Company: WSBC
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030795
Chunk: 91

Company: WESBANCO INC
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 91
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 completion of the three-year performance period and the final 50% vesting in May 2029. From the 2019 PBRS, 4,951 shares vested in May 2024.  The third-year reporting period in the 2020 PBRS failed to meet the performance goals measured as of December 31, 2023, so those shares were forfeited.  For the 2021 and 2022 PBRS, the second- and first-year reporting periods, respectively, achieved approximately 86% of the performance goal measured at December 31, 2023.  The Compensation Committee approved these goal achievements in May of 2024.  Since metrics were previously met on the first and second year reporting period for the 2020 PBRS, Wesbanco issued 18,684 time-based restricted shares to the select officers of the 2020 grant, which vest in equal installments of which 9,342 shares vested in May 2024 and the remaining shares will vest in May 2025.  On February 25, 2021, the Incentive Plan was amended to adjust the performance goal to 75% and approve a pro-rata award based on the achievement between 75% through 99%, as the award will be prorated to the percentage achieved.  Dividends accrue on the restricted shares once the performance objective is achieved and then are converted into additional shares of restricted stock on the date the cash dividend would have otherwise been paid, but do not vest until the related grant of the restricted shares complete their vesting.  Voting rights accrue upon achievement of the performance objective.Compensation expense relating to all restricted stock was $6.1 million, $5.9 million and $5.0 million in 2024, 2023 and 2022, respectively. As of December 31, 2024, the total unrecognized compensation expense related to non-vested restricted stock grants totaled $9.6 million, with a weighted average expense recognition period of 1.2 years remaining.

117

The following table shows the activity for the Restricted Stock component of the Incentive Plan: 

        For the Year Ended December 31, 2024
         
        RestrictedStock

        WeightedAverageGrant DateFair ValuePer Share

        Non-vested at January 1, 2024

        682,490

        $
        28.85

        Granted during the year

        238