First Busey Corporation (NASDAQ:BUSE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Offers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
On July 26, 2019, First Busey Corporation (the Company) announced that Jeffrey D. Jones will be appointed the Chief Financial Officer of the Company and will serve as its principal accounting officer, effective as of August 19, 2019. Robin N. Elliott will continue to serve as the Companys Chief Financial Officer through such date. Thereafter, Mr. Elliott will continue to serve in his roles as President and Chief Executive Officer of Busey Bank, the Companys wholly owned subsidiary.
Mr. Jones, age 46, previously served as Managing Director and Co-Head of the U.S. Depository Group and Head of Depository Investment Banking with Stephens, Inc., a privately-held financial services firm. Before joining Stephens, Inc. in 2015, Mr. Jones served as Managing Director and Head of Midwest Depository Investment Banking at Sterne Agee & Leach Group, Inc., as a member of the Investment Banking Group of Sandler ONeill & Partners, L.P. and as a member of the Investment Banking Group of Lehman Brothers Holdings, Inc., where he focused on Midwestern financial institutions. Mr. Jones has also served as an Examiner with the Federal Reserve Bank of St. Louis.
Mr. Jones does not have a direct or material interest in any transaction with the Company required to be disclosed to Item 404(a) of Regulation S-K. There is also no arrangement or understanding between Mr. Jones and any other person to which Mr. Jones was selected for any of his newly-appointed positions, nor is Mr. Jones related to any member of the Board of Directors or executive officers of the Company.
Employment Agreement with Jeffrey D. Jones
The Company and its bank subsidiary, Busey Bank (the Bank), entered into an employment agreement effective August 19, 2019 (the Agreement) with Jeffrey D. Jones to which he will serve as Chief Financial Officer of the Company and the Bank. The Agreement has an initial one-year term beginning August 19, 2019, and automatically extends for additional one year terms on each August 19 thereafter, unless either party gives 30 days prior written notice that the term will not be extended.
The Agreement provides that Mr. Jones will be eligible: (i) for an initial annual base salary of $400,000 (guaranteed to be not less than $425,000 as of July 1, 2020); (ii) to receive performance-based annual incentive bonuses in accordance with the Companys annual incentive plan with a minimum guaranteed bonus for 2019 of $450,000; (iii) to receive annual grants under the Companys long-term equity incentive program subject to the discretion of the board of directors of the Company with an initial grant to be made in 2019 valued at $300,000 with a three-year vesting period and an annual grant for 2020 valued at $450,000 with a five-year vesting period; and (iv) for employee benefits on as favorable a basis as other similarly situated and performing senior executives of the Company, including reimbursement of relocation expenses of up to $25,000 and participation in the Companys key life insurance program with an aggregate death benefit of $1,500,000.