Prosperity Bancshares enters employment agreement with President/COO Hanigan; base salary $1.09M

PROSPERITY BANCSHARES INC

Three-year term with automatic one-year renewals unless 60 days' notice given.
Annual base salary of $1,092,865; eligible for bonus programs at Company discretion.
On change in control termination: 3x base salary plus 3x average of prior two years' bonuses.
Without cause/good reason termination: greater of remaining base salary or 1x base salary plus pro-rata bonus and accelerated restricted stock.
Non-competition and non-solicitation covenants apply through Restricted Period (term plus one year).

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