Item 2.02. Results of Operations and Financial Condition
On
The release contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers The LTI Plan is a key element of the Company's executive compensation program as it provides equity-based compensation that supports the Company's goal of aligning management and stockholders' interests and recruiting and retaining key personnel. The LTI Plan targets 75% of an award in performance shares (with vesting based on certain adjusted metrics including return on average tangible assets ("ROATA") and earnings per share available to common stockholders ("EPS")) ("Performance Award") and 25% of an award in time-vested stock. Performance Award payouts can range from 0% to 150% of target based on the Company's three-year adjusted EPS growth and adjusted ROATA relative to the KBW Regional Bank Index. For participants to be eligible to earn a Performance Award payout, the Company is required to meet a minimum adjusted EPS and adjusted ROATA in the final year of a performance period (the "Minimum Threshold Requirements").
On
Except as disclosed herein and previously disclosed in Company's Current Report
on Form 8-K filed with the
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Item 9.01. Financial Statements and Exhibits
(d) Exhibits. Exhibit No. Description 99.1 Press Release ofSterling Bancorp , datedJanuary 20, 2021
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