Form 4: S&T Bancorp Executive Vice President LaDawn D. Yesho Reports Changes in Beneficial Ownership

Executive Vice President LaDawn D. Yesho reports transactions involving S&T Bancorp stock, including forfeitures, vesting of restricted stock units, and shares withheld for tax liability.

Summary

• On April 1, 2024, LaDawn D. Yesho, Executive Vice President of S&T Bancorp, reported changes in beneficial ownership of S&T Bancorp stock.
• These changes include the forfeiture of 256 performance shares from the 2021 Long-Term Incentive Plan, which vested at 73% between the threshold and target levels.
• Shares were withheld upon the vesting of restricted stock for payment of tax liability, with 137, 98, and 199 shares withheld in separate transactions.
• 687 and 694 shares were acquired through the vesting of restricted stock units, which automatically convert into an equal number of common stock shares.
• 198 and 200 shares of common stock were withheld for payment of tax liability for vested and converted RSUs.
• Following these transactions, Yesho directly owns 12,810.07 shares of common stock and indirectly owns 9,262.7171 shares through a 401K.
• She also owns 710 and 1,410 Restricted Stock Units, and was granted 2,279 Director Restricted Stock Units.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The filing primarily reflects routine transactions related to executive compensation. The forfeiture of some performance shares is a minor negative, but the vesting of RSUs and grant of new Director Restricted Stock Units are slightly positive.

Positives

• The vesting of restricted stock units indicates a continued alignment of the executive's interests with those of the shareholders.
• The grant of 2,279 Director Restricted Stock Units shows continued investment in the company's future.

Negatives

• The forfeiture of performance shares suggests that certain performance targets were not fully met under the 2021 Long-Term Incentive Plan.

Risks

• Tax liabilities arising from vested restricted stock units could potentially lead to future sales of shares, which could exert downward pressure on the stock price.

Future Outlook

The document does not contain explicit forward-looking statements, but the vesting schedules of the restricted stock units suggest continued equity-based compensation for the reporting person.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors for signals about management's confidence in the company's prospects.

Comparison to Industry Standards

• Equity compensation practices, including the use of restricted stock units and performance shares, are common among publicly traded financial institutions like S&T Bancorp.
• Companies such as PNC Financial Services and Citizens Financial Group also utilize similar equity-based compensation plans to align executive incentives with shareholder value.
• The vesting schedules and performance metrics associated with these plans are typically benchmarked against industry peers to ensure competitiveness and effectiveness.

Stakeholder Impact

• Shareholders may view the transactions as part of the company's executive compensation strategy.
• Employees may be interested in the details of the Long-Term Incentive Plan and restricted stock unit vesting schedules.

Key Dates