Form 4: Riverview Bancorp Executive Acquires Shares Through Stock Awards

Daniel D. Cox, EVP/COO of Riverview Bancorp, acquired shares through restricted stock and performance-based awards, increasing his holdings.

Summary

• Daniel D. Cox, the EVP/COO of Riverview Bancorp, has reported changes in his beneficial ownership of the company's stock.
• On December 30, 2024, Mr. Cox acquired 2,772 shares of common stock through a restricted stock award.
• These restricted shares will vest in three equal installments on July 10, 2025, July 10, 2026, and July 10, 2027.
• Additionally, Mr. Cox received a performance-based restricted stock award for a target of 8,315 shares.
• 50% of the performance-based award is scheduled to vest on July 10, 2026, and the remaining 50% on July 10, 2027, contingent on continued service.
• The actual number of shares from the performance-based award may vary based on the company's Earnings Per Share (EPS) performance between April 1, 2024, and March 31, 2025.
• Following these transactions, Mr. Cox directly owns 68,404 shares and indirectly owns 7,262 shares through the ESOP, and 10,373 shares in the Riverview 401(k) Plan.

Sentiment

Score: 7

Explanation: The document reflects standard executive compensation practices, which is generally positive for aligning management and shareholder interests. There are no significant negative aspects.

Positives

• The stock awards align management's interests with shareholders by incentivizing performance.
• The vesting schedule encourages long-term commitment from the executive.
• The performance-based award ties executive compensation to the company's financial success, specifically EPS.

Risks

• The performance-based award is subject to the company's EPS performance, which could result in fewer shares being awarded if targets are not met.
• The vesting of the awards is contingent on continued service, meaning the executive could forfeit unvested shares if they leave the company.

Future Outlook

The document does not contain any specific forward-looking statements or guidance, but the vesting of the awards is tied to continued service and company performance.

Industry Context

Stock awards are a common form of executive compensation in the banking industry, aligning management's interests with shareholders and incentivizing performance.

Comparison to Industry Standards

• Many financial institutions use a combination of time-based and performance-based stock awards to compensate executives.
• The vesting schedules and performance metrics used by Riverview Bancorp are consistent with industry practices.
• Companies like KeyCorp and Umpqua Holdings also use similar equity-based compensation plans for their executives.

Stakeholder Impact

• Shareholders may view the stock awards positively as they align management's interests with the company's performance.
• Employees may see the awards as a sign of the company's commitment to its leadership.

Key Dates

Keywords

Riverview Bancorp, RVSB, stock awards, restricted stock, performance-based, executive compensation, beneficial ownership, EPS, insider trading