Columbia Financial (CLBK) executive reports forfeited and deferred stock
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Columbia Financial, Inc. executive John Klimowich, SEVP & Chief Risk Officer, reported updates to his equity holdings. The company determined that of a performance-based restricted stock grant made on May 1, 2023, 2,067 shares will vest and 10,336 shares are forfeited, reflected as a disposition to the issuer. Separately, 1,247 shares of common stock at $19.25 were withheld to cover tax obligations, a non-market transaction. Following these changes, he holds 64,909 common shares directly and additional indirect interests, including 9,077.7004 shares through a stock-based deferral plan. Klimowich also retains stock options, including awards covering 188,235 underlying shares at a $15.60 exercise price expiring in July 2029, along with several newer option grants vesting in future years.
Positive
- None.
Negative
- None.
Insider Trade Summary
15 transactions reported
Mixed
15 txns
Insider
Klimowich John
Role
SEVP & Chief Risk Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Common Stock | 35.565 | $19.25 | $684.62 |
| Disposition | Common Stock | 10,336 | $0.00 | -- |
| Tax Withholding | Common Stock | 1,247 | $19.25 | $24K |
| holding | Stock Options (right to buy) | -- | -- | -- |
| holding | Stock Options (right to buy) | -- | -- | -- |
| holding | Stock Options (right to buy) | -- | -- | -- |
| holding | Stock Options (right to buy) | -- | -- | -- |
| holding | Stock Options (right to buy) | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 9,077.7 shares (Indirect, By Stock-Based Deferral Plan);
Common Stock — 64,909 shares (Direct, null);
Stock Options (right to buy) — 188,235 shares (Direct, null)
Footnotes (1)
- Represents phantom stock purchased, on a non-discretionary basis, by the trustee of the Bank's rabbi trust maintained in connection with the Columbia Bank Stock Based Deferral Plan, a non-qualified stock-based deferral plan. Stock unit interests under the Columbia Bank Stock Based Deferral Plan will be settled in shares of stock upon distribution to the reporting person. Represents the forfeiture of performance-based restricted stock granted to the reporting person on May 1, 2023 that were eligible to vest based on certain performance objectives. On May 1, 2026 the Company determined that, based on the Company's performance over the applicable performance period, 2,067 shares would vest and 10,336 shares would be forfeited. The number of shares held directly includes certain shares that were previously held by Stock Award and that have subsequently vested. Stock Awards granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive plan, 25% of which vest in three approximately equal annual installments commencing on March 6, 2025; and the remaining 75% of which vest upon achievement of certain specified performance-based vesting criteria, which if achieved, such Awards would vest three years after the date of the Award. Stock Awards granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive plan, which vest upon achievement of certain specified performance-based vesting criteria, which if achieved, such Awards would vest three years after the date of the Award on March 3, 2028. Stock Awards granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive plan, which vest upon achievement of certain specified performance-based vesting criteria, which if achieved, such Awards would vest three years after the date of the Award on March 2, 2029. Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan are fully vested and exercisable. Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan vest in three approximately equal annual installments commencing on March 6, 2025. Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan vest in three approximately equal annual installments commencing on March 3, 2026. Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan vest in three approximately equal annual installments commencing on March 2, 2027.
Key Figures
Performance shares forfeited: 10,336 shares
Performance shares vesting: 2,067 shares
Tax withholding shares: 1,247 shares at $19.25
+5 more
8 metrics
Performance shares forfeited
10,336 shares
Performance-based restricted stock from May 1, 2023 grant
Performance shares vesting
2,067 shares
Performance-based restricted stock from May 1, 2023 grant
Tax withholding shares
1,247 shares at $19.25
Common stock delivered for tax liability
Direct common shares after transactions
64,909 shares
Direct ownership following non-derivative updates
Deferral plan units
9,077.7004 shares
Indirect via stock-based deferral plan
Largest option grant
188,235 underlying shares at $15.60
Stock options expiring July 23, 2029
Option grant at $16.23
20,310 underlying shares
Stock options expiring March 3, 2035
Option grant at $18.28
20,227 underlying shares
Stock options expiring March 2, 2036
Key Terms
phantom stock, rabbi trust, non-qualified stock-based deferral plan, performance-based restricted stock, +2 more
6 terms
phantom stock financial
"Represents phantom stock purchased, on a non-discretionary basis, by the trustee of the Bank's rabbi trust"
A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.
rabbi trust financial
"by the trustee of the Bank's rabbi trust maintained in connection with the Columbia Bank Stock Based Deferral Plan"
A rabbi trust is a special account a company sets up to hold promised future pay for executives, like bonus or retirement money, so those employees can see there are funds earmarked for them. It matters to investors because it signals the company’s commitment to keep key people, but the money is still part of the company’s assets and can be claimed by creditors if the company goes bankrupt—think of it as a labeled jar that isn’t completely off-limits.
non-qualified stock-based deferral plan financial
"Columbia Bank Stock Based Deferral Plan, a non-qualified stock-based deferral plan"
performance-based restricted stock financial
"Represents the forfeiture of performance-based restricted stock granted to the reporting person on May 1, 2023"
Shares granted to employees or executives that are held back and only become actual, tradable stock if the company meets predefined performance targets; until those goals are met the shares cannot be sold. Think of it like a bonus held in escrow that’s released only when specific results are achieved — investors watch these awards because they tie management pay to company outcomes, can dilute existing shareholders when released, and signal how confident or incentivized insiders are to meet growth or profitability goals.
Stock Options (right to buy financial
"Stock Options (right to buy) granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan"
Equity Incentive Plan financial
"granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan"
An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.
FAQ
What did Columbia Financial (CLBK) executive John Klimowich report in this Form 4?
He reported changes in equity holdings, including forfeiture of performance-based restricted stock, tax-related share withholding, and an updated mix of direct, indirect, and option-based positions in Columbia Financial common stock.
What tax withholding transaction did the Columbia Financial Form 4 disclose?
The filing shows 1,247 shares of Columbia Financial common stock disposed of at $19.25 per share in a tax-withholding transaction, meaning shares were delivered to cover tax obligations rather than sold in the open market.
What indirect Columbia Financial holdings does Klimowich report in this Form 4?
He reports several indirect positions, including 9,077.7004 shares credited under a stock-based deferral plan, plus additional stock award, ESOP, SERP, SIM, and 401(k) related holdings that provide economic exposure to Columbia Financial common shares.
What Columbia Financial stock options does Klimowich retain according to the filing?
He retains multiple option grants, including one covering 188,235 underlying shares at a $15.60 exercise price expiring in July 2029, alongside additional options with exercise prices between $15.94 and $18.28 expiring between 2033 and 2036.
Are the Columbia Financial transactions in this Form 4 open-market buys or sells?
The disclosed dispositions are a tax-withholding event and a forfeiture of performance-based shares to the issuer, not open-market purchases or sales, and one small acquisition reflects a grant under a stock-based deferral plan.