Sound Financial Bancorp Inc.
11/05/2024 | Press release | Distributed by Public on 11/05/2024 05:01
Management Change/Compensation Form 8 K
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 30, 2024, the Boards of Directors of Sound Financial Bancorp, Inc. (the "Company") and its wholly-owned subsidiary Sound Community Bank (the "Bank") approved amendments to the change in control agreements for six officers, including named executive officers Heidi Sexton, Executive Vice President and Chief Operating Officer, and Wes Ochs, Executive Vice President, Chief Strategy Officer and Chief Financial Officer.
Each amendment revised the definition of "Involuntary Termination" to specify a change in the officer's principal workplace to a location outside of a 35 mile radius from the officer's current workplace rather than a change to a location outside of a 35 mile radius from the Bank's headquarters. This adjustment reflects that not all of the officers currently work at the Bank's headquarters. In addition, for four change in control agreements entered into prior to 2023, including those for Ms. Sexton and Mr. Ochs, the amendments revised the definition of "Change in Control" to conform with the language used in the change in control agreements entered into with officers in 2023.
The foregoing description of the amendments to the change in control agreements for Ms. Sexton and Mr. Ochs is qualified in its entirety by reference to the full text of such amendments, which are attached to this report as Exhibits 10.1 and 10.2, respectively, and incorporated herein by reference.