Curtis C. Griffith - Dec 30, 2022 Form 4 Insider Report for SOUTH PLAINS FINANCIAL, INC. (SPFI)

Role
Chairman and CEO, Director, 10%+ Owner
Signature
By Mikella D. Newsom as Attorney-in-Fact for Curtis C. Griffith
Stock symbol
SPFI
Transactions as of
Dec 30, 2022
Transactions value $
$54,877
Form type
4
Date filed
1/4/2023, 03:13 PM
Previous filing
Aug 31, 2022
Next filing
Jun 15, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SPFI Common Stock Options Exercise $108K +9K +0.63% $12.03 1.44M Dec 30, 2022 Direct F1, F2
transaction SPFI Common Stock Tax liability -$143K -5.13K -0.36% $27.93 1.43M Dec 30, 2022 Direct F1
transaction SPFI Common Stock Tax liability -$35.2K -1.28K -0.09% $27.53 1.43M Jan 3, 2023 Direct F1
transaction SPFI Common Stock Award $125K +4.54K +0.32% $27.53 1.43M Jan 3, 2023 Direct F1
holding SPFI Common Stock 101K Dec 30, 2022 By ESOP F3
holding SPFI Common Stock 45.4K Dec 30, 2022 By Spouse F4
holding SPFI Common Stock 435K Dec 30, 2022 By CCG Trust F5
holding SPFI Common Stock 87K Dec 30, 2022 By RTW Trust F6
holding SPFI Common Stock 87K Dec 30, 2022 By BLW Trust F7
holding SPFI Common Stock 87K Dec 30, 2022 By WHW Trust F8
holding SPFI Common Stock 87K Dec 30, 2022 By SSG Trust F9
holding SPFI Common Stock 87K Dec 30, 2022 By JBG Trust F10

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 SPFI Stock Options (Right to Buy) Options Exercise $0 -9K -100% $0.00* 0 Dec 30, 2022 Common Stock 9K $12.03 Direct F11
transaction SPFI Stock Options (Right to Buy) Award $0 +13.6K $0.00 13.6K Jan 3, 2023 Common Stock 13.6K $27.53 Direct F12
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Includes restricted stock units that may be settled only by delivery of an equal number of shares of common stock and which are subject to vesting and forfeiture conditions.
F2 Effective September 12, 2022, SPFI eliminated the SPFI stock fund as an investment alternative available under the City Bank 401(k) Plan (the "401(k) Plan"). As a result, the 250 shares of SPFI common stock the Reporting Person previously reported as beneficially owned under the 401(k) Plan were liquidated.
F3 Shares held by the South Plains Financial, Inc. Employee Stock Ownership Plan ("ESOP") and allocated to the Reporting Person's account.
F4 Shares owned by the Reporting Person's spouse. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest, and the filing of this report is not an admission that the Reporting Person is the beneficial owner of these shares for purposes of Section 16 or for any other purpose.
F5 Shares held in the Curtis C. Griffith 2021 Irrevocable Trust ("CCG Trust"), over which the Reporting Person's Spouse, who shares the Reporting Person's household, serves as trustee. The members of the Reporting Person's immediate family are the beneficiaries of this trust. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest, and the filing of this report is not an admission that the Reporting Person is the beneficial owner of these shares for purposes of Section 16 or for any other purpose.
F6 Shares held in the Richard Thomas White 2021 Trust ("RTW Trust"), over which the Reporting Person serves as trustee. A member of the Reporting Person's immediate family is the beneficiary of this trust.
F7 Shares held in the Birdie Lucille White 2021 Trust ("BLW Trust"), over which the Reporting Person serves as trustee. A member of the Reporting Person's immediate family is the beneficiary of this trust.
F8 Shares held in the William Hogan White 2021 Trust ("WHW Trust"), over which the Reporting Person serves as trustee. A member of the Reporting Person's immediate family is the beneficiary of this trust.
F9 Shares held in the Sydney Suzanne Griffith 2021 Trust ("SSG Trust"), over which the Reporting Person serves as trustee. A member of the Reporting Person's immediate family is the beneficiary of this trust.
F10 Shares held in the Johnathan Brockway Griffith 2021 Trust ("JBG Trust"), over which the Reporting Person serves as trustee. A member of the Reporting Person's immediate family is the beneficiary of this trust.
F11 These were fully exercisable on date of grant.
F12 25% of the stock options vest on the first anniversary of January 1, 2023; thereafter, the remaining vest pro rata on a month basis over the next 36 months. Notwithstanding the foregoing, the stock options will automatically become fully vested upon the earlier of: (i) the Reporting Person's disability, (ii) the Reporting Person's death, and (iii) immediately prior to a change in control of the Issuer.