President/CEO Patrick Howard to retire; A. Haag Sherman to assume roles by July 2025

Tectonic Financial, Inc.

Howard resigns as director, President of Tectonic Financial, CEO of TBI and T Bank, effective Jan–July 2025.
Sherman (current CEO of parent) appointed President of parent, CEO of TBI and T Bank upon Howard's departure.
Howard to serve as executive advisor through Jan 15, 2026; will receive $175k year-end bonus and $250k performance bonus for each of 2024 and 2025.
Company to cash out 100,000 stock options at $18.80 per share minus exercise price within 30 business days.
Transition Services Agreement replaces prior employment agreement; no disagreement cited for departure.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Patrick Howard

Director, President of the Company, President and Chief Executive Officer of TBI, and President and Chief Executive Officer of the Bank

Tectonic Financial, Inc.

Successor: A. Haag Sherman
Filed: October 1, 2024, 7:59 PM ET

notified the Boards of Directors of the Company, TBI and the Bank of his decision to retire from the Boards of Directors of the Company, TBI and the Bank, and as President of the Company, President and Chief Executive Officer of TBI, and President and Chief Executive Officer of the Bank in 2025

Appointed

A. Haag Sherman

President of the Company, Chief Executive Officer of TBI and Chief Executive Officer of the Bank

Tectonic Financial, Inc.

Filed: October 1, 2024, 7:59 PM ET

appoint Mr. A. Haag Sherman to serve as President of the Company, Chief Executive Officer of TBI and Chief Executive Officer of the Bank, effective upon the termination of employment of Mr. Howard

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Patrick Howard retired as Director, President of the Company, President and Chief Executive Officer of TBI, and President and Chief Executive Officer of the Bank at Tectonic Financial, Inc..

Action: retired
Role: Director, President of the Company, President and Chief Executive Officer of TBI, and President and Chief Executive Officer of the Bank

Exact text from the filing

notified the Boards of Directors of the Company, TBI and the Bank of his decision to retire from the Boards of Directors of the Company, TBI and the Bank, and as President of the Company, President and Chief Executive Officer of TBI, and President and Chief Executive Officer of the Bank in 2025

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

A. Haag Sherman was appointed as President of the Company, Chief Executive Officer of TBI and Chief Executive Officer of the Bank at Tectonic Financial, Inc..

Action: appointed
Role: President of the Company, Chief Executive Officer of TBI and Chief Executive Officer of the Bank

Exact text from the filing

appoint Mr. A. Haag Sherman to serve as President of the Company, Chief Executive Officer of TBI and Chief Executive Officer of the Bank, effective upon the termination of employment of Mr. Howard

View on SEC.gov

Source: SEC EDGAR

accession 0001185185-24-000933

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