Chang Ashley 4

What Happened

• Ashley Chang, Executive Vice President of RBB Bancorp (RBB), had 993 shares issued on vesting/derivative conversion on 2026-05-08 (reported as an exercise/conversion). Those shares were recorded at $24.05 each (total value ~$23,882). Of the issued shares, 409 were surrendered to cover tax withholding obligations (409 × $24.05 = ~$9,836). Net shares delivered to Chang = 584 shares (net value ~$14,046).
• The filing shows the withheld shares as a disposal for tax withholding (code F) and the issuance as a derivative exercise/conversion (code M). The disposed 993-shares entry at $0 indicates conversion/cancellation of a derivative instrument rather than an open-market sale.

Key Details

• Transaction date: 2026-05-08. Report filed same day (timely).
• Prices reported: $24.05 per share for the issued and withheld shares.
• Shares issued: 993 (total value ~$23,882). Shares withheld for taxes: 409 (value ~$9,836). Net shares retained: 584 (approx. $14,046).
• Shares owned after the transaction: not specified in the filing.
• Relevant footnotes: F1–F2 note certain option grants (01/22/2020 and 01/21/2021) are fully vested; F3 notes RSUs have no expiration once vested; F4–F5 describe remaining RSU vesting schedules (02/21/2027 and three equal annual installments beginning 05/08/2027). Remarks state these shares were issued for vesting of the 05/08/2025 RSU grant and shares were disposed to satisfy tax withholding.

Context

• This was not an open-market purchase or sale by the insider. It reflects equity award vesting and standard employer tax-withholding (a “sell/withhold to cover” mechanic), which is routine and does not necessarily signal a change in the insider’s view of the company.
• For retail investors: purchases or open-market buys are often more indicative of bullish intent; vesting and withholding transactions mainly reflect compensation mechanics.