Form 4: Pacific Premier Bancorp Director Sarrafian Reports Acquisition of Restricted Stock and Correction of Previous Filing

Director Zareh Hovik Sarrafian reports acquisition of restricted stock in Pacific Premier Bancorp and corrects a previous underreporting of beneficial ownership.

Summary

• On March 15, 2024, Zareh Hovik Sarrafian, a director of Pacific Premier Bancorp Inc. (PPBI), acquired 3,317 shares of PPBI common stock.
• The acquisition was in the form of restricted stock, granted at a price of $0.
• These shares vest in full on the first anniversary of the grant date.
• Following the transaction, Sarrafian beneficially owns 43,673 shares of PPBI common stock, which includes the newly acquired restricted stock and shares subject to a vesting schedule.
• Sarrafian also corrected a previous filing, noting an inadvertent underreporting of aggregate beneficial ownership by 5,452 shares.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The acquisition of restricted stock is a common practice and the correction of the previous filing indicates good governance.

Positives

• The acquisition of restricted stock aligns the director's interests with the long-term performance of the company.
• The correction of the previous filing demonstrates transparency and attention to detail in reporting beneficial ownership.

Industry Context

Form 4 filings are a routine part of regulatory compliance for corporate insiders, providing transparency into their transactions in company stock.

Stakeholder Impact

• The acquisition of restricted stock by a director can positively influence shareholder confidence by aligning management's interests with those of the shareholders.

Key Dates