Form 4: Trico Bancshares Executive Judi Giem Reports Acquisition of Restricted and Performance Stock Units

Judi Giem, Chief Human Resources Officer of Trico Bancshares, reports the acquisition of restricted stock units (RSUs) and performance stock units (PSUs) in a recent Form 4 filing.

Summary

• Judi Giem, the Chief Human Resources Officer of Trico Bancshares, filed a Form 4 on March 31, 2025.
• The filing reports the acquisition of restricted stock units (RSUs) and performance stock units (PSUs) on March 28, 2025.
• Giem acquired 1,055 RSUs and 1,055 PSUs directly, and 199 RSUs and 199 PSUs indirectly through her spouse.
• The RSUs vest in 33.33% increments annually over three years, with cash dividends reinvested in Trico Bancshares common stock.
• The PSUs cliff vest after three years, with the number of shares vesting between 0% and 150% of the target based on Trico Bancshares' total stockholder return relative to the KBW Regional Banking Index.
• The price of the RSUs and PSUs was $0.
• The per unit value on the date of grant was $42.07, based on the 30-day average closing price of Trico Bancshares' common stock ending March 28, 2025.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, indicating confidence in the company's future performance. The use of performance-based units suggests a focus on shareholder value.

Positives

• The acquisition of RSUs and PSUs aligns the executive's interests with those of the shareholders.
• The performance-based vesting of PSUs incentivizes the executive to improve the company's total stockholder return relative to its peers.

Future Outlook

The PSUs vest based on Trico Bancshares' total stockholder return relative to the KBW Regional Banking Index over the next three years.

Industry Context

Granting stock-based compensation is a common practice in the banking industry to align executive incentives with shareholder value and retain key personnel.

Comparison to Industry Standards

• Many regional banks use a combination of restricted stock and performance-based equity awards to compensate their executives.
• The vesting schedule of 33.33% per year over three years for the RSUs is a fairly standard vesting schedule.
• The use of total shareholder return relative to the KBW Regional Banking Index as a performance metric for the PSUs is a common benchmark in the banking industry.

Stakeholder Impact

• The acquisition of RSUs and PSUs aligns the executive's interests with those of the shareholders, potentially leading to decisions that benefit shareholders.
• The performance-based vesting of PSUs incentivizes the executive to improve the company's total stockholder return, which benefits shareholders.

Key Dates

Keywords

Form 4, Trico Bancshares, TCBK, Judi Giem, Restricted Stock Units, Performance Stock Units, Executive Compensation, Stock Options, Insider Trading