Columbia Financial (CLBK) exec keeps 161,860 shares after forfeiture
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Gibney Dennis E. reported disposition transactions in this Form 4 filing.
Columbia Financial, Inc. executive Dennis E. Gibney reported a compensation-related adjustment to his holdings. The company determined that of certain performance-based restricted stock granted on May 1, 2023, 11,512 shares would be forfeited to the issuer and 2,302 shares would vest based on performance through May 1, 2026. After these changes, he holds 161,860 shares of common stock directly, along with multiple indirect positions through stock awards, retirement plans, and a spouse account. He also retains several blocks of employee stock options under the 2019 Equity Incentive Plan, including 240,000 options at $15.60 expiring in 2029 and additional tranches expiring between 2033 and 2036. The form notes that some increases in beneficial ownership arose from exempt acquisitions under Rule 16b-3(c), indicating routine equity compensation activity rather than open-market trading.
Positive
- None.
Negative
- None.
Insider Trade Summary
15 transactions reported
Mixed
15 txns
Insider
Gibney Dennis E.
Role
1st Sr. EVP, CBO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Common Stock | 11,512 | $0.00 | -- |
| 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 | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 161,860 shares (Direct, null);
Stock Options (right to buy) — 240,000 shares (Direct, null);
Common Stock — 1,953.325 shares (Indirect, By Stock-Based Deferral Plan)
Footnotes (1)
- 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, 2,302 shares would vest and 11,512 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. This form reflects increases in beneficial ownership resulting from exempt acquisitions pursuant to rule 16b-3(c). 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
Restricted shares forfeited: 11,512 shares
Restricted shares vested: 2,302 shares
Direct common stock holding: 161,860 shares
+3 more
6 metrics
Restricted shares forfeited
11,512 shares
Performance-based restricted stock forfeited on May 1, 2026 determination
Restricted shares vested
2,302 shares
Performance-based restricted stock vesting from May 1, 2023 grant
Direct common stock holding
161,860 shares
Shares held directly following disposition to issuer
Largest option grant
240,000 shares at $15.60
Stock options exercisable into common stock, expiring July 23, 2029
Option grant 2033 expiry
13,398 shares at $15.94
Stock options expiring May 1, 2033 under 2019 plan
Option grant 2036 expiry
53,033 shares at $18.28
Stock options expiring March 2, 2036 under 2019 plan
Key Terms
performance-based restricted stock, Rule 16b-3(c), 2019 Equity Incentive Plan, Stock Options (right to buy), +2 more
6 terms
performance-based restricted stock financial
"Represents the forfeiture of performance-based restricted stock granted to the reporting person"
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.
Rule 16b-3(c) regulatory
"reflects increases in beneficial ownership resulting from exempt acquisitions pursuant to rule 16b-3(c)"
An SEC rule that lets corporate insiders avoid automatic "short‑swing" profit recovery when they buy or sell their company’s stock under a pre‑approved, written plan that meets specific conditions. For investors, it matters because it clarifies when insider trades are treated as routine, reducing legal uncertainty and helping distinguish trades made for ordinary compensation or pre‑planned reasons from those that might signal opportunistic or timely insider advantage.
2019 Equity Incentive Plan financial
"Stock Awards granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive plan"
Stock Options (right to buy) financial
"Stock Options (right to buy) with underlying Common Stock"
Stock-Based Deferral Plan financial
"By Stock-Based Deferral Plan"
ESOP financial
"By ESOP"
An Employee Stock Ownership Plan (ESOP) is a program that gives employees ownership shares in their company, often as part of their benefits package. It acts like a company-sponsored savings plan, allowing workers to have a stake in the company's success, which can boost motivation and loyalty. For investors, ESOPs can influence company decisions and stock value, making them an important aspect of corporate ownership and governance.
