SEC Form 4 · accession 0001180220-16-000057
LAKELAND BANCORP INC · LBAI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Robert A Vandenbergh
Officer — Reg Pres of LB & SEVP/COO LBI
Period of report
Feb 24, 2016
Accepted (ET)
Feb 25, 2016 · 4:15 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000846901
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF2,F1 | Feb 24, 2016 | A | 12,906 | $0.00 | A | 122,162 | D | |
| Common Stock | holding | — | — | — | 20,619 | I | By NBSC ESOP |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Includes a total of 33,620 RSU's that have not yet vested (including the 12,906 shares acquired on 2/24/16). Also includes 2,754 shares of restricted shares that have not yet vested and 410 shares acquired through the Company's DRIP Plan.
- F2Represents performance-based Restricted Stock Units (RSUs), each representing the right to receive, following vesting, one share of common stock. The resulting shares acquired upon vesting of the RSUs is contingent upon the achievement of pre-established performance metrics over a 3 year period beginning 1-1-2016 and ending on 12-31-2018 (the "Performance Period"), provided that the Reporting Person remains employed by the Issuer on the date following the Performance Period that the Compensation Committee of the Issuer's Board of Directors determines that the performance goals for the final year of the Performance Period have been satisfied. If employment terminates sooner, the RSUs will be forfeited unless termination of employment occurs because of death or, subject to certain service requirements, disability or normal or early retirement, in any of which events the RSUs may vest in whole or in part. The RSUs were granted under the Issuer's 2009 Equity Compensation Program.