Univest Financial (UVSP) SEVP nets more shares after RSU vesting
Rhea-AI Filing Summary
UNIVEST FINANCIAL Corp executive Patrick C. McCormick, SEVP & Chief Commercial Bank Officer, reported multiple equity compensation transactions in company stock. On the reported date, he acquired a total of 5,138 shares of common stock through the vesting and settlement of restricted stock units and performance-based restricted stock units.
To cover tax obligations, 1,249 common shares were withheld at a price of $32.72 per share, and 760 vested shares were cancelled following an evaluation of performance factors after the measurement period. McCormick also received new awards of 1,857 restricted stock units and 4,332 performance-based restricted stock units, each representing contingent rights to common shares, and directly held about 11,099 common shares after these transactions.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 489 | $0.00 | -- |
| Exercise | Restricted Stock Units | 716 | $0.00 | -- |
| Exercise | Restricted Stock Units | 511 | $0.00 | -- |
| Exercise | Performance Restricted Stock Units | 3,422 | $0.00 | -- |
| Grant/Award | Restricted Stock Units | 1,857 | $0.00 | -- |
| Grant/Award | Performance Restricted Stock Units | 4,332 | $0.00 | -- |
| Exercise | Common | 489 | $0.00 | -- |
| Exercise | Common | 716 | $0.00 | -- |
| Exercise | Common | 511 | $0.00 | -- |
| Exercise | Common | 3,422 | $0.00 | -- |
| Other | Common | 760 | $0.00 | -- |
| Tax Withholding | Common | 1,249 | $32.72 | $41K |
Footnotes (1)
- REPRESENTS THE SETTLEMENT OF ONE SHARE OF COMMON STOCK UPON VESTING OF THE CORRESPONDING NUMBER OF RESTRICTED STOCK UNITS. INCLUDES 3,269.0010 SHARES ACQUIRED THROUGH THE DIVIDEND REINVESTMENT PLAN AND EMPLOYEE STOCK PURCHASE PLAN. REPRESENTS THE SETTLEMENT OF ONE SHARE OF COMMON STOCK UPON VESTING OF THE CORRESPONDING NUMBER OF PERFORMANCE-BASED RESTRICTED STOCK UNITS. VESTED SHARES CANCELLED DUE TO EVALUATION OF PERFORMANCE FACTORS AFTER MEASUREMENT PERIOD. RESTRICTED STOCK UNITS VEST AT 33.33% PER YEAR FOR THREE YEARS COMMENCING WITH THE EXERCISABLE DATE INDICATED ASSUMING CONTINUED EMPLOYMENT THROUGH THE VESTING DATE. EACH RESTRICTED STOCK UNIT REPRESENTS A CONTINGENT RIGHT TO RECEIVE ONE SHARE OF COMMON STOCK UPON VESTING OF THE UNIT. THE PERFORMANCE-BASED RESTRICTED STOCK UNITS VEST ON THE THIRD ANNIVERSARY OF THE DATE OF THE GRANT AT WHICH POINT THE ACTUAL NUMBER OF SHARES TO BE AWARDED WILL BE DETERMINED BASED ON THE PERFORMANCE OF THE COMPANY DURING THE THREE YEAR PERIOD. THE RECIPIENT MAY RECEIVE UP TO 150% OF THE REPORTED RESTRICTED STOCK UNITS.
