VERITEX HOLDINGS,INC. (NASDAQ:VBTX) 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 Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
On October 23, 2017, the Board of Directors (the “Board”) of Veritex Holdings, Inc. (the “Company”), the holding company for Veritex Community Bank, appointed Michael Bryan, age 60, in the newly-created role of Chief Information Officer (the “Appointment”), effective as of the date that Mr. Bryan commences employment with the Company. A copy of the press release announcing Mr. Bryan’s appointment is furnished herewith as Exhibit 99.1.
Prior to joining the Company, Mr. Bryan served as Executive Vice President, Chief Information Officer at BNC Bank from May 2010 to June 2017, Bank Technology/Operations Practice Principal at DD&F Consulting Group from November 2007 to April 2010, Global Account Manager at Fujitsu from January 2004 to January 2006, Principal Consultant at Hewlett Packard Enterprise from January 2001 to January 2004 and CEO/Owner of BancPro Systems, Inc. from January 1980 to December 2003.
Under the terms of a letter agreement between Mr. Bryan and the Company dated October 13, 2017 (the “Letter Agreement”) entered into in connection with the Appointment, Mr. Bryan is entitled to receive base salary payments at an annualized rate of $285,000 and a discretionary bonus equal to 25% of his annual base salary. Mr. Bryan will also participate in the Company's Long Term Incentive Plan with a target bonus of 35% of his annual base salary and will receive an initial grant of 10,000 stock options and 7,500 restricted stock units with a five-year vesting schedule.
The foregoing summary of the Letter Agreement is qualified in its entirety by reference to the full text of the Letter Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d)Exhibits. The following is furnished as an exhibit to this Current Report on Form8-K:
Veritex Holdings, Inc. ExhibitEX-10.1 2 bryanletteragreement….To view the full exhibit click here
About VERITEX HOLDINGS,INC. (NASDAQ:VBTX)
Veritex Holdings, Inc. is a bank holding company. The Company, through its subsidiary, Veritex Community Bank (the Bank), a Texas state chartered bank, provides relationship-driven commercial banking products and services tailored to meet the needs of small to medium-sized businesses and professionals. The Company operates through community banking segment. The Bank provides a range of banking services to individual and corporate customers, which include commercial and retail lending, and the acceptance of checking and savings deposits. It offers a full suite of online banking solutions, including access to account balances, online transfers, online bill payment and electronic delivery of customer statements, as well as automated teller machines (ATMs), and banking by telephone, mail and personal appointment. The Bank also offers debit cards, night depository, direct deposit, cashier’s checks and letters of credit, as well as treasury management services.
