Company: FSBC
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001275168-25-000056
Chunk: 38

Company: FIVE STAR BANCORP
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 38
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 31, 2023 were $608,678 and $311,969, respectively.

Bonuses

We do not have a written bonus plan applicable to our NEOs. Rather, our NEOs are eligible to receive an annual bonus equal to a specified percentage of their base salary, up to a specified maximum, with a portion of such bonus payable in stock awards, generally vesting over two years (as further described below in the section entitled “—Stock Awards”), and the remainder payable in cash. Individual and corporate performance goals and objectives, as well as individual target bonus amounts, for each NEO are established in advance by our Compensation Committee.

Effective as of October 2, 2023, the Company adopted the Five Star Bancorp Compensation Clawback Policy (the “Clawback Policy”). Under the Clawback Policy, the Company is required to recover reasonably promptly, the amount of erroneously awarded incentive-based compensation to executive officers in the event that the Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under securities laws. Awards of bonuses are subject to potential forfeiture or clawback in connection with the Clawback Policy.

Stock Awards

A portion of each NEO’s annual bonus is payable in awards of shares of our common stock. Generally, for awards issued to executives prior to our IPO, one-third of such stock awards vested immediately upon grant, with the remainder vesting annually in equal installments over two years, provided the executive officer remains employed with us as of the applicable vesting date. Following our IPO, stock awards are issued under the terms of our Five Star Bancorp 2021 Equity Incentive Plan. For stock awards issued to executives in conjunction with our IPO, shares generally vest in equal annual installments over five years (seven years for our Chief Executive Officer), commencing on the one-year anniversary of the grant date, provided the executive officer remains employed with us as of the applicable vesting dates. Stock awards issued after our IPO vest ratably over three or five years (as defined in the respective agreements), provided the executive officer remains employed with us as of the applicable vesting dates. We pay dividends on unvested shares of common stock granted to our NEOs. In March 2021, we entered into letter agreements with our NEOs holding unvested stock awards outstanding prior to the IPO to memorialize the vesting and forfeiture conditions, transfer restrictions, and dividend payment rights associated with such stock awards.

Awards of shares of our