Form 4: TRICO BANCSHARES Director Kimberley Vogel Reports RSU Conversion and New Equity Grant

TRICO BANCSHARES Director Kimberley H. Vogel reported the conversion of 2,154 Restricted Stock Units into common stock and the grant of 2,111 new Restricted Stock Units.

Summary

• Kimberley H. Vogel, a Director of TRICO BANCSHARES (TCBK), filed a Form 4 detailing changes in her beneficial ownership.
• On May 23, 2025, 2,154 Restricted Stock Units (RSUs) that were granted on May 23, 2024, vested and converted into 2,154 shares of TCBK common stock.
• The price per share of common stock on the vesting date (May 23, 2025) was $39.33.
• Following this conversion, Ms. Vogel's total beneficial ownership of common stock increased to 9,700.08 shares.
• Additionally, on May 22, 2025, Ms. Vogel was granted 2,111 new Restricted Stock Units.
• These newly granted RSUs are scheduled to vest 100% 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 document reports routine insider transactions related to equity compensation, which is generally a neutral to slightly positive signal as it aligns insider interests with shareholders. No negative or highly positive news is present.

Positives

• Director Kimberley H. Vogel received a new grant of 2,111 Restricted Stock Units, which aligns her long-term interests with those of shareholders.
• The vesting of 2,154 RSUs demonstrates the company's ongoing commitment to its equity compensation plan for directors, reinforcing retention and performance incentives.

Future Outlook

The grant of new Restricted Stock Units with a future vesting date of May 22, 2026, indicates a continued long-term incentive alignment for the director, suggesting stability in the company's compensation strategy.

Industry Context

This Form 4 filing reflects routine equity compensation practices common across the banking and financial services industry. Long-term incentives like Restricted Stock Units are widely used to align the interests of directors and executives with long-term shareholder value, fostering retention and commitment.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) for director compensation is a standard practice in the financial services industry, aligning with compensation structures observed in regional banks such as Western Alliance Bancorporation (WAL) or Zions Bancorporation (ZION).
• The specific number of units granted and the one-year vesting schedule for the new RSU award are typical for non-executive directors, designed to encourage long-term commitment without creating immediate liquidity pressure.

Stakeholder Impact

• Shareholders: The transactions reflect standard equity compensation, aligning director interests with long-term shareholder value. The increase in beneficial ownership by a director can be seen as a positive signal of confidence in the company's future.

Next Steps

• The 2,111 Restricted Stock Units granted on May 22, 2025, are expected to vest on May 22, 2026, at which point they will convert into common stock.

Key Dates

Recommendation

Keywords

TRICO BANCSHARES, TCBK, Form 4, Insider Transaction, Restricted Stock Units, RSU, Equity Compensation, Director, Stock Ownership, Beneficial Ownership