MainStreet Bancshares amends bylaws, enters executive agreements, and declares preferred dividend

MainStreet Bancshares, Inc.

Indemnification agreements approved for CEO Jeff W. Dick, CFO Thomas J. Chmelik, and President Abdul Hersiburane
Employment agreement with President Abdul Hersiburane provides $330,772 base salary through Dec 31, 2024, with severance up to 299% of salary after change of control
Bylaws amended to adopt universal proxy rules and tighten shareholder nomination requirements
Quarterly cash dividend of $0.47 per depositary share (MNSBP) declared, payable Dec 30, 2022
2023 Annual Meeting scheduled for May 17, 2023, to be held virtually

item 1.01 item 5.02 item 5.03 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

MainStreet Bancshares, Inc.: Amended and restated bylaws to update shareholder nomination and proposal procedures, including compliance with SEC Rule 14a-19 universal proxy rules, disclosure requirements, and other governance clarifications (effective 2022-11-16).

Change: bylaw amendment
Effective: 2022-11-16

Exact text from the filing

On November 16, 2022, the Board of Directors of the Company approved and adopted amended and restated bylaws (the “Amended and Restated Bylaws”) which became effective the same day.

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MainStreet Bancshares, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-22-027837

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