Form 4: TRICO BANCSHARES Director Michael Koehnen Reports Significant Equity Ownership Changes

TRICO BANCSHARES Director Michael Koehnen reported the vesting of 2,154 Restricted Stock Units into common stock and the grant of 2,111 new Restricted Stock Units.

Summary

• Michael W. Koehnen, a Director of TRICO BANCSHARES (TCBK), reported changes in his beneficial ownership of company securities.
• On May 23, 2025, 2,154 Restricted Stock Units (RSUs) that were granted on May 23, 2024, vested and converted into common stock. The price per share on the vesting date was $39.33.
• On May 22, 2025, Mr. Koehnen was granted 2,111 new Restricted Stock Units. These new RSUs are scheduled to vest 100% on May 22, 2026.
• The per unit value of the newly granted RSUs on the grant date was $39.08, based on the 30-day average closing price of TCBK common stock ending May 22, 2025.
• Cash dividends on RSUs are reinvested in shares of the Issuer's common stock at fair market value on the dividend payment date.
• Following these transactions, Mr. Koehnen directly owns 124,180.45 shares of common stock and indirectly owns additional shares through various entities and trusts, including 97,715 shares by Koehnen & Sons, 2,300 shares by spouse, 8,600 shares by Koehnen & Sons Profit Sharing, 3,000 shares by mother's trust, and 1,136,906 shares as ESOP Trustee.
• He also beneficially owns 2,111 unvested Restricted Stock Units.

Sentiment

Score: 7

Explanation: The document reports routine insider equity transactions, which are generally positive as they align management interests with shareholders. There are no negative disclosures.

Positives

• Director Michael Koehnen's continued accumulation of company stock through RSU vesting and new grants indicates alignment of interests with shareholders.
• The grant of new Restricted Stock Units incentivizes long-term performance and retention of key management.

Future Outlook

The grant of new Restricted Stock Units to a director suggests a continued focus on long-term executive incentives and alignment with future company performance, with full vesting expected on May 22, 2026.

Industry Context

Insider transactions, such as RSU grants and vesting, are standard compensation practices in the financial services industry, aligning executive interests with shareholder value. This filing reflects routine equity compensation for a director at a bancshares company.

Comparison to Industry Standards

• The grant and vesting of Restricted Stock Units (RSUs) are common forms of equity compensation for directors and executives in the banking and financial services sector.
• The use of RSUs with multi-year vesting schedules is a standard practice to promote long-term alignment and retention.
• Without specific compensation benchmarks for similar-sized regional banks or bancshares, a direct quantitative comparison is not feasible from this document alone. However, the mechanism itself is consistent with industry norms.

Stakeholder Impact

• Shareholders: Increased alignment of a director's interests with shareholders through equity ownership.
• Employees: No direct impact on general employees mentioned, but the RSU program is part of executive compensation.

Next Steps

• Full vesting of the 2,111 newly granted Restricted Stock Units on May 22, 2026.
• Continued reinvestment of cash dividends on RSUs into common stock.

Key Dates

Recommendation

Keywords

TRICO BANCSHARES, TCBK, Form 4, Insider Transaction, Beneficial Ownership, Restricted Stock Units, RSU, Director, Stock Grant, Vesting