Form 4: Oak Valley Bancorp Executive Reports Changes in Beneficial Ownership
SEC Form 4
Michael J. Rodrigues, EVP Chief Credit Officer of Oak Valley Bancorp, reports changes in beneficial ownership of company stock due to 401k activity, restricted stock awards, and tax liability fulfillment.
Summary
- Michael J. Rodrigues, EVP Chief Credit Officer of Oak Valley Bancorp, filed a Form 4 detailing changes in his beneficial ownership of the company's common stock.
- On December 31, 2024, Rodrigues acquired 1,665 shares through the company's 401k plan.
- He also reports an adjustment to holdings for shares acquired through the 401k profit sharing plan in 2024.
- On February 28, 2025, Rodrigues was awarded 1,112 shares of restricted stock that will vest 20% annually from 2026 to 2030.
- Also on February 28, 2025, shares were surrendered to satisfy tax liabilities on restricted stock that vested on that date from grants issued between 2020 and 2024.
- Following these transactions, Rodrigues beneficially owns 74,854 shares of Oak Valley Bancorp common stock.
Sentiment
Score: 6
Explanation: The sentiment is neutral as the filing primarily reflects routine transactions related to compensation and 401k activity. There is no indication of significant positive or negative sentiment.
Positives
- The acquisition of shares through the 401k plan and the award of restricted stock indicate confidence in the company's future performance.
Future Outlook
The restricted stock will vest 20% annually on the following dates: 2/28/2026, 2/28/2027, 2/28/2028, 2/28/2029, 2/28/2030.
Industry Context
Form 4 filings are a routine part of regulatory compliance for publicly traded companies, providing transparency into the trading activities of company insiders.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
Key Dates
| Date | Description |
|---|---|
| 12/31/2024 | Acquisition of shares through company 401k plan. |
| 02/28/2025 | Award of restricted stock and surrender of shares for tax liabilities. |
| 02/28/2026 | First vesting date (20%) for restricted stock awarded on 02/28/2025. |
| 02/28/2027 | Second vesting date (20%) for restricted stock awarded on 02/28/2025. |
| 02/28/2028 | Third vesting date (20%) for restricted stock awarded on 02/28/2025. |
| 02/28/2029 | Fourth vesting date (20%) for restricted stock awarded on 02/28/2025. |
| 02/28/2030 | Final vesting date (20%) for restricted stock awarded on 02/28/2025. |
| 03/11/2025 | Date of Form 4 filing. |
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