Business Context and Reporting Period
This Form 8-K was filed by Central Valley Community Bancorp (CVCY) on September 7, 2021. The filing reports a material definitive agreement and executive leadership changes effective November 1, 2021.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The report focuses exclusively on executive compensation and personnel changes.
Material Changes
- CEO Appointment: James J. Kim, age 45, was appointed President and Chief Executive Officer of the Company and Central Valley Community Bank, effective November 1, 2021.
- CEO Departure: James M. Ford will retire as CEO and tender his resignation from the Board of Directors effective November 1, 2021.
- Board Appointment: James J. Kim will be appointed to the boards of the Company and the Bank effective November 1, 2021.
Guidance, Outlook, and Compensation Details
The filing details the compensatory arrangements for the incoming CEO, James J. Kim:
- Base Salary: $425,000 annually.
- Equity: Restricted shares valued at up to 25% of annual base salary, vesting over five years.
- Benefits: Participation in deferred compensation plans and the Senior Management Incentive Plan.
- Allowances: $1,500 monthly automobile allowance, four weeks paid vacation, and use of a corporate country club membership.
- Transition Support: Mr. Ford agreed to provide consultation through April 1, 2022. The filing states there were no disagreements regarding Mr. Ford's resignation.
The filing does not provide specific financial guidance, outlook, or risk factors beyond the standard transition of leadership.
Investor Verification Checklist
- Verify the effective date of the leadership transition (November 1, 2021).
- Review the full Employment Agreement (Exhibit 99.2) for additional terms not summarized in the 8-K.
- Confirm the status of the Senior Management Incentive Plan and its impact on future compensation costs.
- Monitor the transition period through April 1, 2022, for any operational disruptions or strategic shifts.