Exhibit 10.8
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (this “Agreement”) is entered into this _20_ day of December, 2021 (the “Effective Date”), by and between Equity Bank, a Kansas banking corporation (the “Bank”), and John Creech (“Executive”). Equity Bancshares, Inc., a Kansas corporation and parent corporation of the Bank (“Parent”), is joining in this Agreement for the limited purpose of reflecting its agreement to provisions in this Agreement applicable to Parent. Parent, the Bank and their respective subsidiaries and affiliates are referred to collectively as the “Equity Group.” Certain capitalized terms set forth herein have the meaning given to such terms in Section 20.
WHEREAS, the Bank desires to employ Executive and to enter into this Agreement setting forth the terms of such employment; and
WHEREAS, Executive agrees to accept such employment and to provide such services to the Bank in accordance with the terms and conditions of this Agreement.
NOW, THEREFORE, in consideration of the mutual promises herein made and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
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Items 3(a)(i) through 3(a)(iv) are referred to herein collectively as the “Accrued Amounts”.
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If to Parent or the Bank:
Equity Bank
7701 E. Kellogg, Suite 300
Wichita, Kansas 67202
Attn: CEO
E-mail: brade@equitybank.com
If to Executive, the most recent electronic mail or physical address on file with the Bank.
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Any expense reimbursement payable to Executive under the terms of this Agreement will be paid on or before March 15 of the calendar year following the calendar year in which such reimbursable expense was incurred. The amount of such reimbursements that the Bank is obligated to pay in any given calendar year will not affect the amount the Bank is obligated to pay in any other calendar year. In addition, Executive may not liquidate or exchange the right to reimbursement of such expenses for any other benefits.
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provided, however, that Executive must provide notice to the Board within ninety (90) days of obtaining knowledge of any of the events listed above and Executive must terminate his or her employment no later than 31 days from the date of Executive’s written notice to the Board of the occurrence of any of the foregoing events in order for such termination to be deemed a termination for Good Reason.
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[Signature Page Follows]
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.
EQUITY BANK
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By: | /s/ Brad S. Elliott |
Name: | Brad S. Elliott |
Title: | Chairman/CEO |
EXECUTIVE
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| /s/ John Creech |
| John Creech |
For the limited purposes set forth herein: EQUITY BANCSHARES, INC.
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By: | /s/ Brad S. Elliott |
Name: | Brad S. Elliott |
Title: | Chairman/CEO |
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APPENDIX A
Other Compensation and Benefits
A. Sign-On Bonus. The Bank will pay Executive a sign-on bonus (the “Sign-On Bonus”) in the amount of $215,000, within 30 days following the Effective Date, provided that if on or before the 12-month anniversary of the Effective Date Executive terminates his or her employment hereunder (other than for Good Reason) or the Bank terminates Executive’s employment for Cause, Executive must repay the Bank the Sign-On Bonus, pro-rated based on the number of calendar days remaining between the date that Executive’s employment ends and the 12-month anniversary of the Effective Date.
B. Sign-On Equity Award. On the first regularly scheduled grant date after the Effective Date, Parent will grant Executive an equity award (the “Sign-On Equity Award”) under the Equity Plan. The Sign-On Equity Award will have a targeted grant date fair value equal to approximately $135,000, and will be comprised of time-based restricted stock units that will vest in five equal annual installments beginning on the first anniversary of the Effective Date, subject to Executive’s continuing employment through each such vesting date. The Sign-On Equity Award will be subject to the Equity Plan and will be memorialized in (and subject to the terms of) a written award agreement approved by the Board (or a committee thereof).
C. Relocation Expense Reimbursement. The Bank will pay directly or reimburse Executive, promptly after receipt from Executive of invoices or other supporting documentation, for up to $25,000 in reasonable expenses incurred by Executive in relocating to the Wichita, Kansas metropolitan area; provided that receipts or invoices for all such expenses must be submitted by Executive to the Bank for reimbursement within a reasonable time after such expense is incurred. If on or before the first anniversary of the Effective Date Executive terminates his or her employment hereunder (other than for Good Reason) or the Bank terminates Executive’s employment for Cause, Executive must promptly repay the Bank in full for the amount of such relocation expenses actually paid or reimbursed by the Bank.
D. Housing Allowance. The Bank will pay the reasonable costs and expenses of temporary housing for Executive in the Wichita, Kansas metropolitan area for 90 days following the Effective Date. If on or before the first anniversary of the Effective Date Executive terminates his or her employment hereunder (other than for Good Reason) or the Bank terminates Executive’s employment for Cause, Executive must promptly repay the Bank in full for the amount of such temporary housing allowance actually paid or reimbursed by the Bank.
E. Vacation, Paid Time Off. 160 hours of paid vacation per calendar year (prorated for partial calendar year) to be used in accordance with the Bank’s vacation policies, as in effect from time to time, and as may be modified. Executive will receive other paid time off in accordance with the Bank’s policies for senior management as such policies may exist from time to time, and as may be modified.
F. Direct Supervisor. Greg Kossover, or in his absence Brad Elliott, Chairman/CEO.
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