First Business Financial Services, Inc. (NASDAQ:FBIZ) 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.
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
owned subsidiary of First Business Financial Services, Inc. (the
Company), entered into an amendment to its employment agreement
with Corey Chambas, the Companys President and Chief Executive
Officer. The amendment eliminated Mr. Chambass right to receive a
severance payment if he voluntarily resigns his employment during
the three months following a Change in Control (as defined in the
employment agreement), which is commonly referred to as a
modified single trigger provision.
provisions of the employment agreement to more closely reflect
safe harbor provisions under applicable U.S. Treasury
regulations. In particular, if there is a Change in Control
followed by either (i) a material diminution in his salary, bonus
or other compensation, (ii) a material diminution in his
authority, duties or responsibilities, (iii) a requirement that
he report to anyone other than the board of directors, (iv) a
material diminution in the budget over which he retains
authority, (v) a relocation of his primary office location to a
new location that is more than 30 miles away from the current
office location, or (vi) a material breach of the employment
agreement by the Bank (or any successor thereto), then, in each
case, Mr. Chambas will be entitled to receive a cash severance
payment if he resigns within 90 days after such triggering event
and within two years after the applicable Change in Control,
subject to certain notice requirements and cure rights.
entirety by reference to the full text of the amendment, which is
attached hereto as Exhibit 10.1 and incorporated herein by
reference.
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Item 9.01.
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Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit No.
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Description
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10.1
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First Amendment of Agreement, dated as of December 29,
2016, by and between First Business Bank and Corey Chambas |
About First Business Financial Services, Inc.> (NASDAQ:FBIZ)
First Business Financial Services, Inc. (FBFS) is a bank holding company. The Company engages in the commercial banking business through its bank subsidiaries, which include First Business Bank (FBB), First Business Bank-Milwaukee (FBB-Milwaukee) and Alterra Bank (Alterra) (FBB and FBB-Milwaukee and, together with FBB, the Banks). The operations of FBFS are conducted through the Banks and certain subsidiaries of FBB. The Banks operate as business banks focusing on delivering a line of commercial banking products, including commercial loans and commercial real estate loans, and services to meet the needs of small- and medium-sized businesses, business owners, executives, professionals and high net worth individuals. Its business lines include commercial lending, asset-based financing, equipment financing, small business administration (SBA) lending, treasury management services, and trust and investment services. Its investments include short-term investments and securities. First Business Financial Services, Inc.> (NASDAQ:FBIZ) Recent Trading Information
First Business Financial Services, Inc.> (NASDAQ:FBIZ) closed its last trading session down -0.08 at 23.50 with 6,025 shares trading hands.