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River Financial Corporation, a state commercial bank based in Alabama, has announced the adoption of a new incentive stock compensation plan and the granting of restricted stock to several executives and employees. This move, detailed in a recent SEC filing, aims to retain and attract skilled management personnel.
On January 15, 2025, the company’s board of directors approved the 2025 Incentive Stock Compensation Plan, which is contingent upon shareholder approval at the annual meeting scheduled for May 2025. Concurrently, restricted stock grants were awarded to key executives, including CEO Jimmy Stubbs, who received 20,000 shares, President Ray Smith with 10,000 shares, Business Banking Manager Gene Crane and CFO Jason Davis, both receiving 5,000 shares each.
The restricted stock grants come with vesting periods of five years for Stubbs, Crane, and Davis, and three years for Smith. In addition to these grants, 61,000 shares of restricted stock were distributed among 63 other employees and officers.
The plan authorizes the issuance of up to 500,000 shares of common stock, sourced from either unissued shares or those reacquired by the company. It encompasses various award types, including options, stock appreciation rights (SARs), restricted stock, and restricted stock units (RSUs), some with dividend equivalent rights. These awards are non-transferable, except through inheritance laws.
The primary objective of the plan is to incentivize employees and officers to continue their employment with River Financial or its subsidiaries and to support the development of competent management teams.
The specifics of the 2025 Incentive Stock Compensation Plan are outlined in Exhibit 10.1 of the SEC filing. This announcement is based on a press release statement and reflects the company’s efforts to align the interests of its employees with those of the company and its shareholders.
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