Business Context and Reporting Period
This Form 8-K was filed by Broadway Financial Corporation on February 4, 2009, reporting events occurring on February 2, 2009. The registrant is the parent company of Broadway Federal Bank, f.s.b.
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
The primary material change reported is the appointment of Mr. Wayne-Kent A. Bradshaw as President and Chief Operating Officer of Broadway Federal Bank, effective February 2, 2009. Mr. Bradshaw joins from Washington Mutual, where he served as Regional President and National Manager for Community and External Affairs.
Management Commentary and Compensation Details
- Role: President and Chief Operating Officer of the Bank.
- Term: No fixed term; serves at the pleasure of the board of directors.
- Base Salary: $195,000 annually.
- Bonus: Eligible for an annual bonus targeted at 40% of base salary.
- Severance: Provision for 30 months of compensation in the event of termination other than for cause.
- Benefits: Eligible to participate in standard employee benefit programs including medical and dental insurance.
Investor Verification Checklist
- Verify the effective date of Mr. Bradshaw's appointment (February 2, 2009).
- Confirm the specific terms of the severance package (30 months compensation).
- Review the press release dated February 3, 2009 (Exhibit 99.1) for additional context on the appointment.
- Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial data.