Private Bancorp of America (PBAM) CEO Richard Sowers details options, RSUs and share stakes
Rhea-AI Filing Summary
Private Bancorp of America, Inc. director, President and CEO Richard L. Sowers filed an initial ownership report detailing his equity interests. He holds 23,841 shares of common stock directly, plus 52,519 shares indirectly through a family trust and 8,150 shares through an IRA. He also holds fully vested stock options over 3,279, 10,000, and 30,000 shares at exercise prices of $25.59, $21.00, and $25.15 with expirations between 2028 and 2033. In addition, performance-based and time-based Restricted Stock Units cover up to 11,516 shares potentially vesting on December 31, 2026, 7,000 on December 31, 2027, and a targeted 6,500 on December 31, 2028, subject to performance targets and continued employment.
Positive
- None.
Negative
- None.
Insider Trade Summary
9 transactions reported
Mixed
9 txns
Insider
Sowers Richard L.
Role
President and CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Stock Option (right to buy) F2 | -- | -- | -- |
| holding | Stock Option (right to buy) F2 | -- | -- | -- |
| holding | Stock Option (right to buy) F2 | -- | -- | -- |
| holding | Restricted Stock Units F3 | -- | -- | -- |
| holding | Restricted Stock Units F4 | -- | -- | -- |
| holding | Restricted Stock Units F5 | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock F1 | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option (right to buy) — 43,279 shares (Direct);
Restricted Stock Units — 25,016 shares (Direct);
Common Stock — 23,841 shares (Direct);
Common Stock — 52,519 shares (Indirect, By Family Trust);
Common Stock — 8,150 shares (Indirect, By IRA Account)
Footnotes (5)
- F1. These shares are held in a trust for the benefit of family members for which Mr. Sowers serves as co-trustee with his spouse, Mari Brusseau, and for which Mr. Sowers may be deemed to have voting and investment power.
- F2. The stock options are fully vested and exercisable.
- F3. Each Restricted Stock Unit represents the right to receive one share of common stock. The amount reported reflects the maximum number of Restricted Stock Units that may vest, if at all, on December 31, 2026, upon confirmation of the achievement of the relevant performance targets (for the portion of the award still subject to performance vesting) and the reporting person's continued employment with the Issuer on the vesting date, subject to forfeiture upon the occurrence of certain events specified in award agreement.
- F4. Each Restricted Stock Unit represents the right to receive one share of common stock. The amount reported reflects the maximum number of Restricted Stock Units that may vest, if at all, on December 31, 2027, upon confirmation of the achievement of the relevant performance targets (for the portion of the award still subject to performance vesting) and the reporting person's continued employment with the Issuer on the vesting date, subject to forfeiture upon the occurrence of certain events specified in award agreement.
- F5. Each Restricted Stock Unit represents the right to receive one share of common stock. The amount reported reflects the targeted number of Restricted Stock Units that may vest, if at all, on December 31, 2028, upon confirmation of the achievement of the relevant performance targets (for the portion of the award still subject to performance vesting) and the reporting person's continued employment with the Issuer on the vesting date, subject to forfeiture upon the occurrence of certain events specified in the award agreement. Depending on actual performance achieved, the reporting person may receive between 0% and 125% of the targeted amount.
Key Figures
Direct common stock holdings: 23,841 shares
Family trust common stock: 52,519 shares
IRA common stock: 8,150 shares
+5 more
8 metrics
Direct common stock holdings
23,841 shares
Direct PBAM common shares held by Richard L. Sowers
Family trust common stock
52,519 shares
Indirect PBAM common shares held by family trust with Sowers as co-trustee
IRA common stock
8,150 shares
Indirect PBAM common shares held via IRA account
Option at $21.00
10,000 underlying shares at $21.00
Fully vested stock option expiring 2030-02-01
Option at $25.59
3,279 underlying shares at $25.59
Fully vested stock option expiring 2028-02-15
Option at $25.15
30,000 underlying shares at $25.15
Fully vested stock option expiring 2033-05-11
2026 performance RSUs
11,516 units
Maximum PBAM RSUs that may vest on 2026-12-31, performance-based
2027 performance RSUs
7,000 units
Maximum PBAM RSUs that may vest on 2027-12-31, performance-based
Key Terms
Restricted Stock Unit, performance targets, vesting date, co-trustee
4 terms
Restricted Stock Unit financial
"Each Restricted Stock Unit represents the right to receive one share of common stock."
A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.
performance targets financial
"may vest, if at all, upon confirmation of the achievement of the relevant performance targets"
vesting date financial
"subject to performance vesting and the reporting person's continued employment with the Issuer on the vesting date"
co-trustee financial
"for which Mr. Sowers serves as co-trustee with his spouse, Mari Brusseau"
FAQ
What does PBAM’s Form 3 filing by Richard L. Sowers disclose?
The filing shows Richard L. Sowers’ initial ownership in PBAM, including direct common shares, indirect holdings via a family trust and IRA, plus stock options and performance-based Restricted Stock Units with specified exercise prices, share amounts, and vesting dates.
What stock options in PBAM does Richard L. Sowers report on Form 3?
Sowers reports fully vested options over 3,279 PBAM shares at $25.59, 10,000 shares at $21.00, and 30,000 shares at $25.15, expiring in 2028, 2030, and 2033, respectively, all exercisable into PBAM common stock.
What PBAM Restricted Stock Units does Richard L. Sowers hold?
He holds PBAM RSUs over up to 11,516 shares (potentially vesting 12/31/2026), 7,000 shares (12/31/2027), and a targeted 6,500 shares (12/31/2028), each RSU representing one PBAM common share, subject to performance targets and continued employment.
Are Richard L. Sowers’ PBAM stock options already vested and exercisable?
Yes. A footnote states the reported PBAM stock options are fully vested and exercisable, giving Sowers the right to buy specified numbers of common shares at exercise prices of $21.00 to $25.59 before their respective expiration dates.
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