Company: FSBC
Filing Date: 2025-06-25
Form Type: 8-K
Source: 0001628280-25-033029
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Company: FIVE STAR BANCORP
Filing Date: 2025-06-25
Form: 8-K
Item: Item 5.02
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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  

On June 18, 2025, the Board of Directors of Five Star Bancorp (the “ Company”) approved, based on the recommendation of its Compensation Committee, a long term incentive award under a new long-term incentive compensation program for the Company’s President and Chief Executive Officer, James Beckwith. The award will take the form of performance-based restricted stock units (“ PSUs”) and service-based restricted stock awards (“ RSAs”). Mr. Beckwith will be entitled to receive PSUs in the amount of $220,000 and RSAs in the amount of $220,000, with the amounts of PSUs and RSAs to be based on the share price on the date of grant, which is expected to be on or about July 28, 2025. The award will be issued under the Five Star Bancorp 2021 Equity Incentive Plan.

The long-term incentive award provides a variable pay opportunity through a combination of performance-based PSUs and service-based RSAs. The program is designed to reinforce the long-term alignment of the Company’s executives with the interests of our shareholders. The PSUs are intended to strengthen our pay-for-performance philosophy, while the service-based RSAs are granted to promote share ownership and executive retention. The program is substantially similar to the long-term incentive compensation program for the Company’s other executive officers, which was approved by the Board of Directors of the Company on April 17, 2025.

Vesting of the PSUs is based on achievement of the Company’s three-year average return on average assets for the performance period ended December 31, 2027 relative to a peer group of publicly traded banks and bank holding companies utilizing the S& P Global Broad Market Index - Western Region. If the Company’s performance is at the 60th percentile, 70th percentile, and 80th percentile or higher, the recipient is entitled to receive 50%, 100%, and 150% of his or her target award grant, respectively. If achievement warrants and the recipient remains employed by the Company, the PSUs vest on December 31, 2027.

The RSAs vest in equal annual installments over five years on the anniversary of the grant date, as long as the recipient remains employed by the Company.

Special Note Concerning Forward-Looking Statements