4/A: SPFI Officer Amends Stock Transaction Filing

South Plains Financial's Chief Risk Officer, Mikella D. Newsom, filed an amended Form 4 to correct the classification of recent stock transactions, removing the Rule 10b5-1(c) designation.

Summary

• Mikella D. Newsom, Chief Risk Officer & Secretary of South Plains Financial, Inc. (SPFI), filed an amended Form 4/A on January 8, 2026.
• The amendment corrects an inadvertent checking of the box in the original Form 4, filed on January 5, 2026, which indicated that certain transactions were made pursuant to a Rule 10b5-1(c) plan.
• On December 31, 2025, Newsom directly acquired 3,000 shares of common stock by exercising stock options at an exercise price of $8.6 per share.
• Concurrently, Newsom directly disposed of 1,224 shares of common stock at a price of $39.61 per share, likely for tax withholding purposes related to the option exercise.
• Following these direct transactions, Newsom beneficially owns 48,292 shares of common stock.
• Similar transactions occurred indirectly through Newsom's spouse, who also acquired 3,000 shares via option exercise at $8.6 and disposed of 1,224 shares at $39.61.
• The spouse's indirect beneficial ownership after these transactions is 24,625 shares.
• The stock options exercised were fully exercisable on their grant date.
• The reported shares include restricted stock units that may be settled only by delivery of an equal number of common stock shares and are subject to vesting and forfeiture conditions.

Sentiment

Score: 5

Explanation: The filing is neutral as it primarily corrects a procedural detail in an insider transaction report. The underlying transactions (option exercise and tax-related sale) are routine for executives and do not inherently signal positive or negative company performance.

Positives

• An executive exercised stock options at a price of $8.6, which is significantly lower than the disposition price of $39.61, indicating a substantial in-the-money value for the options and potential confidence in the company's stock value.
• The exercise of options increases the executive's direct and indirect equity exposure to the company, even with tax-related sales.

Negatives

• The disposition of 1,224 shares directly and 1,224 shares indirectly (totaling 2,448 shares) at $39.61, likely for tax purposes, reduces the executive's overall direct and indirect equity stake.
• The need for an amendment to correct a procedural detail, while minor, indicates a clerical error in the initial regulatory filing.

Future Outlook

No specific forward-looking statements or guidance are provided in this amendment to a beneficial ownership report.

Management Comments

• This Amendment on Form 4/A has been filed to amend the Form 4 filed on January 5, 2026 to correct the inadvertent checking of the box indicating that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Industry Context

This filing is a routine insider transaction report and amendment, which does not provide information relevant to broader industry trends or competitive analysis. It reflects individual executive compensation and equity management.

Corporate Governance

Related Party Transactions

• The filing notes that the reporting person's spouse is also an employee of the Issuer and holds stock options, indicating a related party relationship for the indirect transactions reported.

Stakeholder Impact

• Shareholders: Provides transparency regarding executive stock transactions and ensures the accuracy of regulatory filings, which is important for investor confidence.
• Employees: The spouse's employment and stock ownership are noted, but no broader employee impact is indicated.

Key Dates

Recommendation

This filing is an amendment to correct a procedural detail regarding an executive's stock transactions and does not contain new information that would fundamentally alter the investment thesis for South Plains Financial, Inc. The underlying transactions (option exercise and tax-related sale) are routine for executives and do not provide a strong signal for a 'buy' or 'sell' recommendation. Therefore, a 'hold' recommendation is appropriate as the filing itself does not present a catalyst for significant price movement.

Keywords

South Plains Financial, SPFI, Form 4/A, Insider Trading, Stock Options, Executive Compensation, Mikella D. Newsom, Chief Risk Officer, Beneficial Ownership, SEC Filing, Equity Transactions