Form 4: First US Bancshares Director Bruce N. Wilson Reports Acquisition of Phantom Stock Units

Director Bruce N. Wilson reports acquisition of phantom stock units through dividend accrual under the First US Bancshares, Inc. Non-Employee Directors Deferred Compensation Plan.

Summary

• On March 28, 2024, Bruce N. Wilson, a director of First US Bancshares, Inc. (FUSB), acquired phantom stock units.
• The acquisition is related to quarterly dividends accrued under the First US Bancshares, Inc. Non-Employee Directors Deferred Compensation Plan.
• A total of 100.95 phantom stock units were acquired at a price of $9.26 each.
• Following the transaction, Wilson directly owns 18,887.11 phantom stock units.
• These units convert to common stock on a 1-for-1 basis and will be settled in common stock at the end of the deferral period.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating a stable and ongoing governance structure. The sentiment is neutral to slightly positive as it shows continued alignment of director and shareholder interests.

Positives

• The acquisition of phantom stock units reflects continued participation in the company's Non-Employee Directors Deferred Compensation Plan.
• The director's increased holdings align their interests with those of the shareholders.

Future Outlook

The phantom stock units will be settled in common stock at the end of the deferral period, but the exact timing of this settlement is not specified in this document.

Industry Context

This filing is a routine disclosure related to director compensation and is typical for publicly traded companies. Directors often receive stock-based compensation to align their interests with shareholders.

Comparison to Industry Standards

• Deferred compensation plans for non-employee directors are a common practice in the banking industry.
• Many regional banks, such as South State Corporation and Pinnacle Financial Partners, offer similar deferred compensation plans to their directors.
• The specific terms of these plans, such as the deferral period and the conversion ratio of phantom stock units, can vary from company to company.

Stakeholder Impact

• The acquisition of phantom stock units by a director can positively influence shareholder confidence by demonstrating alignment of interests.
• The deferred compensation plan can help retain qualified directors.

Key Dates