Keim Michael S 4
4 · UNIVEST FINANCIAL Corp · Filed Mar 17, 2026
Research Summary
AI-generated summary of this filing
Univest Financial (UVSP) COO Michael Keim Exercises/Receives Awards, Withholds Shares
What Happened
Michael S. Keim, Senior Executive Vice President & COO of Univest Financial (UVSP), had a mix of restricted stock units and performance-based restricted stock units settle (convert to common shares) on March 15, 2026, and also received new awards. The filing shows four settled derivative conversions totaling 11,756 shares (1,150 + 1,499 + 1,061 + 8,046). To cover tax withholding related to the vesting/conversion, 4,348 shares were surrendered at $32.72 per share for a total withholding value of $142,267. The filing also reports an award of 9,414 new restricted/performance-based units (2,826 and 6,588).
Key Details
- Transaction date: March 15, 2026; Form 4 filed March 17, 2026 (timely filing).
- Converted/settled derivatives (vested RSUs/PSUs): 11,756 shares (multiple line items).
- Shares withheld for tax liability (code F): 4,348 shares @ $32.72 = $142,267 (disposed).
- Other disposition (code J): 1,786 shares disposed — filing notes some vested shares were cancelled after performance evaluation.
- New awards (code A): 2,826 and 6,588 restricted/performance units granted = 9,414 units.
- Footnotes indicate: conversions represent settlement of one share per RSU; some units are performance-based (PSUs) that vest/settle based on a 3‑year performance period and may pay up to 150%; time‑based RSUs generally vest 33.33% per year over 3 years. One footnote also references 7,154.509 shares from a dividend reinvestment plan.
- Shares owned after the transactions are not specified in the provided excerpt.
Context
These entries are largely internal—vestings/settlements and new equity awards—rather than open‑market purchases or sales. The withholding of 4,348 shares to cover taxes is a routine "net share settlement" (code F) and is not the same as an open‑market sale. Performance-based units have a separate measurement period and possible payout range (up to 150%), and some vested shares were cancelled per performance evaluation (routine accounting of awards).
Insider Transaction Report
- Exercise/Conversion
Common
[F1][F2]2026-03-15+1,150→ 62,507.077 total - Exercise/Conversion
Common
[F1][F2]2026-03-15+1,499→ 64,006.077 total - Exercise/Conversion
Common
[F1][F2]2026-03-15+1,061→ 65,067.077 total - Exercise/Conversion
Common
[F2][F3]2026-03-15+8,046→ 73,113.077 total - Other
Common
[F4][F2]2026-03-15−1,786→ 71,327.077 total - Tax Payment
Common
[F2]2026-03-15$32.72/sh−4,348$142,267→ 66,979.077 total - Exercise/Conversion
Restricted Stock Units
[F1]2026-03-15−1,150→ 0 totalFrom: 2024-03-15Exp: 2026-03-15→ Common (1,150 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F5]2026-03-15−1,499→ 1,499 totalFrom: 2025-03-15Exp: 2027-03-15→ Common (1,499 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F5]2026-03-15−1,061→ 2,122 totalFrom: 2026-03-15Exp: 2028-03-15→ Common (1,061 underlying) - Exercise/Conversion
Performance Restricted Stock Units
[F3]2026-03-15−8,046→ 0 totalFrom: 2026-03-15Exp: 2026-03-15→ Common (8,046 underlying) - Award
Restricted Stock Units
[F6][F5]2026-03-15+2,826→ 2,826 totalFrom: 2027-03-15Exp: 2029-03-15→ Common (2,826 underlying) - Award
Performance Restricted Stock Units
[F6][F7]2026-03-15+6,588→ 6,588 totalFrom: 2029-03-15Exp: 2029-03-15→ Common (6,588 underlying)
Footnotes (7)
- [F1]REPRESENTS THE SETTLEMENT OF ONE SHARE OF COMMON STOCK UPON VESTING OF THE CORRESPONDING NUMBER OF RESTRICTED STOCK UNITS.
- [F2]INCLUDES 7,154.509 SHARES ACQUIRED THROUGH THE DIVIDEND REINVESTMENT PLAN.
- [F3]REPRESENTS THE SETTLEMENT OF ONE SHARE OF COMMON STOCK UPON VESTING OF THE CORRESPONDING NUMBER OF PERFORMANCE-BASED RESTRICTED STOCK UNITS.
- [F4]VESTED SHARES CANCELLED DUE TO EVALUATION OF PERFORMANCE FACTORS AFTER MEASUREMENT PERIOD.
- [F5]RESTRICTED STOCK UNITS VEST AT 33.33% PER YEAR FOR THREE YEARS COMMENCING WITH THE EXERCISABLE DATE INDICATED ASSUMING CONTINUED EMPLOYMENT THROUGH THE VESTING DATE.
- [F6]EACH RESTRICTED STOCK UNIT REPRESENTS A CONTINGENT RIGHT TO RECEIVE ONE SHARE OF COMMON STOCK UPON VESTING OF THE UNIT.
- [F7]THE PERFORMANCE-BASED RESTRICTED STOCK UNITS VEST ON THE THIRD ANNIVERSARY OF THE DATE OF THE GRANT AT WHICH POINT THE ACTUAL NUMBER OF SHARES TO BE AWARDED WILL BE DETERMINED BASED ON THE PERFORMANCE OF THE COMPANY DURING THE THREE YEAR PERIOD. THE RECIPIENT MAY RECEIVE UP TO 150% OF THE REPORTED RESTRICTED STOCK UNITS.