Form 4: CrossFirst Bankshares Director Rod Brenneman Acquires Restricted Stock

Director Rod Brenneman acquired 3,680 shares of CrossFirst Bankshares restricted common stock on May 17, 2024, as part of the director compensation program.

Summary

• Rod Brenneman, a director and Chairman of the Board at CrossFirst Bankshares, acquired 3,680 shares of common stock on May 17, 2024.
• The shares were awarded as restricted common stock for the May 2024 to May 2025 board year, as part of the director compensation program.
• The acquisition price was $13.59 per share.
• These shares will vest on May 17, 2025, contingent upon continued service through the vesting date.
• Brenneman directly owns 53,311 shares of common stock following the transaction.
• Brenneman also indirectly owns 198,384 shares through the Brenneman Living Trust Dated November 2, 2012.
• A correction was made to a previous filing regarding the ownership of 2,094 shares, clarifying that they are held individually by Brenneman, not by the trust.
• The reported holdings include 1,935 shares of phantom stock credited under the Directors' Deferred Fee Plan.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, which is generally viewed neutrally to positively as it aligns director interests with shareholders. The correction of a previous filing adds a slight positive as it shows attention to detail and transparency.

Positives

• The acquisition of shares by a director can be seen as a positive sign, indicating confidence in the company's future performance.
• The director compensation program incentivizes continued service and alignment with shareholder interests.

Future Outlook

The restricted stock will vest on May 17, 2025, subject to continued service.

Industry Context

Director stock ownership is a common practice in the banking industry to align management's interests with those of shareholders. Compensation packages often include stock options or restricted stock awards.

Comparison to Industry Standards

• Director compensation packages vary across the banking industry, but restricted stock awards are a common component.
• Comparing CrossFirst Bankshares' director compensation structure to peers like Commerce Bancshares or UMB Financial Corporation would provide a benchmark for assessing its competitiveness.
• The vesting schedule of the restricted stock is typical, requiring continued service to ensure alignment with long-term company performance.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns the director's interests with the company's performance.
• The director compensation program incentivizes continued service, which benefits the company and its stakeholders.

Key Dates