Okan I. Akin - Oct 1, 2022 Form 4 Insider Report for Stellar Bancorp, Inc. (STEL)

Role
Senior Executive VP, CRO
Signature
Justin M. Long, attorney-in-fact
Stock symbol
STEL
Transactions as of
Oct 1, 2022
Transactions value $
$0
Form type
4
Date filed
10/4/2022, 10:05 PM
Previous filing
Sep 26, 2022
Next filing
Oct 25, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction STEL Common Stock Award +36.2K 36.2K Oct 1, 2022 Direct F1
transaction STEL Common Stock Tax liability -2.07K -5.7% 34.2K Oct 1, 2022 Direct F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction STEL Employee Stock Option (right to buy) Award +23.9K 23.9K Oct 1, 2022 Common Stock 23.9K $14.11 Direct F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Shares received in exchange for shares of Allegiance Bancshares, Inc. ("Allegiance"). On October 1, 2022, pursuant to an Agreement and Plan of Merger (the "Merger Agreement"), Allegiance merged with and into Stellar Bancorp, Inc., formerly CBTX, Inc. ("Stellar"), with Stellar as the surviving entity (the "Merger"). Pursuant to the Merger Agreement, each issued and outstanding share of Allegiance common stock was converted into the right to receive 1.4184 shares of Stellar common stock (the "Exchange Ratio").
F2 Represents shares withheld to satisfy tax liability for vesting of restricted shares of common stock in connection with the closing of the Merger.
F3 Currently exercisable.
F4 Pursuant to the Merger Agreement, at the effective time of the Merger, each outstanding option to purchase Allegiance common stock fully vested and was automatically converted into an option to purchase a number of shares of Stellar common stock equal to the number of shares of Allegiance common stock subject to such option multiplied by the Exchange Ratio, and having a per share exercise price equal to the per share exercise price for shares of Allegiance common stock subject to such option divided by the Exchange Ratio.