Company: USCB
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0000927089-25-000082
Chunk: 39

Company: USCB FINANCIAL HOLDINGS, INC.
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 39
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 continuation of certain medical and dental benefits.

The employment agreement also provides that the benefits under the employment agreement will be reduced to the extent necessary to ensure that Mr. Anderson does not receive any “parachute payment” as such term is defined under Section 280G of the Code.

The benefits provided under Mr. Anderson’s employment agreement are subject to certain restrictions, as further set forth in the agreement. Further, if Mr. Anderson’s employment is terminated by USCB Financial Holdings or U.S. Century Bank for cause or without cause, before or after a change in control, or by Mr. Anderson other than for disability, he will be subject to non-competition and non-solicitation restrictions for 12 months after the termination of his employment.

Potential Payments upon Termination or Change in Control

In addition to the payments due Messrs. de la Aguilera and Anderson as a result of the termination of their employment, including in connection with a change in control of USCB Financial Holdings or U.S. Century Bank, U.S. Century Bank has entered into a change in control agreement with Nicholas Bustle, who serves as U.S. Century Bank’s Executive Vice President and Chief Lending Officer, dated May 17, 2019. The agreement provides that, in the event of a change in control (as defined in the agreement) occurring while Mr. Bustle remains employed by U.S. Century Bank, U.S. Century Bank will pay Mr. Bustle a lump sum payment equal to 1.0 times his annual base salary applicable for the one year period prior to the change in control, to be paid within 30 days of the consummation of the change in control. U.S. Century Bank has entered into a similar change in control agreement with William Turner, U.S. Century Bank’s Executive Vice President and Chief Credit Officer and may consider entering into similar agreements with other executive officers.

Equity Incentive Plan

The Board adopted the U.S. Century Bank Amended and Restated 2015 Equity Incentive Plan, or 2015 Equity Incentive Plan, on June 22, 2020. The amendment and restatement of the 2015 Equity Incentive Plan was subsequently approved by our shareholders at the 2020 annual shareholder meeting. The 2015 Equity Incentive Plan was further amended in December 2021 to increase the amount of shares covered thereby to 2,400,000 shares and to include the ability to issue restricted stock awards. The purpose