8-K

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): March 23, 2020

WEST BANCORPORATION, INC.

(Exact name of registrant as specified in its charter)

1601 22^nd^ Street, West Des Moines, Iowa 50266

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: 515-222-2300

Not Applicable

(Former name or former address, if changed since last report)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section13(a) of the Exchange Act. o

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 23, 2020, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of West Bancorporation, Inc. (the “Company”) approved the 2019 annual incentive bonus awards for the Company’s named executive officers. As described in the Company’s definitive proxy statement on Schedule 14A filed with the SEC on February 27, 2020 (the “Proxy Statement”), the annual incentive bonus awards are determined in part based on the Company’s financial performance compared to its peer group. As of the date of the Proxy Statement, peer group performance data for 2019 was not available, and the 2019 annual incentive bonus awards reported in the “Non-Equity Incentive Plan Compensation” column of the Summary Compensation Table were estimated based upon the Company’s results for the fiscal year ended December 31, 2019 and the results of its peers for the nine months ended September 30, 2019 (resulting in estimated awards of 56.25 percent of base salary for each of our named executive officers, which was 93.75 percent of the maximum potential amounts).

Based on the Company’s financial results for the fiscal year ended December 31, 2019 and the results of our peers for 2019 that became available after the date of the Proxy Statement, the Compensation Committee determined that the 2019 annual incentive bonus awards were earned at 92.80 percent of the maximum potential amounts, resulting in payouts equal to 55.68 percent of base salary for each of our named executive officers. The actual 2019 annual incentive bonus awards earned by our named executive officers were $242,784 for Mr. Nelson and $167,053 for each of Messrs. Gulling, Olafson, and Winterbottom.

In accordance with Item 5.02(f) of Form 8-K, the Company is providing a revised Summary Compensation Table, which includes the actual 2019 annual incentive bonus awards earned by each of our named executive officers under “Non-Equity Incentive Plan Compensation” and revised total compensation figures for 2019:

Summary Compensation Table

Compensation earned for services rendered in the year ended December 31, 2019, to our Chief Executive Officer and our other named executive officers is provided in the following table. Compensation for 2018 is also presented for these individuals because they were named executive officers in those years as well.

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.