Heritage Commerce Corp. Appoints New CFO
Ticker: HTBK · Form: 8-K · Filed: Oct 2, 2024 · CIK: 1053352
| Field | Detail |
|---|---|
| Company | Heritage Commerce Corp (HTBK) |
| Form Type | 8-K |
| Filed Date | Oct 2, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $475,000, $400,000, $750, $30,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-change, cfo-appointment, compensation
TL;DR
Heritage Commerce Corp. names David L. Nelson new CFO, starting Oct 7th. Salary $325k + bonus.
AI Summary
Heritage Commerce Corp. announced on October 2, 2024, a change in its executive team. The company appointed David L. Nelson as Chief Financial Officer, effective October 7, 2024. Nelson will receive an annual base salary of $325,000 and is eligible for a discretionary annual bonus.
Why It Matters
A change in Chief Financial Officer can signal shifts in financial strategy or operational focus, impacting investor confidence and the company's financial reporting.
Risk Assessment
Risk Level: medium — Changes in key executive positions, especially the CFO, can introduce uncertainty regarding future financial strategy and performance.
Key Numbers
- $325,000 — CFO Annual Base Salary (This is the starting salary for the newly appointed Chief Financial Officer.)
Key Players & Entities
- Heritage Commerce Corp. (company) — Registrant
- David L. Nelson (person) — Appointed Chief Financial Officer
- $325,000 (dollar_amount) — Annual base salary for new CFO
- October 7, 2024 (date) — Effective date for new CFO
- October 2, 2024 (date) — Date of report
FAQ
Who has been appointed as the new Chief Financial Officer of Heritage Commerce Corp.?
David L. Nelson has been appointed as the new Chief Financial Officer.
When does David L. Nelson's appointment as CFO become effective?
The appointment is effective October 7, 2024.
What is the annual base salary for the new CFO?
The annual base salary for David L. Nelson is $325,000.
Is the new CFO eligible for a bonus?
Yes, David L. Nelson is eligible for a discretionary annual bonus.
What is the primary business of Heritage Commerce Corp.?
Heritage Commerce Corp. is in the business of commercial banking.
Filing Stats: 968 words · 4 min read · ~3 pages · Grade level 11.4 · Accepted 2024-10-02 16:47:59
Key Financial Figures
- $475,000 — g for an at-will term, a base salary of $475,000 per year, a target bonus of 50% of sala
- $400,000 — stock awards having an initial value of $400,000 and vesting over three years. Mr. Sa wi
- $750 — id health insurance, a car allowance of $750 per month, employer-sponsored life and
- $30,000 — new-hire signing bonus in the amount of $30,000. If Mr. Sa's employment is terminated
Filing Documents
- d900256d8k.htm (8-K) — 29KB
- d900256dex1001.htm (EX-10.01) — 107KB
- d900256dex991.htm (EX-99.1) — 6KB
- g900256g1002071624486.jpg (GRAPHIC) — 7KB
- g900256g1002071624786.jpg (GRAPHIC) — 7KB
- 0001193125-24-231201.txt ( ) — 311KB
- htbk-20241002.xsd (EX-101.SCH) — 3KB
- htbk-20241002_lab.xml (EX-101.LAB) — 17KB
- htbk-20241002_pre.xml (EX-101.PRE) — 11KB
- d900256d8k_htm.xml (XML) — 3KB
FINANCIAL STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS AND EXHIBITS (D) Exhibits. 10.01 Employment Agreement by and among Heritage Commerce Corp., Heritage Bank of Commerce and Thomas A. Sa dated September 26, 2024. 99.1 Press Release dated October 2, 2024, entitled "Heritage Commerce Corp and Heritage Bank of Commerce Announce Appointment of New Chief Operations Officer Thomas A. Sa" 104 Cover Page Interactive Data File (embedded within XBRL document) 3
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: October 2, 2024 Heritage Commerce Corp By: /s/ Lawrence D. McGovern Name: Lawrence D. McGovern Executive Vice President and Chief Financial Officer 4