Business Context and Reporting Period
This Form 8-K is a current report filed by Southern National Bancorp of Virginia, Inc. (referred to in metadata as Primis Financial Corp.) on September 19, 2018. The filing discloses the appointment of a new Chief Financial Officer effective September 19, 2018.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change is the appointment of Jeffrey L. Karafa as Executive Vice President and Chief Financial Officer, effective September 19, 2018. Mr. Karafa previously served as CFO of The National Capital Bank of Washington.
Compensation and Outlook
- Base Salary: $250,000 per year.
- Bonus: Eligible for an annual bonus at the discretion of the Board.
- Equity: 4,000 shares of restricted stock vesting ratably over five years, subject to continued employment.
- Change in Control: The Company intends to enter into an agreement providing fifteen months of monthly salary in the event of a change in control.
- Risks/Contingencies: No related party transactions or familial relationships with directors/officers were disclosed.
Investor Verification Checklist
- Verify the effective date of the CFO appointment (September 19, 2018).
- Confirm the total compensation package including the $250,000 base salary and 4,000 restricted stock units.
- Review the attached press release (Exhibit 99.1) for additional context on the leadership transition.
- Note that this filing contains no financial performance data; refer to the most recent 10-Q or 10-K for financial metrics.