Cortese Stephen A. 4
4 · California BanCorp · Filed Jul 31, 2024
Insider Transaction Report
Form 4
Cortese Stephen A.
Director
Transactions
- Disposition to Issuer
Common Stock
2024-07-31−242,823→ 0 total
Footnotes (3)
- [F1]Disposed of pursuant to the Agreement and Plan of Merger and Reorganization, dated January 31, 2024 (the "Merger Agreement"), by and between the Issuer and Southern California Bancorp ("BCAL"). Pursuant to the terms of the Merger Agreement, at the effective time of the merger, each share of Issuer common stock converted into the right to receive 1.590 shares of BCAL common stock (the "Exchange Ratio"), with cash paid in lieu of fractional shares. As a result of the merger, the reporting person no longer beneficially owns, directly or indirectly, any shares of Issuer common stock.
- [F2]Includes restricted stock units with respect to 2,798 shares of the Issuer's common stock. Pursuant to the Merger Agreement, at the effective time of the merger, the restricted stock units were assumed by BCAL and converted into a restricted stock units with respect to a number of shares of BCAL common stock equal to the number of issuer shares underlying the restricted stock unit multiplied by the Exchange Ratio.
- [F3]This total amount corrects an administrative error in the total amount reported in previous filings. No reportable transaction was omitted from previously filings.