STOCK TITAN

[8-K] First Mid Bancshares, Inc. Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Form 4 Overview: Maravai LifeSciences Holdings, Inc. (MRVI) disclosed that director John A. DeFord acquired 89,139 shares of Class A common stock on 16 June 2025.

Transaction details: The shares were granted as restricted stock units (RSUs) under the company’s 2020 Omnibus Incentive Plan at an assigned value of $2.16 per share. These RSUs will vest in full on the earlier of (i) one year from the grant date or (ii) the date of the 2026 annual shareholder meeting.

Post-transaction ownership: Following the award, DeFord’s beneficial ownership rises to 159,185 shares, all held directly.

Implications: A director increasing his stake—albeit via equity compensation—tends to align management and shareholder interests and can be interpreted as a vote of confidence in MRVI’s long-term prospects. Because the grant stems from an incentive plan rather than an open-market purchase, any cash outlay by the insider is not indicated in the filing.

Panoramica Modulo 4: Maravai LifeSciences Holdings, Inc. (MRVI) ha comunicato che il direttore John A. DeFord ha acquisito 89.139 azioni di azioni ordinarie di Classe A il 16 giugno 2025.

Dettagli della transazione: Le azioni sono state assegnate come unità azionarie vincolate (RSU) nell'ambito del Piano Incentivi Omnibus 2020 della società, con un valore attribuito di 2,16 dollari per azione. Queste RSU matureranno completamente al verificarsi della prima delle seguenti condizioni: (i) un anno dalla data di assegnazione oppure (ii) la data dell'assemblea annuale degli azionisti del 2026.

Proprietà dopo la transazione: A seguito dell'assegnazione, la proprietà effettiva di DeFord sale a 159.185 azioni, tutte detenute direttamente.

Implicazioni: L'aumento della partecipazione da parte di un direttore — seppur tramite compensi azionari — tende ad allineare gli interessi della dirigenza con quelli degli azionisti e può essere interpretato come un segnale di fiducia nelle prospettive a lungo termine di MRVI. Poiché l'assegnazione deriva da un piano di incentivi e non da un acquisto sul mercato aperto, nel documento non è indicata alcuna spesa in contanti da parte dell'insider.

Resumen del Formulario 4: Maravai LifeSciences Holdings, Inc. (MRVI) informó que el director John A. DeFord adquirió 89,139 acciones comunes Clase A el 16 de junio de 2025.

Detalles de la transacción: Las acciones fueron otorgadas como unidades restringidas de acciones (RSU) bajo el Plan Incentivo Omnibus 2020 de la compañía, con un valor asignado de 2,16 dólares por acción. Estas RSU se consolidarán en su totalidad al ocurrir lo primero entre: (i) un año desde la fecha de concesión o (ii) la fecha de la reunión anual de accionistas de 2026.

Propiedad tras la transacción: Tras la asignación, la propiedad beneficiaria de DeFord aumenta a 159,185 acciones, todas en propiedad directa.

Implicaciones: Que un director incremente su participación — aunque mediante compensación en acciones — tiende a alinear los intereses de la administración con los de los accionistas y puede interpretarse como un voto de confianza en las perspectivas a largo plazo de MRVI. Dado que la concesión proviene de un plan de incentivos y no de una compra en el mercado abierto, el documento no indica ningún desembolso en efectivo por parte del insider.

양식 4 개요: Maravai LifeSciences Holdings, Inc. (MRVI)는 이사 John A. DeFord가 2025년 6월 16일에 클래스 A 보통주 89,139주를 취득했다고 공시했습니다.

거래 세부사항: 해당 주식은 회사의 2020년 종합 인센티브 플랜에 따라 제한 주식 단위(RSU)로 부여되었으며, 주당 2.16달러의 평가가치가 부여되었습니다. 이 RSU는 부여일로부터 1년이 경과하거나 2026년 연례 주주총회일 중 빠른 시점에 전액 취득됩니다.

거래 후 소유 현황: 이번 수여 이후 DeFord의 실질 소유 주식 수는 159,185주로 모두 직접 보유하고 있습니다.

의미: 이사가 지분을 늘리는 것은—비록 주식 보상 형태이긴 하나—경영진과 주주의 이해관계를 일치시키는 경향이 있으며, MRVI의 장기 전망에 대한 신뢰의 표시로 해석될 수 있습니다. 이번 부여는 공개 시장에서의 매입이 아닌 인센티브 플랜에 따른 것이므로 내부자의 현금 지출은 신고서에 나타나지 않습니다.

Présentation du Formulaire 4 : Maravai LifeSciences Holdings, Inc. (MRVI) a révélé que le directeur John A. DeFord a acquis 89 139 actions ordinaires de classe A le 16 juin 2025.

Détails de la transaction : Les actions ont été attribuées sous forme d'unités d'actions restreintes (RSU) dans le cadre du Plan d'Incitation Omnibus 2020 de la société, avec une valeur assignée de 2,16 $ par action. Ces RSU seront entièrement acquises au plus tôt entre (i) un an après la date d'attribution ou (ii) la date de l'assemblée annuelle des actionnaires de 2026.

Propriété après la transaction : Suite à cette attribution, la propriété bénéficiaire de DeFord s'élève à 159 185 actions, toutes détenues directement.

Implications : L'augmentation de la participation d'un administrateur — même via une rémunération en actions — tend à aligner les intérêts de la direction avec ceux des actionnaires et peut être interprétée comme un signe de confiance dans les perspectives à long terme de MRVI. Étant donné que l'attribution provient d'un plan d'incitation et non d'un achat sur le marché libre, aucune dépense en espèces de la part de l'initié n'est indiquée dans le dépôt.

Überblick Formular 4: Maravai LifeSciences Holdings, Inc. (MRVI) gab bekannt, dass Direktor John A. DeFord am 16. Juni 2025 89.139 Aktien der Klasse A Stammaktien erworben hat.

Transaktionsdetails: Die Aktien wurden als Restricted Stock Units (RSUs) im Rahmen des Omnibus-Incentive-Plans 2020 des Unternehmens zu einem zugewiesenen Wert von 2,16 USD pro Aktie gewährt. Diese RSUs werden vollständig fällig, je nachdem, was zuerst eintritt: (i) ein Jahr nach dem Gewährungsdatum oder (ii) dem Datum der jährlichen Hauptversammlung 2026.

Besitz nach der Transaktion: Nach der Zuteilung steigt Defords wirtschaftliches Eigentum auf 159.185 Aktien, die alle direkt gehalten werden.

Auswirkungen: Wenn ein Direktor seinen Anteil erhöht – wenn auch durch Aktienvergütung – tendiert dies dazu, die Interessen des Managements mit denen der Aktionäre in Einklang zu bringen und kann als Vertrauensbeweis in die langfristigen Aussichten von MRVI interpretiert werden. Da die Zuteilung aus einem Anreizplan stammt und nicht aus einem Kauf am offenen Markt, ist im Bericht kein Baraufwand des Insiders angegeben.

Positive
  • Director ownership increases by 89,139 shares, raising total holdings to 159,185 and enhancing alignment with shareholders.
  • Equity award vests within one year, encouraging near-term board engagement and retention.
Negative
  • None.

Insights

TL;DR: Director received 89k RSUs, boosting stake to 159k shares; signals alignment but no cash purchase.

From a capital-markets standpoint, DeFord’s RSU grant modestly increases insider ownership, which many investors view as a governance positive. The transaction adds ~0.07% to MRVI’s 135 million share count—immaterial for dilution—but confirms ongoing use of equity incentives to attract and retain leadership. Given the $2.16 reference price, the award value is roughly $192k, a small expense relative to MRVI’s market cap. Because the filing shows a code "A" rather than "P," the acquisition is not an open-market buy and therefore carries less immediate signaling power. Overall impact: mildly constructive.

TL;DR: Fresh RSU grant under 2020 Plan ties director compensation to performance; limited dilution, neutral financial impact.

The one-year/next-AGM vesting schedule promotes short-term board retention while still aligning incentives with shareholder returns through equity-based pay. No indicators of insider selling or material governance concerns are present. As the award is routine under an approved plan, it is unlikely to shift voting dynamics or trigger proxy advisory scrutiny.

Panoramica Modulo 4: Maravai LifeSciences Holdings, Inc. (MRVI) ha comunicato che il direttore John A. DeFord ha acquisito 89.139 azioni di azioni ordinarie di Classe A il 16 giugno 2025.

Dettagli della transazione: Le azioni sono state assegnate come unità azionarie vincolate (RSU) nell'ambito del Piano Incentivi Omnibus 2020 della società, con un valore attribuito di 2,16 dollari per azione. Queste RSU matureranno completamente al verificarsi della prima delle seguenti condizioni: (i) un anno dalla data di assegnazione oppure (ii) la data dell'assemblea annuale degli azionisti del 2026.

Proprietà dopo la transazione: A seguito dell'assegnazione, la proprietà effettiva di DeFord sale a 159.185 azioni, tutte detenute direttamente.

Implicazioni: L'aumento della partecipazione da parte di un direttore — seppur tramite compensi azionari — tende ad allineare gli interessi della dirigenza con quelli degli azionisti e può essere interpretato come un segnale di fiducia nelle prospettive a lungo termine di MRVI. Poiché l'assegnazione deriva da un piano di incentivi e non da un acquisto sul mercato aperto, nel documento non è indicata alcuna spesa in contanti da parte dell'insider.

Resumen del Formulario 4: Maravai LifeSciences Holdings, Inc. (MRVI) informó que el director John A. DeFord adquirió 89,139 acciones comunes Clase A el 16 de junio de 2025.

Detalles de la transacción: Las acciones fueron otorgadas como unidades restringidas de acciones (RSU) bajo el Plan Incentivo Omnibus 2020 de la compañía, con un valor asignado de 2,16 dólares por acción. Estas RSU se consolidarán en su totalidad al ocurrir lo primero entre: (i) un año desde la fecha de concesión o (ii) la fecha de la reunión anual de accionistas de 2026.

Propiedad tras la transacción: Tras la asignación, la propiedad beneficiaria de DeFord aumenta a 159,185 acciones, todas en propiedad directa.

Implicaciones: Que un director incremente su participación — aunque mediante compensación en acciones — tiende a alinear los intereses de la administración con los de los accionistas y puede interpretarse como un voto de confianza en las perspectivas a largo plazo de MRVI. Dado que la concesión proviene de un plan de incentivos y no de una compra en el mercado abierto, el documento no indica ningún desembolso en efectivo por parte del insider.

양식 4 개요: Maravai LifeSciences Holdings, Inc. (MRVI)는 이사 John A. DeFord가 2025년 6월 16일에 클래스 A 보통주 89,139주를 취득했다고 공시했습니다.

거래 세부사항: 해당 주식은 회사의 2020년 종합 인센티브 플랜에 따라 제한 주식 단위(RSU)로 부여되었으며, 주당 2.16달러의 평가가치가 부여되었습니다. 이 RSU는 부여일로부터 1년이 경과하거나 2026년 연례 주주총회일 중 빠른 시점에 전액 취득됩니다.

거래 후 소유 현황: 이번 수여 이후 DeFord의 실질 소유 주식 수는 159,185주로 모두 직접 보유하고 있습니다.

의미: 이사가 지분을 늘리는 것은—비록 주식 보상 형태이긴 하나—경영진과 주주의 이해관계를 일치시키는 경향이 있으며, MRVI의 장기 전망에 대한 신뢰의 표시로 해석될 수 있습니다. 이번 부여는 공개 시장에서의 매입이 아닌 인센티브 플랜에 따른 것이므로 내부자의 현금 지출은 신고서에 나타나지 않습니다.

Présentation du Formulaire 4 : Maravai LifeSciences Holdings, Inc. (MRVI) a révélé que le directeur John A. DeFord a acquis 89 139 actions ordinaires de classe A le 16 juin 2025.

Détails de la transaction : Les actions ont été attribuées sous forme d'unités d'actions restreintes (RSU) dans le cadre du Plan d'Incitation Omnibus 2020 de la société, avec une valeur assignée de 2,16 $ par action. Ces RSU seront entièrement acquises au plus tôt entre (i) un an après la date d'attribution ou (ii) la date de l'assemblée annuelle des actionnaires de 2026.

Propriété après la transaction : Suite à cette attribution, la propriété bénéficiaire de DeFord s'élève à 159 185 actions, toutes détenues directement.

Implications : L'augmentation de la participation d'un administrateur — même via une rémunération en actions — tend à aligner les intérêts de la direction avec ceux des actionnaires et peut être interprétée comme un signe de confiance dans les perspectives à long terme de MRVI. Étant donné que l'attribution provient d'un plan d'incitation et non d'un achat sur le marché libre, aucune dépense en espèces de la part de l'initié n'est indiquée dans le dépôt.

Überblick Formular 4: Maravai LifeSciences Holdings, Inc. (MRVI) gab bekannt, dass Direktor John A. DeFord am 16. Juni 2025 89.139 Aktien der Klasse A Stammaktien erworben hat.

Transaktionsdetails: Die Aktien wurden als Restricted Stock Units (RSUs) im Rahmen des Omnibus-Incentive-Plans 2020 des Unternehmens zu einem zugewiesenen Wert von 2,16 USD pro Aktie gewährt. Diese RSUs werden vollständig fällig, je nachdem, was zuerst eintritt: (i) ein Jahr nach dem Gewährungsdatum oder (ii) dem Datum der jährlichen Hauptversammlung 2026.

Besitz nach der Transaktion: Nach der Zuteilung steigt Defords wirtschaftliches Eigentum auf 159.185 Aktien, die alle direkt gehalten werden.

Auswirkungen: Wenn ein Direktor seinen Anteil erhöht – wenn auch durch Aktienvergütung – tendiert dies dazu, die Interessen des Managements mit denen der Aktionäre in Einklang zu bringen und kann als Vertrauensbeweis in die langfristigen Aussichten von MRVI interpretiert werden. Da die Zuteilung aus einem Anreizplan stammt und nicht aus einem Kauf am offenen Markt, ist im Bericht kein Baraufwand des Insiders angegeben.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported): June 24, 2025

 

FIRST MID BANCSHARES, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware 0-13368 37-1103704
(State of Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation)   Identification No.)

 

1421 CHARLESTON AVENUE

MATTOON, IL

61938
(Address of Principal Executive Offices) (Zip Code)

 

(217) 234-7454

(Registrant’s Telephone Number, including Area Code)

  

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock FMBH Nasdaq Global Market

 

 

 

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

 

On June 30, 2025, First Mid Bancshares, Inc. (the “Company”) announced that it has appointed Matthew K. Smith as President of the Company, a position formerly held by Joseph R. Dively. Mr. Dively will maintain his role as Chief Executive Officer and Chairman of the Board of Directors (the “Board”) for the Company. The Company also announced the appointment of Jordan Read as its Chief Financial Officer in addition to his duties as Chief Risk Officer. These promotions are a key part of the Company’s leadership strategy and reflect Mr. Smith and Mr. Read’s expanding roles in the Company’s continued growth and success.

 

Mr. Smith, age 51, has been Executive Vice President of the Company since November 2016 and Chief Financial Officer since July 2017. He served as Director of Finance from November 2016 to July 2017. He was Treasurer and Vice President of Finance and Investor Relations with a publicly traded data and telecom company from 1997 to 2016. Mr. Smith serves on the Boards of the following Company’s subsidiaries: First Mid Insurance Group, Inc., First Mid Wealth Management Company, and First Mid Captive, Inc. as well as First Mid Investments, Inc., a subsidiary of First Mid Bank & Trust.

 

Mr. Read, age 36, has been Executive Vice President for the Company since January 2024 and Senior Vice President and Chief Risk Officer of the Company since August 2021. He was with Enterprise Bank & Trust from 2014 to 2021 and served as Director of Internal Audit for the last three years. Prior to that Mr. Read worked in public accounting

 

On June 24, 2025, the Board of the Company approved an Executive Employment Agreement entered into between the Company and Matthew K. Smith effective June 24, 2025 and will continue until December 31, 2025, under which Mr. Smith agrees to serve as President of the Company (the "Smith Agreement"). Thereafter, unless employment with the Company has been previously terminated, the Smith Agreement shall renew automatically for 1-year terms on each annual anniversary. Under the Smith Agreement, Mr. Smith will receive an annual base salary of $385,000 and will participate in the Company’s Incentive Compensation Plan, the Long-Term Incentive Plan, and the Deferred Compensation Plan. The Smith Agreement also provides Mr. Smith with severance benefits in the event of the termination of his employment under certain circumstances and contains certain confidentiality and non-competition and non-solicitation provisions. The foregoing description of the Smith Agreement is not complete and is qualified in its entirety by reference to the full text of the Smith Agreement, which is filed as Exhibit 10.1 and is incorporated by reference herein.

 

There are no related party transactions involving Mr. Smith that are reportable under Item 404(a) of Regulation S-K.

  

On June 24, 2025, the Board of the Company approved an Executive Employment Agreement entered into between the Company and Jordan Read effective June 24, 2025 and will continue until December 31, 2025, under which Mr. Read agrees to serve as Executive Vice President, Chief Financial Officer and Chief Risk Officer of the Company (the "Read Agreement"). Thereafter, unless employment with the Company has been previously terminated, the Agreement shall renew automatically for 1-year terms on each annual anniversary. Under the Read Agreement, Mr. Read will receive an annual base salary of $290,000 and will participate in the Company’s Incentive Compensation Plan, the Long-Term Incentive Plan, and the Deferred Compensation Plan. The Read Agreement also provides Mr. Read with severance benefits in the event of the termination of his employment under certain circumstances and contains certain confidentiality and non-competition and non-solicitation provisions. The foregoing description of the Read Agreement is not complete and is qualified in its entirety by reference to the full text of the Read Agreement, which is filed as Exhibit 10.2 and is incorporated by reference herein.

 

There are no related party transactions involving Mr. Read that are reportable under Item 404(a) of Regulation S-K.

 

 

 

Item 7.01 Regulation FD Disclosure

 

On June 30, 2025, the Company issued a press release with respect to the above referenced leadership promotions. The full text of the press release is furnished with this Current Report on Form 8–K as Exhibit 99.1.

 

In accordance with General Instruction B.2 of Form 8–K, the information set forth in this Item 7.01 of this current report on Form 8–K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of Exchange Act, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing. The filing of this Current Report on Form 8–K shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit Index

 

Exhibit No. Description
   
10.1 Employment Agreement between the Company and Matthew K. Smith, effective June 24, 2025
10.2 Employment Agreement between the Company and Jordan D. Read, effective June 24, 2025
99.1 Press Release, dated June 30, 2025
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

 

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

    FIRST MID BANCSHARES, INC.
     
     
Dated: June 30, 2025    
    By: /s/ Joseph R. Dively                                            
    Joseph R. Dively
    Chairman, President and Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FAQ

How many MRVI shares did director John A. DeFord acquire on 16 June 2025?

He received 89,139 restricted stock units of Class A common stock.

What is John A. DeFord’s total beneficial ownership in MRVI after the transaction?

Following the grant, DeFord beneficially owns 159,185 shares directly.

When do the newly granted MRVI RSUs vest?

The RSUs vest in full on the earlier of one year from 16 Jun 2025 or the 2026 annual shareholder meeting.

Was the acquisition an open-market purchase?

No. The Form 4 lists transaction code "A," indicating an equity grant rather than a market purchase.

What was the reference price assigned to the RSUs in the Form 4?

The filing reports a $2.16 price per share for valuation purposes.
First Mid Bancshares Inc.

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