merger closed on January 31, 2022. On January 31, 2022, the closing price of the Issuer was $26.29, and the closing price of Webster was $56.81.
F4 Pursuant to the terms of the Merger Agreement, at the Effective Time, the Issuer RSAs vested and were cancelled and converted into the number of shares of Webster common stock equal to the product of (A) the number of shares of Issuer common stock subject to such Issuer RSAs immediately prior to the Effective Time, multiplied by (B) the Exchange Ratio, with any fractional shares paid in cash.
F5 Disposed of pursuant to the Merger Agreement, for total stock consideration of 1,222 shares of new Webster common stock, as further described above.
F6 Disposed of pursuant to the Merger Agreement, for total stock consideration of 251 shares of new Webster common stock, as further described above.