4/A: Trico Bancshares Officer Judi Giem Corrects Form 4 Filing Regarding Restricted Stock Unit Vesting

Judi Giem, Chief Human Resources Officer of Trico Bancshares, files an amended Form 4 to correct an omission regarding the vesting of restricted stock units and shares held by their spouse.

Summary

• Judi Giem, Chief Human Resources Officer of Trico Bancshares, filed an amended Form 4 with the SEC.
• The amendment corrects an omission from the original filing on June 13, 2024.
• The filing reports changes in beneficial ownership of Trico Bancshares common stock due to the vesting of restricted stock units (RSUs).
• On June 12, 2024, 405 shares vested from a Restricted Stock Unit award granted on June 12, 2023.
• 236 shares were withheld to cover tax liabilities.
• The filing also includes 28 shares held by Giem's spouse due to the vesting of a Restricted Stock Unit award granted on June 12, 2023, which was inadvertently left off the original Form 4.
• The price per share on the vesting date (June 12, 2024) was $37.80.
• Following the reported transactions, Giem directly owns 2,422 shares and indirectly owns 713.88 shares through an ESOP and 28 shares by spouse.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The filing is a routine correction, indicating a commitment to accurate reporting, but the need for an amendment introduces a minor negative aspect.

Positives

• The filing provides transparency regarding the executive's stock ownership.
• The amendment corrects a previous omission, ensuring accurate reporting.

Negatives

• The need for an amended filing suggests a potential oversight in the initial reporting process.

Risks

• Failure to accurately report transactions in a timely manner could lead to regulatory scrutiny.

Industry Context

Form 4 filings are a standard part of corporate governance, providing transparency into the transactions of company insiders. Amended filings are not uncommon and can occur for various reasons, such as correcting errors or omissions.

Comparison to Industry Standards

• Form 4 filings are a standard regulatory requirement for publicly traded companies in the United States, ensuring transparency of insider transactions.
• Comparable companies like Westamerica Bancorporation (WABC) and CVB Financial Corp. (CVBF) also have officers who file Form 4s regularly to report changes in their beneficial ownership.

Related Party Transactions

• The filing mentions shares held by Giem's spouse due to the vesting of a Restricted Stock Unit award granted on June 12, 2023, indicating a related-party transaction.

Stakeholder Impact

• The filing provides transparency to shareholders regarding insider transactions.
• Accurate reporting helps maintain investor confidence.

Key Dates