Form 4: First Community Bankshares Inc. Executive Gary R. Mills Reports Changes in Beneficial Ownership
SEC Form 4
Gary R. Mills, President of First Community Bankshares Inc., filed a Form 4 detailing transactions and holdings of company stock and derivative securities.
Summary
- Gary R. Mills, President of First Community Bankshares Inc., reported changes in beneficial ownership of the company's stock.
- The report includes transactions such as the transfer of shares to a joint account and acquisitions through a 401(k) plan.
- Mills also holds restricted stock units that vest based on company performance and continued employment.
- The report details various stock options with different exercise prices and expiration dates.
- Mills indirectly owns shares through an Employee Stock Ownership & Savings Plan and phantom stock through a 401k wrap.
- The filing was signed by Sarah W. Harmon as Attorney-in-Fact for Gary R. Mills on May 31, 2024.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral.
Positives
- The acquisition of shares through the 401(k) plan indicates participation in company savings programs.
- The holding of restricted stock units aligns executive compensation with company performance.
- The presence of stock options provides an incentive for long-term value creation.
Future Outlook
The vesting of restricted stock units is contingent upon the company's performance over the next few years.
Industry Context
Form 4 filings are a routine part of regulatory compliance for publicly traded companies, providing transparency into the transactions of company insiders.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive compensation and ownership.
- Employees participating in the 401(k) plan are impacted by the company's contributions and dividend reinvestments.
Key Dates
| Date | Description |
|---|---|
| 12/31/2002 | Expiration date for 865 stock options with an exercise price of $24.65. |
| 12/31/2003 | Expiration date for 3,025 stock options with an exercise price of $29.15. |
| 03/31/2022 | Start date for vesting of 15,799 stock options in three equal installments over three years. |
| 03/19/2031 | Expiration date for 15,799 stock options with an exercise price of $33. |
| 05/29/2024 | Date of transaction involving restricted stock units. |
| 05/31/2024 | Date of filing of the Form 4. |
| 05/24/2025 | Cliff vesting date for 6,436 restricted stock units based on performance criteria and continued employment. |
| 03/31/2025 | End of the three-year period for performance criteria related to the vesting of restricted stock units. |
| 05/23/2026 | Cliff vesting date for 7,394 restricted stock units based on performance criteria and continued employment. |
| 03/31/2026 | End of the three-year period for performance criteria related to the vesting of restricted stock units. |
| 05/29/2027 | Cliff vesting date for 5,728 restricted stock units based on performance criteria and continued employment. |
| 03/31/2027 | End of the three-year period for performance criteria related to the vesting of restricted stock units. |
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