Form 4: SPFI CEO Exercises Options, Reports Holdings

SOUTH PLAINS FINANCIAL, INC. Chairman and CEO Curtis C. Griffith reported exercising stock options and a subsequent tax-related disposition of common stock.

Summary

• Curtis C. Griffith, Chairman and CEO of South Plains Financial, Inc. (SPFI), reported transactions on December 31, 2025.
• Exercised 3,000 stock options to acquire common stock at an exercise price of $8.60 per share.
• Subsequently disposed of 1,224 shares of common stock at a price of $39.61 per share to satisfy tax withholding obligations.
• Following these transactions, direct beneficial ownership of common stock is 459,016 shares.
• Total beneficial ownership, including direct and indirect holdings through a spouse and various family trusts, amounts to 1,351,376 shares.

Sentiment

Score: 6

Explanation: The exercise of stock options at a significantly lower price than the disposition price indicates a substantial gain for the insider, which can be viewed positively. The subsequent sale is for tax purposes, a routine event, and does not suggest a lack of confidence.

Positives

• Chairman and CEO Curtis C. Griffith exercised 3,000 stock options at a price of $8.60, significantly below the market price of $39.61, indicating a substantial personal gain from the company's stock performance.

Negatives

• 1,224 shares of common stock were disposed of at $39.61 per share to cover tax withholding obligations, resulting in a reduction of direct beneficial ownership.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Shares are held indirectly by the Reporting Person's spouse (45,360 shares).
• Shares are held in the Curtis C. Griffith 2021 Irrevocable Trust ("CCG Trust") (435,000 shares), where the Reporting Person's spouse serves as trustee and immediate family members are beneficiaries.
• Shares are held in the Richard Thomas White 2021 Trust ("RTW Trust") (64,000 shares), where the Reporting Person serves as trustee and an immediate family member is the beneficiary.
• Shares are held in the Birdie Lucille White 2021 Trust ("BLW Trust") (87,000 shares), where the Reporting Person serves as trustee and an immediate family member is the beneficiary.
• Shares are held in the William Hogan White 2021 Trust ("WHW Trust") (87,000 shares), where the Reporting Person serves as trustee and an immediate family member is the beneficiary.
• Shares are held in the Sydney Suzanne Griffith 2021 Trust ("SSG Trust") (87,000 shares), where the Reporting Person serves as trustee and an immediate family member is the beneficiary.
• Shares are held in the Johnathan Brockway Griffith 2021 Trust ("JBG Trust") (87,000 shares), where the Reporting Person serves as trustee and an immediate family member is the beneficiary.

Stakeholder Impact

• Shareholders: The filing indicates a routine insider transaction, with a minor reduction in direct insider holdings due to tax-related sales, but overall beneficial ownership remains substantial, suggesting continued alignment of interests.

Key Dates

Recommendation

This Form 4 reports a routine exercise of stock options and a tax-related sale by the CEO. While it shows an insider's personal financial activity, it does not provide sufficient new information about the company's operational performance, strategic direction, or financial health to warrant a change in investment recommendation.

Keywords

SPFI, South Plains Financial, Curtis C. Griffith, Form 4, insider transaction, stock options, CEO, beneficial ownership