FIRST MID BANCSHARES: No Material Changes in Leadership or Pay

Ticker: FMBH · Form: 8-K · Filed: Jan 8, 2024 · CIK: 700565

First Mid Bancshares, INC. 8-K Filing Summary
FieldDetail
CompanyFirst Mid Bancshares, INC. (FMBH)
Form Type8-K
Filed DateJan 8, 2024
Risk Levellow
Pages2
Reading Time3 min
Key Dollar Amounts$340,000, $280,000
Sentimentneutral

Complexity: simple

Sentiment: neutral

Topics: corporate-governance, executive-changes, compensation

TL;DR

**First Mid Bancshares reports no major executive or compensation changes, signaling stability.**

AI Summary

FIRST MID BANCSHARES, INC. filed an 8-K on January 8, 2024, reporting that no new material events occurred as of December 31, 2023, related to changes in directors, officers, or compensatory arrangements. This filing indicates a period of stability in the company's leadership and executive compensation structure. For investors, this means there are no immediate red flags or significant changes in governance that could impact the stock's performance, suggesting a steady operational environment.

Why It Matters

This filing signals stability in the company's executive team and compensation, which can reassure investors about consistent leadership and strategic direction.

Risk Assessment

Risk Level: low — The filing indicates no significant changes in leadership or compensation, which generally reduces immediate operational or governance risks.

Analyst Insight

A smart investor would view this filing as a non-event, indicating business as usual, and would continue to monitor for future filings that might signal strategic shifts or leadership changes.

Key Players & Entities

FAQ

What was the earliest event reported in this 8-K filing?

The earliest event reported in this 8-K filing was December 31, 2023.

What specific items were addressed in this 8-K filing by FIRST MID BANCSHARES, INC.?

The 8-K filing addressed 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers' and 'Financial Statements and Exhibits'.

What is the business address of FIRST MID BANCSHARES, INC. as stated in the filing?

The business address of FIRST MID BANCSHARES, INC. is 1421 CHARLESTON AVENUE, MATTOON, IL 61938.

What is the telephone number for FIRST MID BANCSHARES, INC.?

The telephone number for FIRST MID BANCSHARES, INC. is (217) 234-7454.

What is the Central Index Key (CIK) for FIRST MID BANCSHARES, INC.?

The Central Index Key (CIK) for FIRST MID BANCSHARES, INC. is 0000700565.

Filing Stats: 702 words · 3 min read · ~2 pages · Grade level 10.8 · Accepted 2024-01-08 16:08:37

Key Financial Figures

Filing Documents

02. Departure of Directors or Certain Officers; Appointment of

Item 5.02. Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On December 31, 2023, the Board of Directors of First Mid Bancshares, Inc. (the "Company") approved an Executive Employment Agreement entered into between the Company and Michael L. Taylor for one year, until December 31, 2024, under which Mr. Taylor agrees to serve as Senior Executive Vice President of the Company (the "Taylor Agreement"). Thereafter, unless Mr. Taylor's employment with the Company has been previously terminated, the Agreement shall renew automatically for 1-year periods. Under the Taylor Agreement, Mr. Taylor will receive an annual base salary of $340,000 and will participate in the Company's Incentive Compensation Plan, Long-Term Incentive Plan, and Deferred Compensation Plan. The Taylor Agreement also provides Mr. Taylor with severance benefits in the event of the termination of his employment under certain circumstances and contains certain confidentiality and non-competition and non-solicitation provisions. The Taylor Agreement is filed as Exhibit 10.1 and is incorporated by reference herein. On December 31, 2023, the Board of Directors of First Mid Bancshares, Inc. (the "Company") approved an Executive Employment Agreement entered into between the Company and Matthew K. Smith for one year, until December 31, 2024, under which Mr. Smith agrees to serve as Executive Vice President of the Company (the "Smith Agreement"). Thereafter, unless Mr. Smith's employment with the Company has been previously terminated, the Agreement shall renew automatically for 1-year periods. Under the Smith Agreement, Mr. Smith will receive an annual base salary of $280,000 and will participate in the Company's Incentive Compensation Plan, Long-Term Incentive Plan, and Deferred Compensation Plan. The Smith Agreement also provides Mr. Smith with severance benefits in the event of the termination of his employment under certain circum

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits . Exhibit Index Exhibit No. Description 10.1 Employment Agreement between First Mid Bancshares, Inc. and Michael L. Taylor effective December 31, 2023. 10.2 Employment Agreement between First Mid Bancshares, Inc. and Matthew K. Smith effective December 31, 2023. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 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. FIRST MID BANCSHARES, INC. Dated: January 8, 2024 By: /s/ Joseph R. Dively Joseph R. Dively Chairman, President and Chief Executive Officer

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