Form 4: Business First Bancshares EVP Kathryn Manning Reports Stock Unit Grant
SEC Form 4 Filing
Kathryn Manning, EVP & Chief Risk Officer of Business First Bancshares, reports the grant of restricted stock units.
Summary
- Kathryn Manning, EVP & Chief Risk Officer of Business First Bancshares, filed a Form 4.
- The report details the grant of 3,756 time-based restricted stock units on March 1, 2025.
- These units vest in three tranches: 1,239 shares on March 1, 2026, 1,239 shares on March 1, 2027, and 1,278 shares on March 1, 2028.
- Manning also holds 17,892 shares of common stock, including unvested restricted stock from previous grants.
- The reporting person has irrevocably elected to defer the reported securities under the b1BANK Deferred Compensation Plan.
- In accordance with the Deferred Compensation Plan, the reporting person will receive a lump sum cash distribution in an amount equal to the vested securities deferred under the Deferred Compensation Plan, plus any earnings or losses attributable thereto in accordance with the Deferred Compensation Plan, on the first business day of the month following the month in which the reporting person's separation of service, death or disability occurs.
Sentiment
Score: 7
Explanation: The document reflects a standard executive compensation practice, indicating stability and alignment of interests. The sentiment is neutral to positive.
Positives
- The grant of restricted stock units aligns Manning's interests with the long-term performance of the company.
Future Outlook
The restricted stock units will vest over the next three years, incentivizing continued service and performance.
Industry Context
Grants of restricted stock units are a common form of executive compensation in the banking industry, aligning management's interests with shareholders.
Comparison to Industry Standards
- Executive compensation packages, including restricted stock units, are typical in the banking industry to attract and retain talent.
- Comparable companies such as Hancock Whitney Corporation and Home Bancorp, Inc. also utilize stock-based compensation for their executives.
Stakeholder Impact
- The grant of restricted stock units could positively impact shareholder value by incentivizing management to improve company performance.
Key Dates
| Date | Description |
|---|---|
| 02/01/2023 | Date of previous restricted stock grant (3,282 shares), vesting on March 31, 2025 |
| 02/01/2024 | Date of previous restricted stock grant (4,869 shares), vesting on March 31, 2025 and March 31, 2026 |
| 12/12/2024 | Date of previous restricted stock units grant (3,574 shares), vesting on December 12, 2025, December 12, 2026 and December 12, 2027 |
| 03/01/2025 | Date of transaction: Grant of 3,756 restricted stock units. |
| 03/01/2026 | Vesting date for 1,239 shares of the March 1, 2025 grant. |
| 03/01/2027 | Vesting date for 1,239 shares of the March 1, 2025 grant. |
| 03/01/2028 | Vesting date for 1,278 shares of the March 1, 2025 grant. |
| 03/04/2025 | Date of Form 4 filing. |
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