Form 4: Columbia Financial Executive Acquires Shares Through Deferral Plan

Allyson Katz Schlesinger, SEVP & Head of Consumer Banking at Columbia Financial, Inc., acquired additional common stock through a non-discretionary stock-based deferral plan.

Summary

• Allyson Katz Schlesinger, SEVP & Head of Consumer Banking at Columbia Financial, Inc. (CLBK), acquired 22.5866 shares of common stock on July 11, 2025, at a price of $14.82 per share.
• The acquisition was made through the Columbia Bank Stock Based Deferral Plan, a non-qualified stock-based deferral plan, where phantom stock was purchased by the trustee of the Bank's rabbi trust.
• Following this transaction, Ms. Schlesinger's beneficial ownership includes 13,277.3742 shares indirectly held via the Stock-Based Deferral Plan.
• Total beneficial ownership of common stock includes 64,281 shares held directly, 6,683 shares indirectly via ESOP, 6,459 shares indirectly via SERP, 4,683 shares indirectly via SIM, 14,470 shares indirectly via Stock Award II, 12,672 shares indirectly via Stock Award III, and 12,288 shares indirectly via Stock Award IV.
• Ms. Schlesinger also holds various stock options: 155,294 options exercisable at $15.60 (fully vested), 12,632 options exercisable at $15.94 (vesting commenced May 1, 2024), 9,292 options exercisable at $16.49 (vesting commencing March 6, 2025), and 21,289 options exercisable at $16.23 (vesting commencing March 3, 2026).

Sentiment

Score: 6

Explanation: Slightly positive as it indicates an executive's continued accumulation of company equity, albeit through a non-discretionary plan, which aligns management interests with shareholders. No negative information is present.

Positives

• An executive is increasing their beneficial ownership in the company, which can signal confidence in future performance.
• The acquisition is part of a structured, non-discretionary stock-based deferral plan, indicating a long-term compensation strategy aligned with shareholder interests.
• Significant holdings of stock awards and options provide incentives for management to drive company performance.

Future Outlook

Future vesting of stock awards and options is scheduled, with some vesting in approximately equal annual installments commencing in 2024, 2025, and 2026, and others vesting upon achievement of specified performance-based criteria, typically three years after the award date.

Management Comments

• The acquisition of phantom stock was 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.
• Stock unit interests under the Columbia Bank Stock Based Deferral Plan will be settled in shares of stock upon distribution to the reporting person.

Industry Context

This Form 4 filing is a routine disclosure of an executive's equity compensation and beneficial ownership changes, common across publicly traded companies. It reflects ongoing executive incentive programs designed to align management interests with shareholder value.

Comparison to Industry Standards

• This is a standard Form 4 filing, which is a mandatory disclosure for insiders of publicly traded companies in the U.S. when their beneficial ownership changes.
• The structure of equity compensation, including stock options and performance-based stock awards, is a common practice in the financial services industry to incentivize long-term performance, similar to compensation structures seen at peers like Provident Financial Services (PFS) or Lakeland Bancorp (LBAI).

Stakeholder Impact

• Shareholders: Increased alignment of executive interests with shareholder value through equity ownership and performance-based incentives.
• Employees: The existence of equity incentive plans and deferral plans can be seen as a positive for employee retention and motivation, particularly for key personnel.

Next Steps

• Continued vesting of stock awards and options according to their respective schedules.
• Settlement of stock unit interests from the Stock-Based Deferral Plan into shares of stock upon distribution to the reporting person.

Key Dates

Keywords

Columbia Financial, CLBK, SEC Form 4, Insider Trading, Beneficial Ownership, Stock Options, Equity Incentive Plan, Executive Compensation, Phantom Stock, Deferral Plan