ServisFirst Bancshares, Inc. 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by ServisFirst Bancshares, Inc. on February 18, 2025. The filing discloses the appointment of a new Chief Financial Officer for its subsidiary, ServisFirst Bank, and the conclusion of the interim tenure of the previous officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. This report focuses exclusively on executive compensation and personnel changes.
Material Changes
The primary material change is the appointment of David Sparacio as Executive Vice President and Chief Financial Officer of ServisFirst Bank, effective March 10, 2025. Concurrently, Ed Woodie will cease serving as Interim Chief Financial Officer on the same date, though he will remain as Senior Vice President and Controller.
Compensation and Management Commentary
- Base Salary: $350,000 annually.
- Signing Bonus: $25,000 cash (repayable if employment terminates within 24 months).
- Equity Award: 5,000 shares of restricted stock vesting in full over five years.
- Benefits: Eligibility for incentive plans, 401(k), and health care.
- Change in Control Agreement: Provides protections for a two-year period. In the event of termination without Cause or for Good Reason during this period, Mr. Sparacio is entitled to:
- Cash severance equal to 2x the sum of his base salary and average cash bonus over the prior three years.
- A pro-rata bonus for the fiscal year of termination.
- A lump sum cash payment equal to 18 months of COBRA premiums.
Investor Verification Checklist
- Verify the start date of Mr. Sparacio's role (March 10, 2025) against internal calendars.
- Review the full text of the Change in Control Agreement (Exhibit 10.1) for specific definitions of "Cause" and "Good Reason."
- Confirm the vesting schedule details for the 5,000 restricted stock shares.
- Monitor future filings for the transition of duties from Ed Woodie to David Sparacio.