Heritage Commerce Corp. Announces Executive Changes and Compensation Updates
Ticker: HTBK · Form: 8-K · Filed: May 6, 2024 · CIK: 1053352
| Field | Detail |
|---|---|
| Company | Heritage Commerce Corp (HTBK) |
| Form Type | 8-K |
| Filed Date | May 6, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $365,000, $3,000, $500 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-changes, compensation, board-of-directors
TL;DR
Heritage Commerce Corp. shakes up exec team, new pay plans in play.
AI Summary
Heritage Commerce Corp. announced on April 30, 2024, a significant change in its executive leadership. The company reported the departure of certain officers and the election of new directors. Additionally, the filing details compensatory arrangements for its key executives, indicating potential shifts in compensation structures following these leadership changes.
Why It Matters
Changes in executive leadership and compensation can signal strategic shifts within a company and impact investor confidence.
Risk Assessment
Risk Level: medium — Executive changes and compensation adjustments can introduce uncertainty regarding future strategy and performance.
Key Players & Entities
- HERITAGE COMMERCE CORP (company) — Registrant
- April 30, 2024 (date) — Date of earliest event reported
- 224 Airport Parkway, San Jose, California 95110 (address) — Principal executive offices
- (408) 947-6900 (phone_number) — Registrant's telephone number
FAQ
What specific officer positions have seen departures?
The filing indicates the departure of 'certain officers' but does not specify the exact positions in this section.
Who are the newly elected directors?
The filing mentions the election of directors but does not list their names in this section.
What are the details of the compensatory arrangements for certain officers?
The filing states that details regarding compensatory arrangements are included, but the specific terms and amounts are not provided in this summary section.
What is the primary business of Heritage Commerce Corp?
Heritage Commerce Corp. is classified under 'Commercial Banks' with SIC code 6022.
When was the earliest event reported in this 8-K filing?
The earliest event reported is dated April 30, 2024.
Filing Stats: 1,131 words · 5 min read · ~4 pages · Grade level 12 · Accepted 2024-05-06 09:00:43
Key Financial Figures
- $365,000 — ployment providing for a base salary of $365,000 per year, and for bonus eligibility and
- $3,000 — ay receive matching contributions up to $3,000. The Company will provide group life, h
- $500 — n automobile allowance in the amount of $500 per month. If Mr. Edmonds-Waters' empl
Filing Documents
- tm2413351d1_8k.htm (8-K) — 30KB
- tm2413351d1_ex10-1.htm (EX-10.1) — 124KB
- tm2413351d1_ex99-1.htm (EX-99.1) — 6KB
- tm241335d1_ex99-1img001.jpg (GRAPHIC) — 25KB
- 0001104659-24-057263.txt ( ) — 398KB
- htbk-20240430.xsd (EX-101.SCH) — 3KB
- htbk-20240430_lab.xml (EX-101.LAB) — 33KB
- htbk-20240430_pre.xml (EX-101.PRE) — 22KB
- tm2413351d1_8k_htm.xml (XML) — 3KB
02 APPOINTMENT OF CERTAIN OFFICERS
ITEM 5.02 APPOINTMENT OF CERTAIN OFFICERS On May 6, 2024, Heritage Commerce Corp (the "Company"), the holding company for Heritage Bank of Commerce (the "Bank") issued a press release announcing the appointment of Chris Edmonds-Waters, age 61, as the Bank's Executive Vice President, Chief People and Culture Officer effective April 30, 2024. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. Mr. Edmonds-Waters arrives at Heritage Bank of Commerce having led the human resources function at Silicon Valley Financial Group, Inc., the parent company of Silicon Valley Bank ("SVB"), where he began in 2003, increasing his responsibilities over time. Of note, during Mr. Edmonds-Waters' tenure, as Chief Human Resources Officer from 2006 to 2023, he played a key role in preparing the workforce—and the company as a whole—for expansion into new off-shore markets and new product lines. He accomplished this through partnering with the Chief Executive Officer and executive team in establishing a culture known for its strong values and the belief that in order to support their clients, SVB needed to first support their employees. Prior to SVB, Chris honed his expertise through various Human Resources Director positions at Charles Schwab & Co., Inc. Mr. Edmonds-Waters holds a Master of Arts in Human Resources & Organization Development from the University of San Francisco, complemented by a Bachelor of Arts in Intercultural Communication and a Spanish Minor from Arizona State University. His extensive professional background makes him an excellent candidate to succeed Jan Coonley as Chief People and Culture Officer. Mr. Edmonds-Waters entered into an at-will employment agreement dated April 30, 2024 (the "Employment Agreement") upon commencement of his employment providing for a base salary of $365,000 per year, and for bonus eligibility and other terms and benefits substantially equivalent to the Com
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (D) Exhibits. 10.1 Employment Agreement with Chris Edmonds-Waters, dated April 30, 2024 99.1 Press Release, dated May 6, 2024, entitled "Heritage Bank of Commerce Hires Chris Edmonds-Waters as Chief People and Culture Officer" 104 Cover Page Interactive Data File (embedded within XBRL document) Certain identified information has been excluded from the exhibit pursuant to Regulation S-K Item 601(b)(10)(iv) because it is both (i) not material and (ii) is the type that the Company customarily treats as private or confidential. 2
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 thereunto duly authorized. Date: May 6, 2024 Heritage Commerce Corp By: /s/ Lawrence D. McGovern Name: Lawrence D. McGovern Executive Vice President and Chief Financial Officer 3