| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e) Jerry Golemon Executive Employment Agreement – Executive Vice President and Chief Operations Officer
On June 10, 2021, Spirit of Texas Bancshares, Inc. (the “Company”) entered into a new Executive Employment Agreement with Mr. Jerry D. Golemon in connection with his position as Executive Vice President and Chief Operations Officer of the Company and its wholly-owned subsidiary, Spirit of Texas Bank, SSB (the “Bank”), effective June 10, 2021 (the “Employment Agreement”). The Employment Agreement replaces and amends Mr. Golemon’s prior executive employment agreement with the Company, effective March 1, 2017 (the “Original Agreement”), and neither the Company nor Mr. Golemon are obligated under the terms of such Original Agreement, including any rights and benefits provided to Mr. Golemon thereunder.
The Employment Agreement is for an initial term of one (1) year, followed by one (1) year automatic renewals at the end of each term following the initial term unless notice of termination is provided by either the Company or Mr. Golemon not less than ninety (90) days prior to the end of such term.
In consideration for his services rendered to the Company and the Bank, Mr. Golemon will be awarded a base salary of $335,000 beginning March 1, 2021, subject to annual increases as determined by the Chairman of the Board and Chief Executive Officer of the Company and/or the President of the Company. Mr. Golemon is also eligible to participate in the Company’s annual incentive program and long term incentive program and to receive retirement benefits, medical benefits, group benefits, reimbursement of country club dues at a club approved by the Company’s Board of Directors (the “Board”), and a vehicle or vehicle allowance, in an amount approved by the Chief Executive Officer, the Board or the Compensation Committee of the Board.
The Employment Agreement also includes severance benefits that are subject to Mr. Golemon signing a release. If Mr. Golemon is terminated for Cause (as such term is defined in the Employment Agreement) or he resigns voluntarily, he is entitled to Accrued Rights (as such term is defined in the Employment Agreement). If Mr. Golemon’s termination is related to death, disability, or without Cause or for Good Reason (as such terms are defined in the Employment Agreement), he is entitled to receive Accrued Rights, an amount equal to his base salary, and a lump sum equal to the costs to obtain benefits to which he was entitled to for eighteen (18) months after the date of his termination. If Mr. Golemon is terminated in connection with a Change in Control of the Company (as such term is defined in the Employment Agreement), he is also entitled to payment equal to the sum of his Accrued Rights, 150% of his base salary and other annual incentive payments, and a lump sum equal to the costs to obtain benefits to which he was entitled to for eighteen (18) months after the date of his termination. Mr. Golemon is subject to non-competition and non-solicitation restrictions for a term of twelve (12) months following the termination of his employment as described in the Employment Agreement.
The foregoing description of the Employment Agreement is a summary only, and accordingly, does not purport to be complete and is qualified in its entirety to the full text of the Employment Agreement, a copy of which is included as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
