# EDGAR Filing Document

**Accession Number:** 0001275168
**File Stem:** 0001628280-25-033029
**Filing Date:** 2025-6
**Character Count:** 9073
**Document Hash:** 0510462e2c94f5e8b1b03a6f73939a55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-033029.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001628280-25-033029

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250618

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIVE STAR BANCORP
- **CENTRAL INDEX KEY:** 0001275168
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 753100966
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40379
- **FILM NUMBER:** 251073939

**BUSINESS ADDRESS:**
- **STREET 1:** 3100 ZINFANDEL DRIVE
- **STREET 2:** SUITE 100
- **CITY:** RANCHO CORDOVA
- **STATE:** CA
- **ZIP:** 95670
- **BUSINESS PHONE:** 916-626-5000

**MAIL ADDRESS:**
- **STREET 1:** 3100 ZINFANDEL DRIVE
- **STREET 2:** SUITE 100
- **CITY:** RANCHO CORDOVA
- **STATE:** CA
- **ZIP:** 95670

?xml version='1.0' encoding='ASCII'? fsbc-20250618

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 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): <u>June 18, 2025</u>**

**FIVE STAR BANCORP**

 **(Exact Name of Registrant as Specified in Charter)** 

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| | | |
|:---|:---|:---|
| California | 001-40379 | 75-3100966 |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission**<br>**File Number)** | **(I.R.S. Employer**<br>**Identification No.)** |

---

3100 Zinfandel Drive, Suite 100, Rancho Cordova, California, 95670

**(Address of Principal Executive Offices, and Zip Code)**

(916) 626-5000

**Registrant's Telephone Number, Including Area Code**

Not Applicable

 **(Former Name or Former Address, if Changed Since Last Report)** 

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 (*see* General Instruction A.2. below):

 ☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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

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

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

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

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> <u>Common Stock, no par value per share</u> <u>FSBC</u> <u>The Nasdaq Stock Market LLC</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☑

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 provided pursuant to Section 13(a) of the Exchange Act. ☐

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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** |

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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**

This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company's beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "expect," "aim," "intend," "plan," or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company's expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company's control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company's control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company's forward-looking information and statements proves incorrect, then the Company's actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company's forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the three months ended March 31, 2025, in each case under the section entitled "Risk Factors," and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

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**SIGNATURE**

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.

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| | | |
|:---|:---|:---|
| | **FIVE STAR BANCORP** | **FIVE STAR BANCORP** |
| | By: | /s/ Heather Luck |
| | | Name: Heather Luck |
| | | Title: Executive Vice President and Chief Financial Officer |
| Date: June 25, 2025 |  |  |

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