Cory T. Newsom - 30 Dec 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
Issuer symbol: SPFI
Transactions as of: 30 Dec 2022
Net transactions value: +$149,139
Form type: 4
Filing time: 04 Jan 2023, 14:53:36 UTC
Previous filing: 23 Mar 2022
Next filing: 22 Mar 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SPFI	Common Stock	Options Exercise	$108,270	+9,000	+5.2%	$12.03	181,734	30 Dec 2022	Direct	F1, F2
transaction	SPFI	Common Stock	Tax liability	$143,141	-5,125	-2.8%	$27.93	176,609	30 Dec 2022	Direct	F1
transaction	SPFI	Common Stock	Tax liability	$65,989	-2,397	-1.4%	$27.53	174,212	03 Jan 2023	Direct	F1
transaction	SPFI	Common Stock	Award	$250,000	+9,081	+5.2%	$27.53	183,293	03 Jan 2023	Direct	F1
holding	SPFI	Common Stock						750	30 Dec 2022	By Child	F3
holding	SPFI	Common Stock						81,895	30 Dec 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	-9,000	-100%	$0.000000^*	0	30 Dec 2022	Common Stock	9,000	$12.03	Direct	F5
transaction	SPFI	Stock Options (Right to Buy)	Award	$0	+21,358		$0.000000	21,358	03 Jan 2023	Common Stock	21,358	$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.