THE FIRST BANCSHARES, Inc. (OTCMKTS:FBSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

THE FIRST BANCSHARES, Inc. (OTCMKTS:FBSI) 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

The Compensation Committee (the “Committee”) of the Board of Directors of the Company has previously granted shares of restricted stock to certain employees of the Company or its affiliates, including to its President and Chief Executive Officer, M. Ray (Hoppy) Cole, Jr. and Executive Vice President and Chief Financial Officer, Donna T. (Dee Dee) Lowery. On October 15, 2019, the Committee approved a modification to outstanding shares of restricted stock to provide that such shares will become fully-vested if (i) the Company or one of its affiliates terminates the grantee’s employment without cause (as defined in the award agreement); or (ii) the grantee resigns for good reason within 24-months following a change in control (as such terms are defined in the award agreement), in the event that the outstanding restricted stock awards are not assumed by the acquiror in connection with such change in control (collectively, the “ Restricted Stock Amendment”).

The foregoing summary of the Restricted Stock Amendment is qualified in its entirety by reference to the Restricted Stock Amendment, a complete copy of which is filed herewith as Exhibit 10.2 and incorporated herein by reference.

(d)Exhibits.

Exhibit Number Description
10.1 Employment Agreement, dated as of October 17, 2019, by and between The First and Donna T. (Dee Dee) Lowery.
10.2 Amendment to Stock Incentive Agreement for Outstanding Shares of Restricted Stock, dated as of October 15, 2019.


FIRST BANCSHARES INC /MS/ Exhibit
EX-10.1 2 tm19206301_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1   Employment AGREEMENT   This EMPLOYMENT Agreement (this “Agreement”) is made and entered into this 17th day of October,…
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About THE FIRST BANCSHARES, Inc. (OTCMKTS:FBSI)

First Bancshares, Inc. is a holding company of First Home Savings Bank (the Bank). The Bank is primarily engaged in providing a range of banking and mortgage services to individual and corporate customers in southern Missouri. The Bank offers its services in various categories, such as online banking, personal banking and business banking. The Bank’s FirstNet provides access for various banking needs. FirstNet is a free service, including free online BillPay, which is accessible from home or office. Its personal banking services include personal checking accounts, personal savings and money market accounts, personal certificate of deposits and individual retirement accounts, and deposit rates. Its business banking services include business checking accounts, and business savings and money market accounts. The Bank has seven branch facilities in Marshfield, Ava, Kissee Mills, Gainesville, Sparta, Crane and Springfield, which are located in Missouri.

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