Form 4: Fulton Financial Corp Director Acquires Restricted Stock Units

Director Antoinette M. Pergolin reports acquisition of restricted stock units in Fulton Financial Corporation.

Summary

• On June 1, 2024, Antoinette M. Pergolin, a director of Fulton Financial Corp, acquired 4,751 restricted stock units (RSUs).
• These RSUs represent a contingent right to receive one share of Fulton Financial Corporation common stock, with a par value of $2.50 per share.
• The RSUs, along with accumulated dividend equivalents, will convert to common stock on the first anniversary of the grant date or in up to three equal annual installments beginning in January following the year of retirement or separation from the Board.
• Forfeiture restrictions lapse on the RSUs on the first anniversary of the grant date, or earlier per the Fulton Financial Corporation Amended and Restated 2023 Director Equity Plan.
• Following the transaction, Pergolin beneficially owns 3,163.1888 shares of Fulton Financial Corp common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The acquisition of restricted stock units by a director is a routine event and generally viewed as a positive sign of alignment with shareholder interests.

Positives

• The acquisition of restricted stock units by a director signals confidence in the company's future performance.

Future Outlook

The restricted stock units will convert to common stock on the first anniversary of the grant date or in installments upon retirement or separation from the Board of Directors.

Industry Context

Directors often receive stock-based compensation to align their interests with those of shareholders, a common practice in the financial services industry.

Comparison to Industry Standards

• Stock grants to directors are a common practice in the financial industry.
• Companies like Bank of America, JP Morgan Chase, and Wells Fargo also use stock and option grants as part of their director compensation packages.
• The vesting schedules and terms of these grants vary, but the general purpose is to incentivize directors to focus on long-term value creation.

Stakeholder Impact

• The acquisition of restricted stock units by a director aligns the director's interests with those of shareholders.

Key Dates