Form 4: Uwharrie Capital Corp Director's Term Expires, Board Designates Reporting Persons
SEC Form 4 Filing and Board Resolution
James O. Campbell's term as a director of Uwharrie Capital Corp expired, and the company's board designated individuals responsible for SEC reporting compliance.
Summary
- James O. Campbell's term as a director of Uwharrie Capital Corp expired on May 28, 2024, following the Annual Meeting of Shareholders.
- A previous resolution from January 16, 2024, designates specific individuals as Reporting Persons for SEC Rule 16a compliance.
- These Reporting Persons are responsible for adhering to the Pre-Clearance Policy for Uwharrie Capital Corp Stock Transactions.
- Tamara M. Singletary is designated as the company's contact person for stock matters.
- The resolution authorizes Roger L. Dick, R. David Beaver, III, Heather H. Almond, or Tamara M. Singletary to sign and file SEC Forms 3, 4, and 5 on behalf of the Reporting Persons, if needed.
Sentiment
Score: 7
Explanation: The document reflects standard corporate governance procedures and compliance activities, indicating a neutral to slightly positive sentiment due to the company's adherence to regulatory requirements.
Industry Context
Designating reporting persons and ensuring compliance with SEC regulations is standard practice for publicly traded companies in the financial services industry.
Comparison to Industry Standards
- The designation of reporting persons and pre-clearance policies for stock transactions are common practices among publicly traded companies to ensure compliance with SEC regulations, similar to what is seen at institutions like Truist Financial or Bank of America.
- The authorization of specific individuals to sign SEC forms on behalf of reporting persons is also a standard procedure, mirroring practices at other financial firms such as First National Corporation.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director | James O. Campbell | 2024-05-28 | Term expiration |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Reporting Persons Designation | Designation of individuals responsible for SEC Rule 16a compliance. | 2024-01-16 | Ensures compliance with SEC regulations regarding insider trading and reporting requirements. |
Stakeholder Impact
- Shareholders are informed about changes in the board of directors and the company's commitment to regulatory compliance.
- Employees designated as Reporting Persons are responsible for adhering to stock transaction policies.
Key Dates
| Date | Description |
|---|---|
| 2024-01-16 | Uwharrie Capital Corp Board of Directors Meeting to designate Reporting Persons. |
| 2024-05-28 | James O. Campbell's term expired as of Uwharrie Capital Corp's Annual Meeting of Shareholders. |
| 2024-05-29 | Date of signature by Tamara M. Singletary, EVP, Uwharrie Capital Corp. |
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