LAKELAND BANCORP INC 4
4 · LAKELAND BANCORP INC · Filed Jan 11, 2016
Insider Transaction Report
Form 4
Inserra Lawrence R Jr
Director
Transactions
- Other
Common Stock
2016-01-07+51,290→ 51,290 total
Footnotes (2)
- [F1]Represents 51,290 shares of common stock of Lakeland Bancorp, Inc. no par value ("Lakeland Common Stock") which were recieved by Mr. Inserra in exchange for 53,562 shares of common stock of Pascack Bancorp, Inc. no par value ("Pascack Common Stock"), formerly held by him, in connection with the merger of Pascack Bancorp, Inc. into Lakeland Bancorp, Inc.(the "Merger")
- [F2]On the effective date of the Merger, the closing price of Pascack Common Stock was $10.95 per share, and the closing price of Lakeland Common Stock was $11.23 per share. Pursuant to the terms of the Merger, each share of Pascack Common Stock was converted into, at the election of the holder, either 0.9576 shares of Lakeland Common Stock or $11.35 in cash, subject to proration, so that 90% of the aggregate Merger consideration consisted of shares of Lakeland Common Stock and 10% consisted of cash.