Section 5.02. Departure of directors or certain managers; Election of directors; Appointment of certain leaders; Compensatory provisions of certain executives. Efficient April 18, 2022the Compensation Committee (the “Committee”) of the Board of Directors of First Business Financial Services, Inc. (the “Corporation”) has approved the vesting of the performance share units, or “PSUs”, granted to the senior executives of the Corporation in 2019 under its long-term incentive plan for the performance measurement period beginning in 2019 and ending in 2021 (the “2019 Grant”). Vesting of the 2019 award was determined by the Company’s performance objectives for relative total shareholder return (“TSR”) and relative return on equity (“ROE”). As set forth in the company’s definitive proxy statement on Schedule 14A filed with the Security and Exchange Commission on
March 8, 2022 (the “Proxy Circular”), as of the date of the Proxy Circular, the number of shares vested under the 2019 award was unknown due to the unavailability of final information on the relative return on average equity.
The Committee determined that the Company’s performance at a “superior” level under each of the TSR and ROE performance targets during the performance period resulted in the payment of common shares of the Company to each of the members of the Named Executive Officers of the Corporation (as defined in the Proxy Circular) as follows:
NEO Shares Vested
Corey A. Chambas 13,340
Edward G. Sloane, Jr. 5,800
David R. Seiler 6,250
Mark J. Meloy 3,860
Bradley A. Quade* 0
* Mr Quade was not employed by the Company at the time of the 2019 grant.
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