Kirk Stovesand - Apr 1, 2024 Form 4 Insider Report for Community West Bancshares (CWBC)

Role
Director
Signature
/s/ Shannon Livingston, Attorney-in-Fact for Kirk B. Stovesand
Stock symbol
CWBC
Transactions as of
Apr 1, 2024
Transactions value $
$0
Form type
4
Date filed
4/8/2024, 03:15 PM
Previous filing
Mar 5, 2024
Next filing
May 20, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CWBC CWBC - Common Stock Award +68K +6798.3% 69K Apr 1, 2024 Direct F1

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 CWBC CWBC - Stock Option Award +3.95K 3.95K Apr 1, 2024 CWBC - Common Stock 3.95K $13.08 Direct F2
transaction CWBC CWBC - Stock Option Award +2.37K +60% 6.32K Apr 1, 2024 CWBC - Common Stock 2.37K $14.85 Direct F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Received 67,983 shares in exchange for 86,054 shares of Community West Bancshares common stock in connection with the merger of Community West Bancshares with and into Central Valley Community Bancorp, (the "Merger") based on the exchange ratio of 0.79 shares of CVCY common stock for each share of Community West Bancshares common stock. On the effective date of the Merger, the closing price of Central Valley Community Bancorp common stock was $19.89 per share. In connection with the merger, the name of Central Valley Community Bancorp was changed to Community West Bancshares and the NASDAQ trading symbol was changed to CWBC.
F2 Each stock option was issued in substitution for a stock option issued by the Community West Bancshares for a number of shares of Central Valley common stock at an exercise price, both adjusted for the merger consideration. Based on the closing stock price of Central Valley as of March 28, 2024 ($19.89 per share of Central Valley common stock), the value of the merger consideration was $15.71 ($19.89 * $ 0.79). The exercise price was further adjusted as required by sections 409A and 424 of the Internal Revenue Code.