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.

Content

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.

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.