Form 4: Oak Valley Bancorp Executive Gary Stephens Reports Changes in Beneficial Ownership

Gary Stephens, EVP Commercial Banking at Oak Valley Bancorp, reports transactions involving common stock, including acquisitions through a 401k plan and restricted stock awards, as well as shares surrendered for tax liabilities.

Summary

• Gary Stephens, EVP Commercial Banking at Oak Valley Bancorp, filed a Form 4 detailing changes in his beneficial ownership of the company's common stock.
• On December 31, 2023, Stephens acquired 1,027 shares through the company's 401k plan, bringing his direct holdings to 28,918 shares.
• On February 28, 2024, he acquired 5,000 shares of restricted stock and an additional 1,262 shares, increasing his direct holdings to 35,180 shares.
• Also on February 28, 2024, Stephens surrendered shares to cover tax liabilities related to restricted stock vesting, resulting in a decrease in his holdings to 34,769 shares.
• The restricted stock vests 20% annually from February 28, 2025, through February 28, 2029.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing, so the sentiment is neutral.

Positives

• The acquisition of shares through the 401k plan demonstrates Stephens' investment in the company.
• The award of restricted stock aligns Stephens' interests with the long-term performance of Oak Valley Bancorp.
• The vesting schedule of the restricted stock (20% annually over five years) encourages Stephens' continued commitment to the company.

Future Outlook

The document does not contain specific forward-looking statements, but the vesting schedule of the restricted stock suggests a multi-year commitment from the executive.

Industry Context

Form 4 filings are a routine part of regulatory compliance for publicly traded companies and their executives, providing transparency into insider transactions.

Stakeholder Impact

• Shareholders may be interested in tracking insider transactions as an indicator of management's confidence in the company.
• The vesting of restricted stock could incentivize the executive to focus on long-term value creation for the company.

Key Dates