Form 4: Trico Bancshares Executive Daniel K. Bailey Reports Stock Grants

Daniel K. Bailey, EVP and Chief Banking Officer of Trico Bancshares, reports the acquisition of restricted stock units and performance stock units.

Summary

• Daniel K. Bailey, an executive at Trico Bancshares, filed a Form 4 detailing changes in beneficial ownership.
• On March 28, 2025, Bailey was granted 3,684 Restricted Stock Units (RSUs) and 3,684 Performance Stock Units (PSUs).
• The RSUs vest in 33.33% increments annually over three years, with dividends reinvested in Trico Bancshares common stock.
• The PSUs cliff vest after three years, with the number of shares vesting ranging from 0% to 150% based on Trico Bancshares' total stockholder return relative to the KBW Regional Banking Index.
• Following these transactions, Bailey directly owns 11,636 RSUs and 15,374 PSUs.

Sentiment

Score: 7

Explanation: The document is a routine disclosure of executive compensation, which is generally neutral. The use of performance-based units suggests a focus on aligning executive incentives with shareholder returns, which is a positive signal.

Positives

• The grant of RSUs and PSUs aligns executive compensation with the company's performance and shareholder value.
• The vesting schedule of the RSUs encourages long-term retention of the executive.
• The performance-based vesting of the PSUs incentivizes outperformance relative to the KBW Regional Banking Index.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting schedules of the RSUs and PSUs.

Industry Context

The use of RSUs and PSUs is a common practice in the banking industry to align executive compensation with company performance and shareholder value. The KBW Regional Banking Index is a widely used benchmark for measuring the performance of regional banks.

Comparison to Industry Standards

• Many regional banks, such as First Republic Bank (before its acquisition), PacWest Bancorp, and Western Alliance Bancorporation, utilize similar equity-based compensation plans for their executives.
• The vesting schedules and performance metrics (e.g., relative TSR compared to a banking index) are also typical in the industry.
• The specific percentage of PSU vesting (0-150%) is within the range observed at other comparable institutions.

Stakeholder Impact

• Shareholders may view the equity grants as a positive sign, aligning management's interests with their own.
• Employees may see the grants as a sign of confidence in the company's future prospects.

Key Dates

Keywords

Trico Bancshares, Daniel K. Bailey, Form 4, Restricted Stock Units, Performance Stock Units, TCBK, Executive Compensation, Beneficial Ownership