FUSB Reports Director/Officer Changes, Comp Arrangements on Feb 9

TL;DR

**FUSB just reported leadership changes and new compensation plans, watch for strategic shifts.**

AI Summary

First US Bancshares, Inc. (FUSB) filed an 8-K on February 12, 2024, reporting an event that occurred on February 9, 2024. This filing indicates changes related to the departure or election of directors, appointment of officers, and compensatory arrangements, as well as the inclusion of financial statements and exhibits. For investors, this matters because changes in leadership and compensation structures can signal shifts in company strategy, governance, or financial health, potentially impacting future stock performance.

Why It Matters

Changes in executive leadership and compensation can directly influence a company's strategic direction and operational efficiency, which are key drivers of shareholder value.

Risk Assessment

Risk Level: medium — Changes in leadership and compensation can introduce uncertainty regarding future company performance and strategic direction, warranting a medium risk assessment.

Analyst Insight

Investors should monitor subsequent filings or press releases from First US Bancshares, Inc. for specific details regarding the personnel changes and compensatory arrangements to understand their potential impact on the company's future strategy and financial outlook.

Key Numbers

• $0.01 — par value per share (par value of First US Bancshares, Inc. Common Stock)

Key Players & Entities

• First US Bancshares, Inc. (company) — the registrant filing the 8-K
• February 9, 2024 (date) — date of the earliest event reported
• February 12, 2024 (date) — date the 8-K was filed
• 0-14549 (dollar_amount) — Commission File Number
• 63-0843362 (dollar_amount) — IRS Employer Identification No.
• FUSB (company) — trading symbol for Common Stock
• The Nasdaq Stock Market LLC (company) — exchange where Common Stock is registered

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value FUSB The Nasdaq Stock Mar

Filing Documents

• fusb-20240209.htm (8-K) — 49KB
• fusb-ex10_1.htm (EX-10.1) — 54KB
• 0000950170-24-013682.txt ( ) — 230KB
• fusb-20240209.xsd (EX-101.SCH) — 30KB
• fusb-20240209_htm.xml (XML) — 4KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Establishment of 2024 Cash Incentive Program On February 9, 2024, the Compensation Committee of the Board of Directors (the "Compensation Committee") of First US Bancshares, Inc. (the "Company") established an annual cash incentive program for the Company's fiscal year ending December 31, 2024 for certain executive officers and key employees of the Company and its subsidiaries, including the Company's named executive officers – James F. House, President and Chief Executive Officer of the Company and First US Bank (the "Bank"); Thomas S. Elley, Chief Financial Officer of the Company and the Bank; and William C. Mitchell, Senior Executive Vice President, Consumer Banking, of the Bank (the "2024 Cash Incentive Program"). Under the 2024 Cash Incentive Program, certain executive officers and key employees of the Company have a short-term incentive cash bonus opportunity based on certain corporate and individual performance objectives established by the Compensation Committee. With respect to the Company's named executive officers, the cash bonus opportunity is based on the achievement of certain specified levels of financial performance, specifically the Company's (i) consolidated pre-tax income for 2024 (25% of the total cash bonus opportunity); (ii) consolidated pre-tax return on average assets ("ROAA") for 2024 (30% of the total cash bonus opportunity for Messrs. House and Elley; 25% of the total cash bonus opportunity for Mr. Mitchell); (iii) consolidated pre-tax return on average tangible equity ("ROATE") for 2024 (25% of the total cash bonus opportunity for Messrs. House and Elley; 15% of the total cash bonus opportunity for Mr. Mitchell); and (iv) net loan growth in indirect lending for 2024 ("Loan Growth") (15% of the total cash bonus opportunity for Mr. Mitchell only). For each of the named executive

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Exhibit 10.1 2024 Cash Incentive Program 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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 12, 2024 FIRST US BANCSHARES, INC. By: /s/ Thomas S. Elley Name: Thomas S. Elley Senior Executive Vice President, Treasurer and Assistant Secretary, Chief Financial Officer and Principal Accounting Officer

View Full Filing

View this 8-K filing on SEC EDGAR