McCormick Patrick C 4
4 · UNIVEST FINANCIAL Corp · Filed Mar 17, 2026
Research Summary
AI-generated summary of this filing
Univest (UVSP) SEVP Patrick McCormick Exercises Options, Receives Awards
What Happened
Patrick C. McCormick, Senior EVP & Chief Commercial Bank Officer of Univest Financial (UVSP), completed multiple derivative transactions on March 15, 2026. He converted/exercised derivative rights resulting in 5,138 shares of common stock being issued to him. The filing also shows 1,249 shares were surrendered to cover tax withholding at $32.72 per share (value $40,867). In addition, McCormick received new awards totaling 6,189 restricted stock units (1,857 + 4,332 RSUs), which are contingent/derivative awards rather than immediately tradable shares. The filing reports a separate disposition of 760 shares labeled as “other disposition.”
Key Details
- Transaction date: March 15, 2026; Form filed March 17, 2026 (timely).
- Conversion/exercise: 5,138 derivative units converted to common shares (multiple entries).
- Tax withholding/payment: 1,249 shares surrendered at $32.72/share = $40,867.
- New awards: 1,857 RSUs and 4,332 RSUs granted (total 6,189 RSUs).
- Other disposition: 760 shares reported under code J (filing does not specify exact reason).
- Footnotes: settlements represent one share per RSU on vesting; some awards are performance-based (may pay up to 150% and vest after a 3-year performance period); some vested shares may be cancelled after performance evaluation; certain RSUs vest 33.33% per year over three years.
- Shares owned after transaction: not provided in the excerpt; footnotes note inclusion of 3,269.0010 shares from DRIP/ESPP in ownership totals.
Context
These transactions are largely routine equity compensation activity: conversion/settlement of derivative awards into shares and the grant of new restricted stock units. The surrender of 1,249 shares to cover taxes is a common withholding method (not an open-market sale). Performance-based RSUs reported here will vest per the performance/vesting schedule in the footnotes (including potential cancellation or upward adjustment based on results). This filing is from an executive officer (not a 10% owner) and does not, by itself, indicate personal market timing or investment intent.
Insider Transaction Report
- Exercise/Conversion
Common
[F1][F2]2026-03-15+489→ 10,383.001 total - Exercise/Conversion
Common
[F1][F2]2026-03-15+716→ 11,099.001 total - Exercise/Conversion
Common
[F1][F2]2026-03-15+511→ 11,610.001 total - Exercise/Conversion
Common
[F2][F3]2026-03-15+3,422→ 15,032.001 total - Other
Common
[F4][F2]2026-03-15−760→ 14,272.001 total - Tax Payment
Common
[F2]2026-03-15$32.72/sh−1,249$40,867→ 13,023.001 total - Exercise/Conversion
Restricted Stock Units
[F1]2026-03-15−489→ 0 totalFrom: 2024-03-15Exp: 2026-03-15→ Common (489 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F5]2026-03-15−716→ 716 totalFrom: 2025-03-15Exp: 2027-03-15→ Common (716 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F5]2026-03-15−511→ 1,022 totalFrom: 2026-03-15Exp: 2028-03-15→ Common (511 underlying) - Exercise/Conversion
Performance Restricted Stock Units
[F3]2026-03-15−3,422→ 0 totalFrom: 2026-03-15Exp: 2026-03-15→ Common (3,422 underlying) - Award
Restricted Stock Units
[F6][F5]2026-03-15+1,857→ 1,857 totalFrom: 2027-03-15Exp: 2029-03-15→ Common (1,857 underlying) - Award
Performance Restricted Stock Units
[F6][F7]2026-03-15+4,332→ 4,332 totalFrom: 2029-03-15Exp: 2029-03-15→ Common (4,332 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 3,269.0010 SHARES ACQUIRED THROUGH THE DIVIDEND REINVESTMENT PLAN AND EMPLOYEE STOCK PURCHASE 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.