CoBiz Financial Inc. (NASDAQ:COBZ) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 20, 2017, Scott Page, Chief Executive Officer of CoBiz Bank (“CoBiz” or the “Bank”) announced his intent to retire from his position effective March 31, 2018.The Bank has negotiated and plans to execute a Separation and Release Agreement (the “Separation Agreement”) with Mr. Page that will be effective December 31, 2017.The Separation Agreement addresses the payments and benefits to which Mr. Page would be entitled in connection with his separation from service with CoBiz.
Under the terms and conditions of the Separation Agreement, Mr. Page will remain employed during a transition period ending on March 31, 2018.During that time, Mr. Page will be paid his regular base salary and will be covered under all Bank employee benefit plans.On March 31, 2018 (“Termination Date”), Mr. Page will completely retire from CoBiz and he will receive payment for any accrued but unused vacation, reimbursement for business expenses and separation pay equal to 12 months’ base salary (excluding any bonus and incentive compensation), payable in equal installments to CoBiz’s regular payroll schedule.Mr. Page will also be allowed to purchase his Bank provided car at the Bank’s book value.
In addition, to the extent Mr. Page is properly enrolled in CoBiz’s health plans to receive COBRA coverage, CoBiz has agreed to make payments to Mr. Page, or directly to CoBiz’s health plan, in an amount equal to the monthly COBRA premiums to be paid by Mr. Page for twelve (12) months of health plan coverage under COBRA for Mr. Page and his covered dependents, including any administrative charge imposed by CoBiz, less the monthly amount Mr. Page would have paid for such coverage under CoBiz’s health plans if Mr. Page’s employment had not ended.
The Separation Agreement will contain a general release of any claims Mr. Page may have against CoBiz, its subsidiaries and their affiliates.The Separation Agreement will provide that for a period of eighteen (18) months following the Termination Date, Mr. Page will not compete with the business of the Bank.The Separation Agreement will also provide for a twenty-four (24) month non-solicitation period of the Bank’s employees or customers.
Steven Bangert, Chairman and Chief Executive Officer of CoBiz Financial Inc. (“Company”), has assumed the role of Chief Executive Officer of the Bank.In that role, the leadership teams from commercial banking, insurance and wealth will report directly to Mr. Bangert.Lyne Andrich has assumed the role of Chief Operating Officer in addition to her current role of Chief Financial Officer.Ms. Andrich will be responsible for accounting, bank operations, finance, human resources, information technology, and process improvement. The Company has not entered into any new material plan, contract or arrangement with, nor has it granted any new equity-based awards to, either Mr. Bangert or Ms. Andrich as a result of their new positions.