Form 4: S&T Bancorp Executive Exercises and Disposes of Restricted Stock Units
SEC Form 4
David G. Antolik, President of S&T Bancorp, reports the vesting and subsequent disposal of restricted stock units (RSUs) to cover tax liabilities.
Summary
- On April 1, 2025, David G. Antolik, President of S&T Bancorp Inc., executed transactions involving restricted stock units (RSUs).
- Antolik vested 11,641 RSUs that were granted on April 1, 2022, under the company's 2022 Long Term Incentive Plan.
- The performance period for these RSUs was from January 1, 2022, to December 31, 2024, with the achievement of performance criteria determined by the Issuer's Compensation Committee on March 25, 2025.
- Upon vesting, these RSUs automatically converted into an equal number of shares of common stock.
- Shares of common stock were withheld to cover tax liabilities associated with the vested RSUs.
- Antolik also vested RSUs from grants that vest in three equal annual installments beginning April 1, 2023, April 1, 2024 and April 1, 2025.
- The reporting person now directly owns 64,553 shares of common stock and indirectly owns 11,339.9006 shares through a 401k.
Sentiment
Score: 6
Explanation: The sentiment is neutral as it reflects routine executive compensation activity. The vesting of performance-based RSUs suggests positive performance, but the subsequent disposal for tax liabilities is a standard procedure.
Positives
- The vesting of performance-based RSUs indicates that performance criteria were met during the specified period.
Industry Context
This filing is a routine disclosure related to executive compensation and stock-based awards, common in the financial services industry.
Comparison to Industry Standards
- Stock-based compensation is a common practice in the banking industry to align executive incentives with shareholder value.
- Many financial institutions, such as JPMorgan Chase, Bank of America, and Wells Fargo, utilize similar long-term incentive plans that include restricted stock units and performance-based awards.
- The vesting schedules and performance criteria for these awards are typically benchmarked against industry peers to ensure competitiveness and effectiveness.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they involve the issuance and subsequent sale of shares related to executive compensation.
- Employees may view the vesting of performance-based RSUs as a positive sign of the company's performance.
Key Dates
| Date | Description |
|---|---|
| 2022-04-01 | Date of grant for performance-based restricted stock units under the Issuer's 2022 Long Term Incentive Plan. |
| 2022-01-01 | Start of the performance period for the restricted stock units. |
| 2023-04-01 | Beginning of the vesting period for some restricted stock units in three equal annual installments. |
| 2024-01-01 | End of the performance period for the restricted stock units. |
| 2024-04-01 | Beginning of the vesting period for some restricted stock units in three equal annual installments. |
| 2025-03-25 | Date the Issuer's Compensation Committee determined the achievement of applicable performance criteria. |
| 2025-04-01 | Date of the reported transactions, including vesting and disposal of RSUs. |
| 2025-04-03 | Date of signature for the Form 4 filing. |
Keywords
Form 4, S&T Bancorp, Restricted Stock Units, RSU, David G. Antolik, Vesting, Insider Trading
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