Form 4: BRBS CFO Reports Stock Forfeiture, New Award

Blue Ridge Bankshares' CFO, Judy Carol Gavant, reported a forfeiture of performance-based restricted shares and a subsequent award of new performance-based restricted stock.

Summary

• Judy Carol Gavant, EVP & Chief Financial Officer of Blue Ridge Bankshares, Inc. (BRBS), reported changes in her beneficial ownership of common stock.
• On January 23, 2026, 73,333 performance-based restricted shares were forfeited due to a failure to satisfy performance conditions.
• On March 20, 2026, 160,000 performance-based stock units were cancelled.
• Concurrently on March 20, 2026, 160,000 new performance-based restricted stock units were awarded, subject to company performance achievements and a vesting schedule.
• Following these transactions, Gavant's direct beneficial ownership of common stock is 577,372 shares.
• Additionally, 4,819 shares are indirectly owned through a 401(k) plan, which includes 33 shares previously reported by an ESOP that were liquidated into the 401(k).
• Gavant also holds derivative securities in the form of rights to buy 3,750 shares of common stock at $13.50 (exercisable 01/31/2021, expiring 12/07/2027) and 3,750 shares at $10.80 (exercisable 01/31/2021, expiring 06/12/2029).

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as slightly negative due to the forfeiture of shares for unmet performance conditions, although a new award was granted, which partially offsets the negative sentiment by demonstrating continued incentive alignment.

Positives

• Award of 160,000 new performance-based restricted stock units on March 20, 2026, aligning executive incentives with future company performance.
• Continued indirect ownership of 4,819 shares in a 401(k) plan, demonstrating long-term investment.

Negatives

• Forfeiture of 73,333 performance-based restricted shares on January 23, 2026, due to failure to satisfy performance conditions.
• Cancellation of 160,000 performance-based stock units on March 20, 2026, indicating prior performance targets were not met.

Risks

• Future performance-based awards are contingent on achieving specific company performance targets, posing a risk of forfeiture if these targets are not met.

Future Outlook

The award of new performance-based restricted stock is subject to future company performance achievements and a vesting schedule, indicating a forward-looking incentive structure for the EVP & CFO.

Industry Context

StockSavvy.ai notes that executive compensation often includes performance-based awards to align management incentives with shareholder interests, a common practice in the financial services sector.

Comparison to Industry Standards

• Performance-based restricted stock awards and forfeitures are standard practices in executive compensation across the financial services industry, aiming to align executive incentives with shareholder value creation.
• Companies like JPMorgan Chase & Co. and Bank of America Corporation frequently utilize similar equity-based compensation structures for their senior executives, tying a significant portion of their pay to the achievement of specific financial and operational targets.

Stakeholder Impact

• Shareholders are impacted by the executive compensation structure, which ties a portion of the EVP & CFO's equity to company performance, potentially aligning management's interests with shareholder value.

Next Steps

• Achievement of company performance targets for the vesting of the newly awarded performance-based restricted stock.

Key Dates

Recommendation

The filing details routine executive compensation adjustments, including both forfeiture of shares due to unmet performance conditions and a new award. This information alone does not provide a strong directional signal for the stock, suggesting a 'hold' stance for investors awaiting broader company performance updates.

Keywords

BRBS, Blue Ridge Bankshares, Form 4, Insider Transaction, Executive Compensation, Restricted Stock, Stock Award, CFO