Form 4: Origin Bancorp Director Lori Sirman Reports Stock Awards and Option Holdings
SEC Form 4
Director Lori Sirman reports the grant of restricted stock units and holdings of stock options in Origin Bancorp, Inc.
Summary
- Lori Sirman, a director of Origin Bancorp, Inc., filed a Form 4 detailing changes in beneficial ownership.
- The report includes the grant of 2,681 restricted stock units on May 20, 2024, which vest ratably over three years starting May 20, 2025.
- Sirman also holds various stock options with exercise prices ranging from $19.64 to $37.76 and expiration dates between December 2024 and February 2031.
- These stock options were converted from options to purchase shares of BTH common stock following the merger effective August 1, 2022.
Sentiment
Score: 6
Explanation: The document is a routine regulatory filing. The sentiment is neutral as it simply reports transactions.
Positives
- The granting of restricted stock units to a director aligns their interests with those of the shareholders.
- The vesting schedule of the restricted stock units encourages long-term commitment from the director.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Comparison to Industry Standards
- Granting restricted stock units and stock options to directors is a common practice in the banking industry to incentivize performance and align interests with shareholders.
- Vesting schedules for restricted stock units typically range from three to five years, which is consistent with the three-year vesting period reported for Lori Sirman's grant.
- The exercise prices and expiration dates of the stock options are typical for equity compensation plans in similar-sized financial institutions.
Stakeholder Impact
- The granting of restricted stock units and stock options can positively impact shareholder value by aligning the interests of directors with those of the shareholders.
- Employees may view equity grants to management positively, as it demonstrates a commitment to long-term growth.
Key Dates
| Date | Description |
|---|---|
| 08/01/2022 | Effective date of the Merger, where BTH common stock options converted to Origin Bancorp options. |
| 02/17/2023 | Date of grant for 1,489 Restricted Stock Units, vesting ratably over three years with the first vest date of February 17, 2024. |
| 02/17/2023 | Date of grant for 4,452 Restricted Stock Units, with 2,226 shares vesting on each of the vesting dates of August 19, 2023, August 19, 2024, and August 19, 2025. |
| 05/20/2024 | Date of transaction: Grant of 2,681 restricted stock units, vesting ratably over three years with the first vest date of May 20, 2025. |
| 05/21/2024 | Date of Form 4 filing. |
| 12/15/2024 | Stock Options (Right to Buy) exercisable date. |
| 12/21/2025 | Stock Options (Right to Buy) exercisable date. |
| 06/20/2026 | Stock Options (Right to Buy) exercisable date. |
| 12/19/2026 | Stock Options (Right to Buy) exercisable date. |
| 12/18/2027 | Stock Options (Right to Buy) exercisable date. |
| 12/18/2028 | Stock Options (Right to Buy) exercisable date. |
| 12/16/2029 | Stock Options (Right to Buy) exercisable date. |
| 02/16/2031 | Stock Options (Right to Buy) exercisable date. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.