SEC Form 4 · accession 0001180220-17-000026
LAKELAND BANCORP INC · LBAI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
David S. Yanagisawa
Officer — EVP and Chief Loan Officer
Period of report
Feb 22, 2017
Accepted (ET)
Feb 24, 2017 · 12:22 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 StockF1,F2 | Feb 22, 2017 | A | 5,100 | $0.00 | A | 46,254 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Represents 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 1-1-2017 and ending on 12-31-2019 (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.
- F2Represents a total of 23,561 RSU's (including those acquired on 2/22/17) that have not yet vested. Also includes 499shares of restricted stock that have not yet vested.