Form 4: Origin Bancorp Executive Jim Crotwell Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Jim Crotwell, Chief Risk Officer of Origin Bancorp, reports the acquisition of restricted stock units.
Summary
- Jim Crotwell, the Chief Risk Officer of Origin Bancorp, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- The report indicates the acquisition of restricted stock units on May 20, 2024.
- These restricted stock units vest ratably over three years, with various grant dates and vesting schedules.
- The filing also covers restricted stock units granted on August 20, 2021, February 18, 2022, and February 17, 2023, each with its own vesting schedule.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive as it reflects standard executive compensation practices and aligns management interests with shareholders.
Positives
- The acquisition of restricted stock units aligns the executive's interests with the long-term performance of the company.
- The vesting schedule encourages continued service and contribution to Origin Bancorp.
Future Outlook
The document does not contain specific forward-looking statements beyond the vesting schedules of the restricted stock units.
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
- Equity compensation is a common practice in the banking industry to incentivize executives.
- Vesting schedules are typically structured over a three-to-five-year period to ensure long-term commitment.
- Comparable companies like Hancock Whitney or Cadence Bank also utilize restricted stock units as part of their executive compensation packages.
Stakeholder Impact
- Shareholders may view the equity compensation as a positive sign, aligning management's interests with the company's long-term success.
- Employees may see the executive's stake in the company as a sign of confidence in its future.
Key Dates
| Date | Description |
|---|---|
| August 20, 2021 | Grant date of 1,032 restricted stock units, vesting ratably over three years with the first vest date of August 20, 2022. |
| February 18, 2022 | Grant date of 488 restricted stock units, vesting ratably over three years with the first vest date of February 18, 2023. |
| February 17, 2023 | Grant date of 1,430 restricted stock units, vesting ratably over three years with the first vest date of February 17, 2024. |
| May 20, 2024 | Transaction date: Grant of 2,574 restricted stock units, vesting ratably over three years with the first vest date of May 20, 2025. |
| May 21, 2024 | Date of Form 4 filing. |
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