Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(b) Retirement of Chief Operating Officer
On June 22, 2020 (the "Retirement Date"), Louis E. Holloway, the Chief Operating
Officer of Reliant Bancorp, Inc. (the "Company") and its wholly-owned bank
subsidiary, Reliant Bank (the "Bank" and, together with the Company, "Reliant"),
notified Reliant of his intention to retire, effectively immediately, from his
position as Chief Operating Officer of Reliant.
(e) Material Compensatory Contract
In connection with Mr. Holloway's retirement, Reliant and Mr. Holloway entered
into an Executive Separation Agreement and Release, dated June 22, 2020 (the
"Retirement Agreement"). The Retirement Agreement will be effective as of June
30, 2020, following the end of the applicable revocation period. The Retirement
Agreement provides for Reliant to pay Mr. Holloway a severance benefit equal to
one times his annual base salary as of the Retirement Date, payable in 24 equal
bi-weekly installments, along with a transition payment equal to one month of
Mr. Holloway's current base salary. Additionally, Reliant will pay for health
insurance continuation coverage for Mr. Holloway and his dependents for up to 13
months following the Retirement Date. Further, the Company agreed to accelerate
the vesting of 3,000 shares of restricted stock and 2,000 restricted stock units
previously awarded to Mr. Holloway to the extent the same were not by their
terms vested as of the Retirement Date and would otherwise be forfeited upon Mr.
Holloway's separation from Reliant. Pursuant to the Retirement Agreement, Mr.
Holloway provided a customary general release of claims against Reliant and its
subsidiaries and affiliates (and other related parties), including claims
arising out of his employment with Reliant or the termination thereof.
The foregoing description of the Retirement Agreement does not purport to be
complete and is qualified in its entirety by reference to the full text of the
Retirement Agreement, which is filed as Exhibit 10.1 to this Current Report on
Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Description
Number
10.1 Executive Separation Agreement and Release, dated June 22, 2020, by and
among Louis E. Holloway, Reliant Bancorp, Inc., and Reliant Bank
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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