Form 4: RBB Bancorp CEO Johnny Lee Reports Stock Transactions Following RSU Vesting
SEC Form 4
RBB Bancorp's CEO, Johnny Lee, reports the vesting of restricted stock units and subsequent transactions, including share disposals for tax obligations.
Summary
- On March 21, 2025, Johnny Lee, the President/CEO and a Director of RBB Bancorp, reported transactions related to the vesting of restricted stock units (RSUs).
- 2,741 shares of common stock were acquired at a price of $17.07 per share due to the vesting of RSUs.
- 981 shares were disposed of at $17.07 per share to cover tax withholding obligations related to the RSU vesting.
- Following these transactions, Lee directly owns 5,943 shares of RBB Bancorp common stock.
- Lee also holds various restricted stock units and performance stock units (PSUs) that vest over time based on employment conditions and performance goals.
Sentiment
Score: 7
Explanation: The document reflects standard executive compensation practices and insider transactions, suggesting a neutral to slightly positive sentiment as it indicates continued alignment of management with shareholder interests.
Positives
- The vesting of RSUs indicates that Lee has met certain conditions or milestones set by the company.
- Continued ownership of a significant number of shares and RSUs aligns Lee's interests with those of other shareholders.
Negatives
- The disposal of shares to cover tax obligations, while standard practice, slightly reduces Lee's direct ownership in the company.
Future Outlook
The document does not contain specific forward-looking statements, but it outlines the vesting schedules for various RSUs and PSUs held by the CEO, which are contingent on continued employment and, in the case of PSUs, the achievement of performance goals.
Industry Context
Executive compensation through stock options and restricted stock units is a common practice in the banking industry to align management's interests with those of shareholders and incentivize long-term performance.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect standard executive compensation practices.
- The vesting of RSUs incentivizes the CEO to continue driving company performance.
Key Dates
| Date | Description |
|---|---|
| 07/20/2023 | Date of grant for 11,000 restricted stock units vesting in three equal annual installments beginning one year after this date. |
| 02/21/2024 | Date of grant for 2,196 restricted stock units vesting in three equal annual installments beginning one year after this date. |
| 03/20/2024 | Date of grant for 8,221 restricted stock units vesting in three equal annual installments beginning one year after this date and 12,332 performance stock units that will vest conditionally on the achievement of certain performance goals and an employment condition at the expiration of a three-year period beginning on this date. |
| 03/20/2025 | Date of RSU grant vesting. |
| 03/21/2025 | Date of reported transactions: acquisition of 2,741 shares and disposal of 981 shares. |
Keywords
RBB Bancorp, Johnny Lee, RSU Vesting, Stock Transactions, Form 4, Beneficial Ownership, Restricted Stock Units, Performance Stock Units
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