Company: NSTS
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001437749-25-011792
Chunk: 14

Company: NSTS Bancorp, Inc.
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 14
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5.

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The Board of Directors currently anticipates appointing a new independent director to fill the vacancies on the Boards of both the Company and the Bank prior to end of the cure period described above, and will provide supplemental disclosure to this Proxy Statement, if necessary, to reflect such appointment at such time. In the event the Company does not identify and appoint a new independent director prior to June 19, 2025, we expect that Nasdaq will consider the Company to be non-compliant with its listing standards and will take steps to seek to delist the Company’s common stock from the Nasdaq Capital Market.

Board Leadership Structure and Risk Oversight

In July 2022, the Board of Directors of the Bank separated the position of Chairman of the Board and Chief Executive Officer of the Bank. The Board of Directors of the Company currently combines the position of Chairman of the Board with the position of a Chief Executive Officer. The Board of Directors believes this provides an efficient and effective leadership model for the Company. The Board believes that combining the Chairman of the Board and Chief Executive Officer positions fosters clear accountability, effective decision-making, and alignment on corporate strategy. To assure effective independent oversight, the Board has adopted a number of governance practices, including independent directors on the Board of Directors and the Compensation Committee conducting performance evaluations of the Chairman of the Board and Chief Executive Officer.

The Board of Directors recognizes that, depending on the circumstances, other leadership models might be appropriate. Accordingly, the Board of Directors periodically reviews the Company’s leadership structure.

The Board of Directors is actively involved in oversight of risks that could affect NSTS Bancorp, Inc. and the Bank. This oversight is conducted primarily through committees of the Board of Directors, but the full Board of Directors has retained responsibility for general oversight of risks. The Board of Directors also satisfies this responsibility through reports by the committee chair of all board committees regarding the committees’ considerations and actions, through review of minutes of committee meetings and through regular reports directly from officers responsible for oversight of particular risks within the Company. The Board of Directors of North Shore Trust and Savings also has additional committees that conduct risk oversight. All committees are responsible for the establishment of policies that guide management and staff in the day-to-day operation of NSTS Bancorp, Inc. and North Shore Trust and Savings such as lending, enterprise risk management, asset/liability management, information technology, compliance, investment management and others.

Delinquent Section 16(a) Reports

Section 16(a) of the Securities