Form 4: Columbia Financial Inc. Executive Oliver Edward Lewis Jr. Reports Changes in Beneficial Ownership
SEC Form 4
Oliver Edward Lewis Jr., EVP & Head of Commercial Banking at Columbia Financial, Inc., reports changes in beneficial ownership of company stock due to tax withholding and phantom stock purchases.
Summary
- On March 22, 2024, Oliver Edward Lewis Jr., EVP & Head of Commercial Banking at Columbia Financial, Inc., filed a Form 4 with the SEC reporting changes in his beneficial ownership of the company's stock.
- A total of 2,679 shares of common stock were disposed of at a price of $16.38 due to tax withholding.
- Lewis also acquired 45.2009 shares of phantom stock at $16.38 through the Columbia Bank Stock Based Deferral Plan.
- Following these transactions, Lewis directly owns 23,797 shares and indirectly owns shares through various plans and awards, including the Stock-Based Deferral Plan (4,005.3341 shares), ESOP (5,353 shares), SERP (2,457 shares), SIM (441 shares), Stock Award (715 shares), Stock Award III (15,917 shares), and Stock Award IV (12,672 shares).
- Lewis also holds options to purchase 94,770 shares of common stock at exercise prices ranging from $15.94 to $17.86, which vest at various dates.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The filing reflects routine transactions related to executive compensation and tax obligations. There's no indication of significant positive or negative sentiment.
Positives
- The acquisition of phantom stock through the deferral plan suggests a continued investment in the company's future by the executive.
Negatives
- The disposal of shares for tax withholding, while routine, slightly reduces the executive's direct ownership.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. These filings are closely watched by investors for signals about management's confidence in the company's prospects.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive stock ownership.
- The transactions have a minimal direct impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 07/23/2020 | Stock Options (right to buy) $ 17.00 vest in five approximately equal annual installments commencing on this date. |
| 03/22/2022 | Stock Options (right to buy) $ 17.86 are fully vested and exercisable. |
| 05/01/2024 | 25% of Stock Awards granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive plan vest in three approximately equal annual installments commencing on this date; and Stock Options (right to buy) $ 15.94 vest in three approximately equal annual installments commencing on this date. |
| 03/06/2025 | 25% of Stock Awards granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive plan vest in three approximately equal annual installments commencing on this date. |
| 03/22/2024 | Date of transaction: disposal of 2,679 shares for tax withholding and acquisition of 45.2009 shares of phantom stock. |
| 03/26/2024 | Date of signature for the report. |
| 07/23/2029 | Expiration date for Stock Options (right to buy) $ 17.00. |
| 03/22/2031 | Expiration date for Stock Options (right to buy) $ 17.86. |
| 05/01/2033 | Expiration date for Stock Options (right to buy) $ 15.94. |
| 03/06/2034 | Expiration date for Stock Options (right to buy) $ 16.49. |
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