West Bancorporation (WTBA) CRO granted 15,000 restricted shares

Rhea-AI Filing Summary

West Bancorporation reported that chief risk officer Harlee Olafson received a grant of 15,000 shares of common stock at no cost. Footnotes explain this came from restricted stock units, with 7,500 units vesting in five equal annual installments beginning March 25, 2027, and 7,500 units cliff vesting on March 25, 2029, subject to performance criteria. The filing also notes that 325 previously reported performance stock units did not vest and that 990 additional shares were acquired in a 401(k) through dividend reinvestment purchases during 2025.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

OLAFSON HARLEE

(Last) (First) (Middle)

6813 NW 93RD STREET

(Street)

JOHNSTON IA 50131

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
WEST BANCORPORATION INC [ WTBA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF RISK OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
COMMON STOCK	02/23/2026		A		15,000(1)	A	$0	143,001(2)	D
COMMON STOCK								20,850(3)	I	By 401(k) Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares were acquired pursuant to a grant of restricted stock units, 7,500 units of which, vest in five equal annual installments beginning March 25, 2027. The remaining 7,500 units cliff vest on March 25, 2029, subject to achievement of performance criteria established by the Compensation Committee as set out in the grant.

2. 325 shares of previously reported performance stock units did not vest because the appliable performance conditions were not satisfied.

3. 990 shares were acquired pursuant to dividend reinvestment purchases in the employee savings plan 401(k) during the period from January 1, 2025 through December 31, 2025.

Remarks:

	/s/ Melissa L. Gillespie, By Power of Attorney	02/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did West Bancorporation (WTBA) report for its chief risk officer?

West Bancorporation reported that chief risk officer Harlee Olafson received a grant of 15,000 shares of common stock at no cost. The award was structured as restricted stock units with both time-based and performance-based vesting conditions extending through March 25, 2029.

How do the 15,000 granted shares to WTBA’s chief risk officer vest?

Of the 15,000 restricted stock units, 7,500 vest in five equal annual installments starting March 25, 2027. The remaining 7,500 units cliff vest on March 25, 2029, contingent on performance criteria set by the Compensation Committee in the grant documentation.

Were any previously reported performance stock units forfeited in the WTBA filing?

Yes. The filing states that 325 shares of previously reported performance stock units did not vest. The reason given is that the applicable performance conditions were not satisfied, so those units were forfeited instead of converting into shares of common stock.

What 401(k) activity for WTBA’s chief risk officer was disclosed in this Form 4?

The disclosure notes that 990 shares were acquired in an employee savings 401(k) plan through dividend reinvestment purchases. These reinvested dividends accumulated over the period from January 1, 2025 through December 31, 2025, and are reported as indirect ownership by 401(k) plan.

Is the 15,000-share transaction for WTBA’s chief risk officer a market purchase or a grant?

It is a grant, not a market purchase. The transaction code is classified as a grant or award acquisition at a price of $0.00 per share, indicating equity compensation rather than an open-market buy, with vesting tied to time and performance conditions.