secwatch.observer — SEC 8-K summary
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Issuer:     PROSPERITY BANCSHARES INC (PB)
CIK:        0001068851
Form:       8-K
Filed at:   2024-01-02T23:59:59+00:00
Accession:  0000950170-24-000295
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Prosperity Bancshares amends CEO Zalman's employment agreement, boosts change-in-control payout
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- Removed age-67 term limit, allowing automatic extensions beyond age 67.
- Change-in-control payment increased to 3x base salary ($1,071,436.80/yr) plus 3x average annual bonus; restricted stock vests on change-in-control.
- Conflicts section revised to permit Zalman's personal investments in competing businesses if they do not interfere with duties.
- Agreement effective Dec. 29, 2023; amends 2009 agreement; Base Salary remains $1,071,436.80.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1068851/000095017024000295/0000950170-24-000295-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1068851/000095017024000295/pb-20231229.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-000295

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