Form 4: California BanCorp Director Kevin Cullen Receives Restricted Stock Units as Board Compensation

California BanCorp Director Kevin J. Cullen was granted 3,729 restricted stock units (RSUs) as compensation for his board service, vesting in May 2026.

Summary

• Kevin J. Cullen, a Director of California BanCorp (BCAL), was granted 3,729 restricted stock units (RSUs) on May 21, 2025.
• These RSUs were issued as consideration for his service on the Issuer's Board of Directors.
• The shares underlying these RSUs are scheduled to vest in full on May 21, 2026.
• Following this transaction, Mr. Cullen's beneficial ownership of Common Stock includes 71,980 shares held directly, 9,600 shares held indirectly via a 401K, and 6,426 shares held indirectly via an IRA, totaling 88,006 shares.
• The Form 4 filing was signed by Manisha Merchant, acting as Power of Attorney for Kevin Cullen, on May 23, 2025.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive as the RSU grant aligns director interests with shareholders, which is generally viewed favorably for corporate governance and long-term value creation. It's a routine, expected event.

Positives

• The grant of Restricted Stock Units (RSUs) to Director Kevin J. Cullen aligns his interests with those of shareholders, as the value of his compensation is tied to the company's stock performance.
• This form of compensation is a standard practice for retaining and incentivizing experienced board members.

Future Outlook

The restricted stock units granted to Director Kevin J. Cullen are scheduled to vest on May 21, 2026, indicating a future issuance of common stock upon the fulfillment of the vesting conditions.

Management Comments

• The Power of Attorney document states that the attorneys-in-fact (Jean Carandang, Tom Dolan, and Manisha K. Merchant) are authorized to execute and file Section 16(a) statements on behalf of Kevin Cullen, acknowledging that they are not assuming his responsibilities to comply with Section 16 of the Securities Exchange Act of 1934.

Industry Context

This Form 4 filing is a routine disclosure of an insider transaction, specifically the grant of equity compensation to a director. Such grants are common practice across industries, particularly in the financial sector, to align the interests of board members with long-term shareholder value.

Corporate Governance

Related Party Transactions

• The acquisition of 3,729 restricted stock units by Director Kevin J. Cullen from California BanCorp constitutes a related party transaction, as it involves compensation from the company to a member of its board of directors.

Stakeholder Impact

• Shareholders: The RSU grant aligns the director's financial interests with the long-term performance of the company, potentially benefiting shareholders through improved governance and strategic decisions.
• Employees: No direct impact on employees is indicated by this filing.

Next Steps

• The 3,729 restricted stock units granted to Kevin J. Cullen are expected to vest on May 21, 2026, at which point the underlying shares will be issued.

Key Dates

Keywords

California BanCorp, BCAL, SEC Form 4, Restricted Stock Units, RSUs, Insider Transaction, Director Compensation, Beneficial Ownership, Corporate Governance, Equity Compensation