Community West Bancshares filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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| UNITED STATES SECURITIES AND EXCHANGE COMMISSION | ||
| Washington, D.C. 20549 | ||
FORM | ||
| CURRENT REPORT | ||
| Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||
Date of Report: March 3, 2025
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers
As previously disclosed in the Current Report on Form 8-K of Community West Bancshares (the “Company”) filed on January 31, 2025, Patrick A. Luis, Chief Credit Officer of Community West Bank (the “Bank”), notified the Bank of his decision to resign from his position with the Bank, effective February 28, 2025. Mr. Luis’s resignation was not the result of a disagreement with the Company or the Bank on any matter relating to the Company’s or the Bank’s operations, policies, or practices.
In connection with Mr. Luis’ resignation, the Company and the Bank entered into a Termination Agreement (the “Agreement”) with Mr. Luis on March 3, 2025. Under the Agreement, Mr. Luis is entitled to all wages and other sums owed to him up to the end of his employment, including payment for all accrued and unused vacation time. Mr. Luis is also entitled to an Accelerated Benefit (as defined in the Agreement) of $30,798 under the Executive Salary Continuation Agreement between the Bank and Mr. Luis dated July 1, 2021, which amount will be fully vested as of February 28, 2025. Furthermore, all of Mr. Luis’ 7,139 unvested shares of restricted stock awarded to him under the Company’s equity incentive plans (the “Unvested Awards”) will become fully vested as of February 28, 2025. If the total of the Accelerated Benefit and the aggregate value of the Unvested Awards as of February 28, 2025, is less than $380,000, the Company will pay Mr. Luis severance pay equal to the difference. The Agreement includes a release of Mr. Luis’ claims in favor of the Company, the Bank, and related parties.
The Agreement is attached as Exhibit 10.1 and incorporated by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: | March 5, 2025 | COMMUNITY WEST BANCSHARES By: /s/ Shannon R. Livingston Shannon R. Livingston Executive Vice President and Chief Financial Officer | ||||||