Form 4: Carter Bankshares Executive Acquires Restricted Stock Award

Tony E. Kallsen, SEVP and Chief Credit Officer of Carter Bankshares, Inc., acquired 2,208 shares of common stock as a restricted stock award on February 27, 2025.

Summary

• On February 27, 2025, Tony E. Kallsen, the SEVP and Chief Credit Officer of Carter Bankshares, Inc., acquired 2,208 shares of common stock.
• This acquisition was in the form of a restricted stock award.
• The shares were acquired at a price of $0.
• Following the transaction, Kallsen directly owns 13,788 shares of Carter Bankshares, Inc.
• The restricted stock award has a 5-year cliff vesting period, vesting on February 27, 2030.
• Jessica R. Sikes, acting as attorney-in-fact, signed the report on February 28, 2025.
• Tony E. Kallsen granted power of attorney to Abigail E. McGuire, Lisa J. Correll, K. Jill Milner and Jessica R. Sikes to handle SEC filings related to Section 16 of the Securities Exchange Act of 1934.

Sentiment

Score: 6

Explanation: The document is a routine regulatory filing related to executive compensation. It doesn't contain information that would significantly impact investor sentiment positively or negatively.

Positives

• The acquisition of restricted stock aligns the executive's interests with the long-term performance of the company.
• The vesting schedule encourages long-term commitment from the executive.

Future Outlook

The document does not contain specific forward-looking statements, but the vesting of the restricted stock in 2030 suggests a long-term commitment from the executive.

Industry Context

Form 4 filings are routine disclosures required by the SEC to ensure transparency in insider trading activities. The acquisition of restricted stock is a common practice to incentivize and retain key executives in the banking industry.

Comparison to Industry Standards

• Restricted stock awards are a common form of executive compensation in the banking industry, similar to practices at institutions like Truist Financial and Bank of America.
• Vesting schedules, such as the 5-year cliff vesting in this case, are standard for aligning executive incentives with long-term company performance, comparable to vesting periods used by regional banks like First Horizon.

Stakeholder Impact

• The acquisition of restricted stock aligns the executive's interests with those of the shareholders, potentially leading to better long-term performance.
• The vesting schedule may incentivize the executive to remain with the company, providing stability and experience.

Key Dates