SEC Contract Filing

Filing Date: 2022-03-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>fusb-ex102_20.htm
<DESCRIPTION>EX-10.2
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:-7.69%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.2</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SECOND AMENDED AND RESTATED CHANGE IN CONTROL AGREEMENT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(First US Bancshares, Inc. and First US Bank)</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">THIS AGREEMENT (this &#8220;<font style="font-style:italic;">Agreement</font>&#8221;) is made as of the 1st day of March, 2022 (the &#8220;<font style="font-style:italic;">Effective Date</font>&#8221;), by and between William C. Mitchell (the &#8220;<font style="font-style:italic;">Employee</font>&#8221;); <font style="font-weight:bold;">First US Bank</font>, an Alabama banking corporation (the &#8220;<font style="font-style:italic;">Bank</font>&#8221;); and <font style="font-weight:bold;">First US Bancshares, Inc.</font>, a Delaware corporation (&#8220;<font style="font-style:italic;">FUSB</font>&#8221;; together with the Bank, the &#8220;<font style="font-style:italic;">Company</font>&#8221;).</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, as of the Effective Date, the Employee serves as Senior Executive Vice President, Consumer Banking, of the Bank, which is a wholly-owned subsidiary of FUSB.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><font style="font-weight:bold;">WHEREAS</font>, the Company desires to provide certain compensation to the Employee in the event of a Change in Control.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, the Company and the Employee are parties to that certain Amended and Restated Change in Control Agreement effective as of February 22, 2021 (as previously amended, the &#8220;</font><font style="font-style:italic;font-weight:normal;">Existing Agreement</font><font style="font-weight:normal;">&#8221;), and the parties desire to amend, restate and replace the Existing Agreement in its entirety as of the Effective Date on the terms and conditions set forth in this Agreement.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS<font style="font-weight:normal;">, capitalized terms used in this Agreement that are not otherwise defined herein have the meanings assigned in Section 19 below.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.64%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.59%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE,<font style="font-weight:normal;"> in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.59%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.99%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;">Severance </font>Benefits Upon Termination of Employment.&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:36pt;"></font><font st