First US Bancshares (FUSB) has issued an update.
On July 24, 2024, Robert C. Field was unanimously elected to the expanded Board of Directors of a company and its wholly owned banking subsidiary, also joining the Audit and Asset/Liability Committees. Recognized as independent according to Nasdaq standards, Field will receive the previously outlined compensation, with potential adjustments, and be eligible for awards under the 2023 Incentive Plan. Moreover, the company revised its bylaws to allow only non-employee directors beyond the age of seventy-five, and it has entered into an indemnification agreement with Field, similar to those with other directors, to cover legal expenses within certain limitations. These developments were formally announced in a press release.
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