Cory T. Newsom - Dec 30, 2022 Form 4 Insider Report for SOUTH PLAINS FINANCIAL, INC. (SPFI)

Role
President, Director
Signature
By Mikella D. Newsom as Attorney-in-Fact for Cory T. Newsom
Stock symbol
SPFI
Transactions as of
Dec 30, 2022
Transactions value $
$149,139
Form type
4
Date filed
1/4/2023, 02:53 PM
Previous filing
Mar 23, 2022
Next filing
Mar 22, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SPFI Common Stock Options Exercise $108K +9K +5.21% $12.03 182K Dec 30, 2022 Direct F1, F2
transaction SPFI Common Stock Tax liability -$143K -5.13K -2.82% $27.93 177K Dec 30, 2022 Direct F1
transaction SPFI Common Stock Tax liability -$66K -2.4K -1.36% $27.53 174K Jan 3, 2023 Direct F1
transaction SPFI Common Stock Award $250K +9.08K +5.21% $27.53 183K Jan 3, 2023 Direct F1
holding SPFI Common Stock 750 Dec 30, 2022 By Child F3
holding SPFI Common Stock 81.9K Dec 30, 2022 By ESOP F4

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 F5
transaction SPFI Stock Options (Right to Buy) Award $0 +21.4K $0.00 21.4K Jan 3, 2023 Common Stock 21.4K $27.53 Direct F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The shares reported include 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 276 shares of SPFI common stock the Reporting Person previously reported as beneficially owned under the 401(k) Plan were liquidated.
F3 Shares held for the benefit of the Reporting Person's child.
F4 Shares held by the South Plains Financial, Inc. Employee Stock Ownership Plan ("ESOP") and allocated to the Reporting Person's account.
F5 These were fully exercisable on date of grant.
F6 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.