Form 4: TRICO BANCSHARES CEO Richard Smith Reports Vesting of Restricted Stock Units and Tax-Related Share Disposition

TRICO BANCSHARES CEO and President Richard P. Smith reported the vesting of 2,362 Restricted Stock Units and the subsequent disposition of 1,382 shares to cover tax liabilities, adjusting his direct beneficial ownership to 269,231 common shares.

Summary

• Richard P. Smith, CEO & President and Director of TRICO BANCSHARES (TCBK), reported transactions on May 27, 2025.
• 2,362 shares of Common Stock were acquired through the vesting of a Restricted Stock Unit (RSU) award, which included accumulated dividends.
• This RSU award was granted on May 27, 2021, and this transaction represents a 25% vesting of that award.
• The price per share on the vesting date was $40.27.
• Concurrently, 1,382 shares of Common Stock were disposed of to satisfy tax liabilities related to the RSU vesting.
• Following these transactions, Richard P. Smith's direct beneficial ownership of Common Stock is 269,231 shares.
• He also holds indirect beneficial ownership of 268.6 shares by spouse, 42,972.15 shares by ESOP, and 1,136,906 shares as ESOP Trustee.
• The number of derivative securities (Restricted Stock Units) beneficially owned directly after the transaction is 32,824.

Sentiment

Score: 7

Explanation: The filing reports a routine executive compensation event (RSU vesting) and a standard tax-related share disposition. It indicates continued executive ownership and alignment, with no negative surprises or significant strategic shifts. The share price at vesting is noted, but the filing itself is purely transactional.

Positives

• Vesting of Restricted Stock Units indicates a pre-planned compensation event, reflecting the executive's continued alignment with shareholder interests.
• The executive's direct beneficial ownership remains substantial at 269,231 shares, demonstrating a significant stake in the company.

Negatives

• A portion of the vested shares (1,382 shares) was sold to cover tax liabilities, which is a common practice but reduces the immediate increase in direct ownership.

Stakeholder Impact

• Shareholders: The report indicates continued significant ownership by a key executive, which can be viewed positively as it aligns management's interests with those of shareholders.

Key Dates

Keywords

TRICO BANCSHARES, TCBK, Richard P. Smith, SEC Form 4, Insider Transaction, Restricted Stock Units, RSU Vesting, Common Stock, Beneficial Ownership, CEO, Director, Executive Compensation, Share Disposition, Tax Withholding