Customers Bancorp chair reports stock awards, tax withholding
Customers Bancorp Chairman Jay S. Sidhu reported equity compensation and related tax-withholding transactions in company stock.
Rhea-AI Filing Summary
Customers Bancorp Chairman Jay S. Sidhu reported equity compensation and related tax-withholding transactions in company stock. On common stock, he received several grant/award acquisitions totaling 51,626 shares at a reference value of $71.70 per share, tied to restricted and performance stock awards under the 2023 Long Term Incentives.
To cover tax liabilities on vesting of these awards, 23,327 shares were disposed of through tax-withholding dispositions at the same $71.70 reference price, which are not open‑market sales. After these transactions, he directly holds 807,581 shares of common stock and also reports indirect holdings through a spouse account and several family trusts.
Positive
- None.
Negative
- None.
Insider Trade Summary
11 transactions reported
Mixed
11 txns
Insider
SIDHU JAY S
Role
Chairman
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise Price or Tax Liability | Common Stock | 3,010 | $71.70 | $216K |
| Grant/Award | Common Stock | 17,553 | $71.70 | $1.26M |
| Exercise Price or Tax Liability | Common Stock | 6,908 | $71.70 | $495K |
| Grant/Award | Common Stock | 17,037 | $71.70 | $1.22M |
| Exercise Price or Tax Liability | Common Stock | 6,705 | $71.70 | $481K |
| Grant/Award | Common Stock | 17,036 | $71.70 | $1.22M |
| Exercise Price or Tax Liability | Common Stock | 6,704 | $71.70 | $481K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 807,581 shares (Direct);
Common Stock — 3,701 shares (Indirect, Spouse);
Common Stock — 553,937 shares (Indirect, Trust)
Footnotes (8)
- F1. Shares withheld for taxes upon vesting of previously issued restricted stock award.
- F2. Includes 37,670 Restricted Stock Units.
- F3. The amount of securities acquired reflects a grant of Performance Stock Units award with shares vesting in accordance with the terms of the 2023 Long Term Incentives.
- F4. Shares withheld for taxes upon vesting of previously issued performance stock award.
- F5. Shares held in Sherry Sidhu Individual Account
- F6. Jay S. Sidhu, A/K/A Jashpinder S. Sidhu, FBO Sherry K. Sidhu, A/K/A Pushpinder K. Sidhu, and Descendants Irrevocable Trust.
- F7. Sherry K. Sidhu, A/K/A Pushpinder K. Sidhu, Family Trust No. 1.
- F8. Sherry K. Sidhu, A/K/A Pushpinder K. Sidhu, Family Trust No. 2.
Key Figures
Grant 1: 17,553 shares
Grant 2: 17,037 shares
Grant 3: 17,036 shares
+3 more
6 metrics
Grant 1
17,553 shares
Common stock grant/award at $71.70 per share
Grant 2
17,037 shares
Common stock grant/award at $71.70 per share
Grant 3
17,036 shares
Common stock grant/award at $71.70 per share
Tax withholding shares
23,327 shares
Shares withheld for taxes on vesting awards at $71.70
Direct holdings after transactions
807,581 shares
Customers Bancorp common stock held directly by Jay S. Sidhu
Spouse account holding
3,701 shares
Common stock held indirectly via Sherry Sidhu individual account
Key Terms
Restricted Stock Units, Performance Stock Units, tax-withholding disposition, 2023 Long Term Incentives, +1 more
5 terms
Restricted Stock Units financial
"Includes 37,670 Restricted Stock Units."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Performance Stock Units financial
"reflects a grant of Performance Stock Units award with shares vesting"
Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.
tax-withholding disposition financial
"transaction_action": "tax-withholding disposition""
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
2023 Long Term Incentives financial
"vesting in accordance with the terms of the 2023 Long Term Incentives."
irrevocable trust financial
"and Descendants Irrevocable Trust."
An irrevocable trust is a legal arrangement where an owner transfers assets into a separate entity managed by a trustee and gives up the power to modify or reclaim those assets. For investors it matters because putting stock or other holdings into such a trust can change who controls and benefits from the assets, affect taxes and creditor protection, and influence how easy it is to sell or value those holdings—like placing valuables in a locked safe overseen by someone else.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Customers Bancorp (CUBI) Chairman Jay S. Sidhu report in this Form 4?
Jay S. Sidhu reported stock-based compensation activity and related tax withholding. He received multiple grants of common stock and had shares withheld to satisfy taxes on vesting awards, resulting in a higher direct share balance rather than an open-market purchase or sale.
Were any of Jay S. Sidhu’s Customers Bancorp transactions open-market sales or purchases?
No open-market sales or purchases are reported. The filing shows tax-withholding dispositions coded “F” and grant/award acquisitions coded “A.” Shares withheld under code F cover tax obligations on vested awards rather than discretionary selling into the market.
What indirect Customers Bancorp holdings associated with Jay S. Sidhu are disclosed?
The filing lists indirect holdings in common stock through a spouse’s individual account and several family trusts. These include a Sherry Sidhu individual account and multiple trusts identified in the footnotes, indicating additional economic exposure beyond Sidhu’s direct share ownership.
AI-generated analysis. How Rhea-AI works. Not financial advice.
