SEC Filing Document

Company: Forbright, Inc.
Ticker: 
CIK: 1925062
Filing Type: DRS
Document Type: DRS
Date Filed: 2026-02-13
Accession Number: 0001628279-26-000183
Exchange: 
SIC Code: 6022
SIC Description: State Commercial Banks
URL: https://www.sec.gov/Archives/edgar/data/1925062/000162827926000183/filename1.htm

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initially be composed of directors. John Delaney will continue to serve as Chairman of the board of directors. Director Independence Our board of directors has determined that are “independent directors” as defined under the listing requirements of , along with the rules of the SEC. In making these determinations, our board of directors reviewed and discussed information provided by the directors and us with regard to each director’s business and personal activities and relationships as they may relate to us and our management, including the beneficial ownership of our capital stock by each non-employee director and the transactions involving them described in the section entitled “Certain Relationships and Related Party Transactions” to arrive at subjective and objective determinations of independence as informed by the listing requirements of the and the rules of the SEC. There are no family relationships among any of our directors or executive officers. Lead Independent Director

Our board of directors has adopted corporate governance guidelines, to be effective prior to the completion of this offering of securities, that provide that if the chairman of our board of directors is not an independent director, our independent directors shall designate a lead independent director. Our independent directors has designated               to serve as our lead independent director. As lead independent director,                will have the following duties and responsibilities:

•serving as a liaison between senior management and the independent directors;

•facilitating discussion and open dialogue among the independent directors during board meetings, executive sessions and outside of board meetings;

•presiding at executive sessions and calling meetings of the independent directors;

•working with the chairman to develop and approve board meeting agendas, materials and schedules, including to ensure that there is sufficient time for discussion of all agenda items; and

•ensuring availability for consultation and direct communication with our stockholders, if requested and in coordination with senior management.

Committees of the Board of Directors

Our board of directors has established standing committees to assist the discharge of its responsibilities. These committees include, among others, the audit committee, the compensation committee, the nominating and corporate governance committee and the risk committee. Our board of directors also may establish such other committees as it deems appropriate, in accordance with applicable law and regulations and our corporate governance documents. The following table summarizes the expected membership of each of the committees of the board of directors upon completion of this offering:

Committee Members
Audit Committee
Nominating and Corporate Governance Committee
Compensation Committee
Risk Committee

Audit Committee. The audit committee assists the board of directors in fulfilling its responsibilities for general oversight of the integrity of our financial statements, our compliance with legal and regulatory requirements, our independent auditors’ qualifications and independence, the performance of our internal audit function and independent auditors and risk assessment and risk management. Among other things, upon completion of this offering, the audit committee will:

•annually review the audit committee charter and the committee’s performance;

•appoint, evaluate and determine the compensation of our independent auditors;

•review and approve the scope of the annual audit, the audit fee, the financial statements, significant accounting policy changes, material weaknesses identified by outside auditors or the internal audit function and risk management issues;

•prepare the audit committee report for inclusion in our proxy statement for our annual meeting;

•review disclosure controls and procedures, internal controls, internal audit function and corporate policies with respect to financial information;

•assist the board of directors in monitoring our compliance with applicable legal and regulatory requirements;

•oversee investigations into complaints concerning financial matters, if any; and

•review other risks that may have a significant impact on our financial statements.

Our audit committee consists of              ,              , and               serving as chair. Rule 10A-3 under the Exchange Act and the rules of            require that our audit committee have at least one independent member upon the listing of our Class A common stock, have a majority of independent members within 90 days of the date of this prospectus and be composed entirely of independent members within one year of the date of this prospectus. Our board of directors has affirmatively determined that              ,              , and               each meet the definition of “independent director” for purposes of serving on the audit committee under Rule 10A-3 under the Exchange Act and the rules of               . Each member of our audit committee also meets the financial literacy requirements of              .

In addition, our board of directors has determined that each of              ,              , and               will qualify as an “audit committee financial expert,” as such term is defined in Item 407(d)(5) of Regulation S-K. Our board of directors has adopted a written charter for the audit committee, which will be available on our principal corporate website at www.forbrightbank.com concurrently with the completion of this offering. The information contained on, or that can be accessed through, our website is not a part of this prospectus; we have included this website address solely as an inactive textual reference.

Compensation Committee. The compensation committee is responsible for discharging the board’s responsibilities relating to compensation of our executive officers and directors. Among other things, upon completion of this offering, the compensation committee will:

•evaluate human resources and compensation strategies;

•review and approve objectives relevant to executive officer compensation;

•evaluate performance and determine the compensation of the Chief Executive Officer in accordance with those objectives;

•approve any changes to non-equity-based benefit plans involving a material financial commitment;

•recommend to the board of directors compensation for directors;

•prepare the compensation committee report required by SEC rules to be included in our annual report; and

•evaluate performance in relation to the compensation committee charter.

Our compensation committee consists of           ,           , and           , with            serving as chair. Our board has determined that           ,           , and            each meet the definition of “independent director” for purposes of serving on the compensation committee under the rules of           . All members of our compensation committee are “non-employee directors” as defined in Rule 16b-3 under the Exchange Act.

The compensation committee has adopted a written charter that among other things, specifies the scope of its rights and responsibilities. Before completion of this offering, the charter will be available on our website at www.forbrightbank.com.

Nominating and Corporate Governance Committee. Our nominating and corporate governance committee is responsible for, among other things:

•identifying individuals qualified to become members of our board of directors, consistent with criteria approved by our board of directors;

•evaluating the overall effectiveness of our board of directors and its committees; and

•reviewing developments in corporate governance compliance and developing and recommending to our board of directors a set of corporate governance guidelines.

Our nominating and corporate governance committee consists of           ,           , and           , with            serving as chair. Our board has determined that           ,           , and            each meet the definition of “independent director” for purposes of serving on the nominating and corporate governance committee under the rules of           . Our board of directors will adopt a written charter for the nominating and corporate governance committee, which will be available on our principal corporate website at www.forbrightbank.com substantially concurrently with the completion of this offering.

Risk Committee. The risk committee is responsible for overseeing our enterprise-risk management policies, commensurate with our capital structure, risk profile, complexity, size and other risk-related factors. Among other things, the risk committee will:

•monitor our overall risk profile and review risk management policies;

•monitor our process to identify, assess and manage risks that could prevent us from achieving our business objectives;

•oversee actions relating to interest rate risk and liquidity risks;

•oversee actions relating to the activities of our enterprise risk management oversight groups; and

•facilitate communication among management, the board of directors and our enterprise risk management oversight groups.

The risk committee has adopted a written charter that specifies among other things, the scope of its rights and responsibilities.

Compensation Committee Interlocks and Insider Participation

Upon completion of this offering, none of the members of our compensation committee will be or will have been one of our officers or employees. In addition, none of our executive officers serves or has served as a member of the compensation committee or other board committee performing equivalent functions of any entity that has one or more executive officers serving as one of our directors or on our compensation committee.

Code of Business Conduct and Ethics