Form 4: Trico Bancshares Director Boosts Common Stock Holdings and Receives New Equity Grant

Kirsten E. Garen, a Director at Trico Bancshares, increased her direct common stock ownership by converting Restricted Stock Units and received a new RSU grant.

Summary

• Director Kirsten E. Garen of Trico Bancshares (TCBK) reported changes in her beneficial ownership through an SEC Form 4 filing.
• On May 23, 2025, Ms. Garen acquired 2,154 shares of TCBK common stock upon the vesting and conversion of previously granted Restricted Stock Units (RSUs).
• The price per share on the vesting date (May 23, 2025) was $39.33.
• Following this conversion, Ms. Garen directly holds 9,689.9835 shares of TCBK common stock.
• Additionally, on May 22, 2025, Ms. Garen was granted 2,111 new Restricted Stock Units (RSUs).
• These newly granted RSUs are scheduled to vest 100% in one year, on May 22, 2026.
• The per unit value of the new RSU grant on the grant date was $39.08, calculated based on the 30-day average closing price of TCBK common stock ending May 22, 2025.
• Cash dividends on RSUs are reinvested into additional shares of the Issuer's common stock at fair market value on the dividend payment date.

Sentiment

Score: 7

Explanation: The filing indicates routine equity compensation and increased insider ownership, which is generally positive for investor confidence as it aligns director interests with shareholders. No negative information is present.

Positives

• Director Kirsten E. Garen increased her direct ownership of Trico Bancshares common stock by 2,154 shares through RSU conversion, aligning her interests with shareholders.
• The grant of 2,111 new Restricted Stock Units to a director indicates continued incentivization and retention of key management.
• The vesting of RSUs and subsequent conversion to common stock demonstrates a structured and active equity compensation plan for the company's leadership.

Future Outlook

The newly granted Restricted Stock Units are set to vest on May 22, 2026, indicating future equity compensation for the director and continued alignment of interests.

Industry Context

This Form 4 filing reflects routine insider equity transactions, common in the banking sector for director compensation and retention. It aligns with typical corporate governance practices where directors receive equity awards that vest over time, linking their compensation to the company's long-term performance.

Comparison to Industry Standards

• The equity compensation structure, involving Restricted Stock Units that vest over a period (one year in this case), is a standard practice in the financial services industry for incentivizing and retaining directors and executives.
• The conversion of RSUs to common stock upon vesting is also a typical mechanism observed across regional banks and financial institutions of comparable size to Trico Bancshares.

Stakeholder Impact

• Shareholders: Increased direct ownership by a director can be seen as a positive signal, aligning management interests with shareholder value.
• Employees: The RSU grant is part of an equity compensation plan, which can be a positive for employee morale and retention if similar plans are offered more broadly.

Next Steps

• The 2,111 Restricted Stock Units granted on May 22, 2025, are scheduled to vest on May 22, 2026.

Key Dates

Keywords

Trico Bancshares, TCBK, Form 4, Insider Transaction, Restricted Stock Units, RSU, Common Stock, Director, Equity Compensation, Beneficial Ownership