Exhibit 10.1
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (this “Agreement”) is entered into this 6th day of November, 2023 (the “Effective Date”), by and between Equity Bank, a Kansas banking corporation (the “Bank”), and Christopher M. Navratil (“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, 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:
Items 3(a)(i) through 3(a)(iv) are referred to herein collectively as the “Accrued Amounts”.
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.
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.
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 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.
[Signature Page Follows]
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/ Christopher M. Navratil |
| Christopher M. Navratil |
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 |
APPENDIX A
Other Compensation and Benefits
A. Country Club Membership. During the Term, the Bank will pay Executive's reasonable membership expenses (including fees, dues, and related expenses) at such country club or clubs as approved by the Board (or a committee thereof). Reimbursements for such membership dues shall be paid monthly following Executive’s submission of evidence, satisfactory to the Bank, of the membership dues incurred.
B. Vacation, Paid Time Off. One hundred sixty (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.
C. Option Grant. Executive shall receive a grant of EQBK stock options in the amount equal to $150,000 on the first administratively possible date following the effective date of this Agreement. The strike price for such options shall be August 9, 2023. Such options will vest over a five-year period.
D. Other Benefit. Executive shall be eligible for consideration for a periodic SERP award at the discretion of the Company’s compensation committee.
E. Direct Supervisor(s). Brad Elliott, Chairman/CEO and Rick Sems, President