Research Reports

Key takeaways

Katherine A. Crosby to serve as Executive Chair until June 30, 2026, then transition to non-executive Chair of both boards.

Current base salary and employee benefits continue through Transition Date.

Post-Transition COBRA health coverage reimbursed until age 65.

$250,000 cash retention payment in four $62,500 installments through June 30, 2028.

$250,000 restricted stock grant vesting in four equal installments through June 30, 2028.

Prior employment agreement terminates on Transition Date; restrictive covenants extend six months.

Full analysis

The agreement reflects a planned leadership transition for Katherine A. Crosby from employed Executive Chair to non-executive Board Chair at FB Bancorp, Inc. and Fidelity Bank, effective June 30, 2026, aimed at enhancing corporate governance and oversight following the company's public conversion. Crosby retains her current compensation through the transition and receives substantial retention incentives, including $250,000 in cash paid in quarterly installments through mid-2028 and an equal value of restricted stock vesting on the same schedule. Post-employment restrictive covenants from her prior agreement extend six months, with board fees and participation in the director retirement plan continuing. This structured retention ensures continuity in board leadership while phasing out the executive role.

FBLA · FB Bancorp, Inc. Common Stock

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Key takeaways

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