First US Bancshares, Inc. Announces 2024 Annual Meeting of Shareholders

TL;DR

<b>First US Bancshares, Inc. will hold its 2024 Annual Meeting of Shareholders virtually on April 25, 2024, and encourages shareholders to vote by proxy.</b>

AI Summary

FIRST US BANCSHARES, INC. (FUSB) filed a Proxy Statement (DEF 14A) with the SEC on March 21, 2024. The 2024 Annual Meeting of Shareholders for First US Bancshares, Inc. will be held on April 25, 2024, at 10:00 a.m. Central Time. The meeting will be conducted online via live webcast, allowing participation from any location. Shareholders are encouraged to review the enclosed notice of the meeting, proxy statement, proxy card, and the 2023 Annual Report to Shareholders. Proxy cards can be returned by mail, or shareholders can vote via the internet or telephone. Proxies may be revoked by voting during the meeting, submitting a later-dated proxy card, providing written notice to the Secretary, or by a later internet/telephone vote.

Why It Matters

For investors and stakeholders tracking FIRST US BANCSHARES, INC., this filing contains several important signals. The shift to a virtual meeting format aims to increase shareholder accessibility and participation, regardless of geographical location. Shareholders are urged to submit their proxy votes to ensure their interests are represented, even if they cannot attend the virtual meeting.

Risk Assessment

Risk Level: — FIRST US BANCSHARES, INC. shows moderate risk based on this filing. The filing is a routine proxy statement for an annual shareholder meeting, with no immediate financial or operational changes indicated.

Analyst Insight

Shareholders should review the proxy materials carefully and cast their votes to influence corporate governance decisions.

Key Numbers

• 10:00 a.m. — Meeting Time (Central Time for the 2024 Annual Meeting)
• April 25, 2024 — Meeting Date (Date of the 2024 Annual Meeting of Shareholders)
• 2023 — Annual Report Year (The enclosed Annual Report to Shareholders is for 2023.)

Key Players & Entities

• FIRST US BANCSHARES, INC. (company) — Registrant and filer of the proxy statement
• Robert Stephen Briggs (person) — Chairperson of the Board
• James F. House (person) — President and Chief Executive Officer
• 2024 (date) — Year of the Annual Meeting
• April 25, 2024 (date) — Date of the Annual Meeting
• 2023 (date) — Year of the Annual Report

FAQ

Industry Context

First US Bancshares, Inc. operates within the commercial banking sector, providing financial services to its customers.

Regulatory Implications

The filing is made under Schedule 14A of the Securities Exchange Act of 1934, governing proxy solicitations.

What Investors Should Do

1. Review the proxy statement and annual report for detailed information on proposals and company performance.
2. Vote your shares by proxy via mail, internet, or telephone to ensure your voice is heard.
3. Participate in the virtual annual meeting on April 25, 2024, to ask questions and engage with management.

Key Dates

• 2024-04-25: 2024 Annual Meeting of Shareholders — Shareholders will participate virtually and vote on company matters.
• 2024-03-21: Filing Date — The Definitive Proxy Statement was filed with the SEC.

Year-Over-Year Comparison

This is the initial filing for the 2024 proxy season, providing details for the upcoming annual shareholder meeting.

Key Financial Figures

• $0.01 — common stock of the Company, par value $0.01 per share, outstanding and eligible to

Filing Documents

• d699117ddef14a.htm (DEF 14A) — 550KB
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• 0001193125-24-073485.txt (&nbsp;) — 1118KB

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 16 Compensation Philosophy and Objectives 16 Compensation Governance Best Practices 16 Oversight of the Compensation Program 17 Compensation Consultant 17 Benchmarking 17 Elements of Executive Compensation 18 Prohibition on Pledging and Hedging of Company Stock and Equity Award Repricing 21 Consideration of Prior Shareholder Advisory Vote on Executive Compensation 21 COMPENSATION COMMITTEE REPORT 22 SUMMARY COMPENSATION TABLE 23 OUTSTANDING EQUITY AWARDS AT 2023 FISCAL YEAR-END 24 Employment Agreement with Mr. House 25 POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL 26 PAY VERSUS PERFORMANCE 28 DIRECTOR COMPENSATION 32 Fees 32 Equity Compensation 32 Stock Ownership Guidelines for Non-Employee Directors 32 Director Retirement Agreements 32 Equalization Stipend 33 Deferral Plan 33 2023 Director Compensation Table 34 COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION 35

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT 36 AUDIT COMMITTEE REPORT 39 PROPOSAL 2: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS 40 General 40 Pre-Approval Policies and Procedures 41 Audit and Other Service Fees 41 Vote Required; Board Recommendation 42 PROPOSAL 3: ADVISORY APPROVAL OF EXECUTIVE COMPENSATION 43 SHAREHOLDER PROPOSALS FOR 2025 ANNUAL MEETING 44 OTHER MATTERS 44 Table of Contents FIRST US BANCSHARES, INC. 3291 U.S. Highway 280 Birmingham, Alabama 35243 (205) 582-1200 PROXY STATEMENT FOR THE 2024 ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON APRIL 25, 2024 INTRODUCTION This Proxy Statement is furnished on or about March 21, 2024, by First US Bancshares, Inc. (the Company) to the holders of common stock of the Company in connection with the 2024 Annual Meeting of Shareholders, and any adjournments or postponements thereof, to be held on Thursday, April 25, 2024, in a virtual format via live webcast on the internet (the Annual Meeting). The matters to be considered and acted upon are: (1) the election of ten directors of the Company; (2) the ratification of the appointment of Carr, Riggs & Ingram, LLC as independent registered public accountants for the year ending December 31, 2024; (3) the advisory approval of the Companys executive compensation; (4) the transaction of such other business as may properly come before the Annual Meeting. The Board of Directors of the Company (the Board) is soliciting the proxy, which is revocable at any time before it is voted. You may revoke the proxy by voting during the virtual Annual Meeting, by signing and delivering a later-dated proxy card, by giving written notice of revocation to the Secretary of the Company or by a later vote via the internet or by telephone. We must, however, actually receive the written notice, later-dated proxy card or later internet or telephone vote before the vote of the sha

View Full Filing

View this DEF 14A filing on SEC EDGAR