secwatch.observer — SEC 8-K summary
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Issuer:     FIRST US BANCSHARES, INC. (FUSB)
CIK:        0000717806
Form:       8-K
Filed at:   2024-02-12T23:59:59+00:00
Accession:  0000950170-24-013682
Event type: other_material
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First US Bancshares 2024 cash incentive plan: CEO target bonus 45% of salary
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- CEO James House target bonus 45% of base salary; CFO Elley and EVP Mitchell target 35%.
- Performance metrics: pre-tax income (25%), ROAA (30% for House/Elley, 25% for Mitchell), ROATE, Loan Growth (15% for Mitchell).
- Bonus payouts: 50% of target at 80% goal achievement, 150% at 120%, with straight-line interpolation.
- Bonus subject to reduction up to 35% for deterioration of regulatory ratings or negative regulatory findings.
- Discretionary component (20% of bonus) based on long-term profitability, shareholder return, cost control, etc.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/717806/000095017024013682/0000950170-24-013682-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/717806/000095017024013682/fusb-20240209.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-013682

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer