Form 4: RBB Bancorp CEO Johnny Lee Reports Stock Acquisition and Tax-Related Sale
Insider Transaction Report
RBB Bancorp's President and CEO, Johnny C. Lee, reported the acquisition of 5,500 shares of common stock through RSU vesting and the sale of 1,968 shares for tax withholding purposes.
Summary
- Johnny C. Lee, President/CEO and Director of RBB Bancorp, acquired 5,500 shares of common stock at $18.25 per share on July 21, 2025.
- This acquisition was due to the vesting of Restricted Stock Units (RSUs) granted on July 20, 2023.
- Concurrently, Lee disposed of 1,968 shares of common stock at $18.25 per share on July 21, 2025, to cover tax withholding obligations related to the RSU vesting.
- Following these transactions, Lee directly beneficially owns 9,475 shares of RBB Bancorp common stock.
- The filing also details various unvested Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) held by Lee, with vesting schedules tied to future dates and performance conditions.
- An amendment was made to correct an administrative error in a May 12, 2025, Form 4, clarifying that RSU and PSU grants will be settled in common stock and correcting previously overstated amounts.
Sentiment
Score: 6
Explanation: The filing reflects routine insider transactions related to equity compensation vesting and tax withholding. The correction of a previous administrative error adds a minor positive note regarding transparency, but the core transactions are neutral in terms of company performance or strategic direction.
Positives
- Acquisition of 5,500 shares of common stock, indicating vesting of previously granted equity awards.
- Continued holding of significant unvested Restricted Stock Units and Performance Stock Units, aligning management's interests with long-term company performance.
Negatives
- Disposal of 1,968 shares to cover tax withholding obligations, which is a common occurrence with equity vesting but reduces direct share ownership.
Future Outlook
NA
Industry Context
NA
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Correction of Filing Error | An administrative error in a previously filed Form 4 (May 12, 2025) was corrected to accurately reflect transactional columns in Table II and clarify that RSU and PSU grants will be settled in common stock, addressing an overstatement of grants. | 2025-07-22 | Enhances transparency and accuracy of insider ownership disclosures. |
Stakeholder Impact
- Shareholders: Provides transparency on executive stock ownership changes and equity compensation, which can align management incentives with shareholder interests.
Next Steps
- Future vesting of 2,196 Restricted Stock Units beginning one year after February 21, 2024.
- Future vesting of 5,282 Restricted Stock Units beginning one year after March 20, 2024.
- Future vesting of 12,332 Performance Stock Units over a three-year period beginning March 20, 2024, subject to performance and employment conditions.
- Future vesting of 13,068 Restricted Stock Units beginning one year after May 8, 2025.
- Future vesting of up to 19,602 Performance Stock Units over a three-year period beginning May 8, 2025, subject to performance and employment conditions.
Key Dates
| Date | Description |
|---|---|
| 2023-07-20 | Date of grant for Restricted Stock Units that vested on July 21, 2025. |
| 2024-02-21 | Date of grant for 2,196 Restricted Stock Units, vesting in three equal annual installments beginning one year after this date. |
| 2024-03-20 | Date of grant for 5,282 Restricted Stock Units, vesting in three equal annual installments beginning one year after this date. |
| 2024-03-20 | Start date of the three-year vesting period for 12,332 Performance Stock Units, subject to performance and employment conditions. |
| 2025-05-08 | Date of grant for 13,068 Restricted Stock Units, vesting in three equal annual installments beginning one year after this date. |
| 2025-05-08 | Start date of the three-year vesting period for 19,602 Performance Stock Units, subject to performance and employment conditions. |
| 2025-05-12 | Date of previously filed Form 4 that contained administrative errors and was subsequently amended. |
| 2025-07-21 | Transaction date for the acquisition of 5,500 shares and disposal of 1,968 shares. |
| 2025-07-22 | Date the Form 4 was signed and filed. |
Recommendation
holdThis Form 4 details routine insider transactions related to equity compensation vesting and tax withholding. It does not provide new information about the company's financial performance, strategic direction, or significant operational changes that would warrant a change in investment recommendation. The transactions are expected and do not indicate a strong buy or sell signal.
Keywords
RBB Bancorp, RBB, Johnny Lee, SEC Form 4, Insider Trading, Stock Acquisition, Stock Disposal, Restricted Stock Units, Performance Stock Units, Equity Compensation, CEO, Director
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