Sterling Bancorp (STL) director Palleschi returned to the company 87,012 shares

Insider transactions reported

Ralph F Palleschi (director at Sterling Bancorp, STL) reported that they returned to the company 87,012 shares on Jan 31, 2022. After these transactions the filing shows 0 shares held directly and 0 shares held indirectly (By Ralph F. Palleschi 1998 Family Trust).

Reporting person

Palleschi Ralph F

Holdings before and after

• Common Stock: 3,433 to 0 direct
• Common Stock: 83,579 to 0 indirect, By Ralph F. Palleschi 1998 Family Trust

Footnotes from the filing

1. 1. Consists of 3,433 restricted stock awards of the Issuer (the Issuer RSAs ).
2. 2. Disposed of pursuant to the Merger Agreement between Issuer and Webster Financial Corporation ( Webster ), dated April 18, 2021 (the Merger Agreement ), for total stock consideration of 1,589 shares of new Webster common stock. Pursuant to the terms of the Merger Agreement, at the effective time of the merger between Issuer and Webster (the Effective Time ), each share of Issuer common stock issued and outstanding immediately prior to the Effective Time was converted into the right to receive 0.4630 shares of Webster common stock. All fractional share holdings were paid in cash. The Merger closed on January 31, 2022. On January 31, 2022, the closing price of the Issuer was $26.29, and the closing price of Webster was $56.81.
3. 3. Pursuant to the terms of the Merger Agreement, at the Effective Time, the Issuer RSAs vested and were cancelled and converted into the number of shares of Webster common stock equal to the product of (A) the number of shares of Issuer common stock subject to such Issuer RSAs immediately prior to the Effective Time, multiplied by (B) the Exchange Ratio, with any fractional shares paid in cash.
4. 4. Disposed of pursuant to the Merger Agreement, for total stock consideration of 38,697 shares of new Webster common stock, as further described above.

Transaction codes in this filing

Sale back to the company:

Code D marks a disposition back to the company under an exempt plan, as opposed to a sale in the market.

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