In a recent filing, Campbell Brandi reported the forfeiture of 18,069 shares of restricted stock due to a change in employment status. This significant transaction underscores the dynamics of executive compensation within the banking sector.
Background
Campbell Brandi is an executive at Bank of Marin Bancorp, which operates as a state commercial bank. The company is located in Novato, California, and is listed under the CIK number 0001403475. This filing is part of a series of reports that indicate ongoing changes in ownership and compensation.
What the Filing Says
The filing states, "Represents shares of restricted stock forfeited upon the Reporting Person's termination of employment with the Issuer." This indicates that Brandi's departure from the company has resulted in the forfeiture of a substantial number of shares.
Impact
This forfeiture may affect Bank of Marin Bancorp's executive compensation structure and could influence perceptions of the bank's management practices. The change may also have implications for other executives within the banking industry, as it reflects a trend in adjusting compensation based on employment status.
What's Next
The filing does not say what happens next.
Details of the Forfeiture
The forfeiture of 18,069 shares occurred on October 16, 2026, coinciding with Brandi's termination of employment. Following this transaction, Brandi retains ownership of 4,471 shares of common stock.
Executive Role
Campbell Brandi served as the Executive Vice President at Bank of Marin Bancorp, a role that typically involves significant responsibilities in overseeing the bank's operations and strategic direction.
Stock Options
In addition to the forfeited shares, the filing reveals that Brandi holds several stock options with varying exercise prices and expiration dates. These include options to purchase 300 shares at $40.10, 926 shares at $38.25, 1,829 shares at $38.11, and 1,709 shares at $34.03. The options are set to expire between 2030 and 2032, with a portion becoming exercisable at a rate of 33% per year starting from the first anniversary of the grant date.
Conclusion
This filing highlights not only the immediate impact of Brandi's departure on her shareholdings but also underscores the complexities of executive compensation structures within the banking industry. The absence of further details regarding the circumstances of Brandi's termination leaves questions about the broader implications for Bank of Marin Bancorp's leadership and governance.