Form 4: First US Bancshares Director Aubrey S. Miller Reports Acquisition of Phantom Stock Units

Director Aubrey S. Miller reports acquisition of phantom stock units convertible to common stock through a non-employee director deferred compensation plan.

Summary

• On March 31, 2025, Aubrey S. Miller, a director of First US Bancshares, Inc. acquired phantom stock units under the company's Non-Employee Directors' Deferred Compensation Plan.
• The transaction involved the acquisition of 46.75 phantom stock units at a price of $13.36 per unit.
• These units are convertible to common stock on a 1-for-1 basis and are to be settled in common stock at the end of the deferral period.
• Miller directly owns 434.85 phantom stock units following the reported transaction, which includes 1.84 shares attributable to quarterly dividends accrued under the plan.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, suggesting a neutral to slightly positive sentiment as it indicates alignment of interests between the director and shareholders.

Positives

• The acquisition of phantom stock units by a director signals confidence in the company's future performance.
• The Non-Employee Directors' Deferred Compensation Plan aligns the interests of directors with those of shareholders.

Future Outlook

The phantom stock units will be settled in common stock at the end of the deferral period, indicating a future conversion of these units into shares.

Industry Context

Director compensation plans involving phantom stock units are common in the banking industry to attract and retain talent, aligning their interests with long-term shareholder value.

Comparison to Industry Standards

• Many financial institutions use deferred compensation plans, including phantom stock units, as part of their executive and director compensation packages.
• These plans are designed to incentivize long-term performance and align the interests of management with those of shareholders, similar to practices observed at companies like JPMorgan Chase and Bank of America.
• The specific terms and conditions of these plans, such as the vesting schedule and conversion ratio, can vary widely across different companies.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns the director's interests with the company's long-term performance.

Key Dates

Keywords

phantom stock units, director compensation, Form 4, beneficial ownership, FIRST US BANCSHARES, FUSB, Aubrey S. Miller