First Business Financial Services, Inc 8-K, filed Apr 20, 2022
First Business Financial Services, Inc. (FBIZ)
8-K
2022-04-20
For: 2022-04-18
View Original
Added on
April 06, 2026
About this 8-K
First Business Financial Services, Inc filed this 8-K on April 20, 2022, reporting on events of April 18, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 18, 2022
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective April 18, 2022, the Compensation Committee (the “Committee”) of the Board of Directors of First Business Financial Services, Inc. (the “Company”) approved the vesting of the performance restricted stock units, or “PRSUs”, granted to executive officers of the Company in 2019 under its Long-Term Incentive Plan for the performance measurement period beginning in 2019 and ending in 2021 (the “2019 Grant”). The vesting of the 2019 Grant was determined by Relative Total Shareholder Return (“TSR”) and Relative Return on Equity (“ROE”) Company performance goals. As noted in the Company’s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on March 8, 2022 (the “Proxy Statement”), as of the date of the Proxy Statement, the number of shares earned under the 2019 Grant was unknown due to the unavailability of final Relative Return on Average Equity information.
The Committee determined that the Company’s performance at a “Superior” level under each of the TSR and ROE performance goals during the performance period resulted in the payout of the Company’s common stock to each of the Company’s NEOs (as defined in the Proxy Statement) as
follows:
| NEO | Shares Vested | ||||
| Corey A. Chambas | 13,340 | ||||
| Edward G. Sloane, Jr. | 5,800 | ||||
| David R. Seiler | 6,250 | ||||
| Mark J. Meloy | 3,860 | ||||
Bradley A. Quade* | 0 | ||||
________
* Mr. Quade was not employed by the Company at the time of the 2019 Grant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: April 21, 2022 | FIRST BUSINESS FINANCIAL SERVICES, INC. By: /s/ Ed Sloane Ed Sloane Chief Financial Officer | ||||