# EDGAR Filing Document

**Accession Number:** 0001521951
**File Stem:** 0001104659-23-009916
**Filing Date:** 2023-2
**Character Count:** 9904
**Document Hash:** 594faf65262ea6061bfda0f56b13113f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-009916.hdr.sgml**: 20230202

**ACCESSION NUMBER**: 0001104659-23-009916

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230127

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230202

**DATE AS OF CHANGE**: 20230202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST BUSINESS FINANCIAL SERVICES, INC.
- **CENTRAL INDEX KEY:** 0001521951
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 391576570
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34095
- **FILM NUMBER:** 23581248

**BUSINESS ADDRESS:**
- **STREET 1:** 401 CHARMANY DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53719
- **BUSINESS PHONE:** 608-238-8008

**MAIL ADDRESS:**
- **STREET 1:** 401 CHARMANY DRIVE
- **STREET 2:** PO BOX 44961
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53744

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Business Financial Services, Inc.
- **DATE OF NAME CHANGE:** 20110527

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 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): January 27, 2023**

**First Business Financial Services, Inc.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Wisconsin** | **1-34095** | **39-1576570** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**401 Charmany Drive**

**Madison, Wisconsin 53719**

**(Address of principal executive offices) (Zip code)**

**Registrant's telephone number, including area code:** **(608) 238-8008**

**N/A**

**(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):

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| |
|:---|
| Written communications 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 communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications 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:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value | FBIZ | The Nasdaq Stock Market LLC |

---

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

**Item 5.02. Departure of Directors or Certain Officers, Election of Directors, Appointment of Certain Officers, Compensatory Arrangements of Certain Officers.**

On January 27, 2023 (the "Approval Date"), the Company's Board of Directors approved certain amendments to the Company's 2019 Equity Incentive Plan (the "Plan"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The amendments included an addition to the Dividends and Dividend Equivalents section of the Plan specifying that, beginning with
awards granted under the Plan after the Approval Date, dividends or dividend equivalent units will be subject to vesting on the same terms
as the underlying award and will be paid to a participant only if the underlying shares of Company common stock subject to such award
vest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Change in Control provisions of the Plan were amended such that, except as otherwise provided in the relevant award agreement,
for any award granted under the Plan on or after the Approval Date that is subject to performance measures or objectives, the payout level
that will vest upon a Change in Control (as defined in the Plan) in which the surviving corporation does not assume the award or issue
a replacement will be the greater of (i) the award payout at the target level of performance or (ii) the award payout at the
estimated level of expected performance if the award were permitted to continue throughout the remaining performance period based on information
available as of the date of the Change in Control ("Estimated Actual Performance"), as determined in the sole discretion of
the Compensation Committee of the Board (the "Committee"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Change in Control provisions were also amended such that, except as otherwise provided in the Award Agreement, for any award granted
on or after the Approval Date that is subject to performance measures or objectives, the payout level of such award that will become vested
upon a Change in Control in which the surviving corporation terminates the participant's employment or service without Cause (as
defined in the Plan) within 24 months following the Change in Control will be the greater of (i) the award payout at the target level
of performance or (ii) the award payout at the Estimated Actual Performance, as determined in the sole discretion of the Committee.

The foregoing description of the material terms of the amendments to the Plan is not intended to be complete and is qualified in its entirety by the actual provisions of the Plan, as amended and restated, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

[10.1](tm235173d1_ex10-1.htm) [Amendment to First Business Financial Services 2019 Equity Incentive Plan, effective as of January 27, 2023](tm235173d1_ex10-1.htm)

104 Cover Page Interactive Date File (embedded within the Inline XBRL Document)

**SIGNATURES**

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.

---

| | | |
|:---|:---|:---|
| Dated: February 2, 2023 | FIRST BUSINESS FINANCIAL SERVICES, INC. | FIRST BUSINESS FINANCIAL SERVICES, INC. |
|  | By: | /s/ Edward G. Sloane, Jr. |
|  |  | Edward G. Sloane, Jr. |
|  |  | Chief Financial Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**AMENDMENT TO THE FIRST BUSINESS FINANCIAL SERVICES, INC.**

**2019 EQUITY INCENTIVE PLAN**

Effective as of January 27, 2023, the First Business Financial Services, Inc. 2019 Equity Incentive Plan is amended follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment to Section 2.4 of the Plan</u>. The Plan shall be amended by adding the following proviso at the end of Section 2.4:

", provided however, that beginning with Awards granted after January 26, 2023, any dividends or dividend equivalents shall be subject to vesting on the same terms of the underlying Award and will vest and be paid to a Participant, only if the underlying Shares subject to such Award vests"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendment to Section 4.1(b) of the Plan</u>. The Plan shall be amended to add the following sentence at the end of Section 4.1(b):

"Further, except as otherwise provided in the Award Agreement, in case of any Award granted on or after January 26, 2023 that is subject to performance measures or objectives, the payout level of such Award that shall become vested under this Section 4.1(b) shall be the greater of (i) the Award payout at the target level of performance or (ii) the Award payout at the estimated level of expected performance if the Award were permitted to continue throughout the remaining performance period based on information available as of the date of the Change in Control ("**Estimated Actual Performance**"), as determined in the sole discretion of the Committee."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Amendment to Section 4.1(c) of the Plan</u>. The Plan shall be amended to add the following sentence at the end of Section 4.1(c):

"Further, except as otherwise provided in the Award Agreement, in case of any Award granted on or after January 26, 2023 that is subject to performance measures or objectives, the payout level of such Award that shall become vested under this Section 4.1(c) shall be the greater of (i) the Award payout at the target level of performance or (ii) the Award payout at the estimated level of expected performance if the Award were permitted to continue throughout the remaining performance period based on information available as of the date of the Change in Control ("**Estimated Actual Performance**"), as determined in the sole discretion of the Committee."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Remainder of Plan in Full Force and Effect</u>. The remaining terms of the Plan, except as specifically amended herein, shall remain
in full force and effect.