CrossFirst Bankshares Announces Approval of Annual Incentive Plan Amendment

CrossFirst Bankshares, Inc. (NASDAQ: CFB) recently disclosed that on December 20, 2024, its Compensation Committee sanctioned the Amended and Restated Annual Incentive Plan (AIP). The AIP amendments are in line with its Agreement and Plan of Merger with First Busey Corporation. The key modifications in the AIP include the elimination of paying a participant’s Target Bonus during a Change in Control event, setting up Performance Goals post-Change in Control, and ensuring termination benefits post-Change in Control.

The formalized details of the AIP changes are as follows:

– Excludes remitting a participant’s Target Bonus in the event of a Change in Control.
– Specifies that Performance Goals achieved pre-Change in Control will be calculated based on predetermined criteria, ensuring fair compensation.
– Requires the Surviving Corporation to establish new Performance Goals after a Change in Control.
– Ensures terminated participants post-Change in Control will receive the Change in Control Bonus Amount promptly upon acceptance of claims release.

The Company provided a summary of the AIP in a recent Form 8-K filing with the U.S. Securities and Exchange Commission (SEC). Interested parties can refer to the full text of the AIP filed as Exhibit 10.1 in the SEC report for more comprehensive insights into the amendments.

Forward-Looking Statements:
In adherence to the regulations set forth by the SEC, the Company included forward-looking statements regarding the implications and expectations of the merger with First Busey Corporation. These statements project beliefs, intentions, financial outcomes, and transaction timelines. The Company and Busey do not undertake to update these forward-looking statements, highlighting the ever-evolving nature of business dynamics.

The Company cautioned against unduly relying on these forward-looking statements, citing risks and uncertainties that could lead to substantial discrepancies between anticipated and real outcomes. Factors that could influence these variations encompass unforeseen events, regulatory approvals, operational synergies post-merger, and the economic landscape.

Future Risks:
Risks associated with the proposed merger include the potential for regulatory hurdles delaying or derailing the transaction, hidden costs emerging post-closure, and challenges in integrating the operational frameworks of both entities efficiently. Market disruptions, legal entanglements, and shifts in economic conditions could also impact the merger’s progress and outcomes.

It is imperative to exercise caution when interpreting forward-looking statements, especially considering the inherent unpredictability of market conditions and external factors. The Company and Busey are continuously monitoring risk factors to navigate the merger successfully and deliver value to stakeholders.

The full details of the Form 8-K filing pertaining to the Annual Incentive Plan amendment are accessible for review, offering a comprehensive view of the Company’s strategic decisions.

This news article provides an objective overview of the latest developments at CrossFirst Bankshares, Inc., aiming to keep stakeholders informed about crucial updates in the organization’s operations and strategic planning.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CrossFirst Bankshares’s 8K filing here.

About CrossFirst Bankshares

CrossFirst Bankshares, Inc operates as the bank holding company for CrossFirst Bank that provides various banking and financial services to businesses, business owners, professionals, and its personal networks. The company offers commercial and industrial loans, including enterprise value lending; commercial real estate loans; construction and development loans, such as home builder lending; residential real estate, multifamily real estate, energy, SBA, and consumer loans; and credit cards.