Form 4: Trico Bancshares Director Jon Nakamura Receives Restricted Stock Unit Grant

Director Jon Nakamura of Trico Bancshares was granted 2,087 Restricted Stock Units (RSUs) on May 23, 2024, which will vest in one year.

Summary

• Jon Nakamura, a director of Trico Bancshares, received a grant of 2,087 Restricted Stock Units (RSUs) on May 23, 2024.
• The RSUs will vest in one year, with 100% of the shares vesting on May 23, 2025.
• Cash dividends on the RSUs will be reinvested in shares of Trico Bancshares' common stock at fair market value on the date of dividend payment.
• The per-unit value on the grant date was $35.93, based on the 30-day average closing price of Trico Bancshares' common stock ending May 23, 2024.

Sentiment

Score: 7

Explanation: The announcement is a routine disclosure of an equity grant, which is generally viewed neutrally to positively as it aligns director interests with shareholders. The sentiment is slightly positive due to the alignment of interests.

Positives

• The grant of RSUs aligns the director's interests with those of the shareholders.
• Reinvestment of dividends in company stock further reinforces this alignment.

Future Outlook

The RSUs will vest in one year, aligning the director's compensation with the company's performance over that period.

Industry Context

Granting RSUs to directors is a common practice in the banking industry to incentivize performance and align management's interests with those of shareholders.

Comparison to Industry Standards

• RSU grants are a typical component of executive compensation packages in the banking sector.
• Comparable companies like CVB Financial Corp. and Bank of Marin Bancorp also utilize equity-based compensation to incentivize their directors and executives.
• The vesting schedule of one year is fairly standard for RSU grants.

Stakeholder Impact

• Shareholders may view the RSU grant positively as it aligns the director's interests with the company's performance.
• The director benefits from the potential appreciation of the company's stock.

Key Dates