Erin A. Davis
About Erin A. Davis
Erin A. Davis, 37, is an independent director of Bank First Corporation (BFC). She is CEO of Quality Roasting, Inc., a Wisconsin-based soybean processing company; she joined the company in 2016 after earlier engineering, sales, and management roles at Tetra Pak. Davis founded QR Transport, LLC in 2020. She joined BFC’s Board in 2024 and serves on the Governance & Nominating Committee; the Board has affirmatively determined she is independent under Nasdaq and SEC rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Quality Roasting, Inc. | Chief Executive Officer (current); joined as Director of Business Operations Manager | 2016–present | Leads soybean processing operations supplying feed and food industries |
| QR Transport, LLC | Founder (bulk transportation; food grade hauling) | 2020–present | Established logistics capability adjacent to food/ag supply chain |
| Tetra Pak | Engineering, sales, and management roles (dairy food processing division) | Not disclosed (prior to 2016) | Technical and commercial experience in food processing systems |
External Roles
| Organization | Role | Tenure | Public/Private |
|---|---|---|---|
| Quality Roasting, Inc. | Chief Executive Officer | 2016–present | Private |
| QR Transport, LLC | Founder | 2020–present | Private |
No other public company directorships were disclosed for Ms. Davis .
Board Governance
| Item | Detail |
|---|---|
| Independence status | Independent director under Nasdaq/SEC standards |
| Board tenure | Director since 2024 |
| Committees | Governance & Nominating Committee – Member |
| Committee activity | Governance & Nominating met 12 times in 2024; Davis was a member |
| Attendance | In 2024, all incumbent directors attended ≥75% of Board and committee meetings; the Company Board held 6 and the Bank Board held 11 meetings |
| Executive sessions | Independent directors met in executive session twice in 2024 |
| Lead Independent Director | Mary‑Kay H. Bourbulas (also GN Chair) |
Fixed Compensation
| Component | BFC Structure (Non‑Employee Directors) | Davis – FY2024 |
|---|---|---|
| Annual cash retainer | $25,000 | $25,000 (Fees Earned) |
| Committee chair fees | $15,000 (Audit/Comp/GN) | $0 (not a chair in 2024) |
| Lead independent/Board chair fee | $25,000 (as applicable) | $0 |
| Meeting fees | Not disclosed | Not disclosed |
Notes: The Compensation Committee last adjusted director cash retainers in 2023 based on a Pearl Meyer study; no changes were made in 2024 .
Performance Compensation
Directors typically receive an annual equity grant (restricted stock) with one‑year vesting for the prior year’s Board service; the 2024 grant (641 shares at $85.85 per share) was made March 1, 2024 for 2023 service . Ms. Davis received no stock award in 2024 (consistent with joining in 2024 after the 2023 service period) .
| Component | Design | Davis – FY2024 |
|---|---|---|
| Annual equity grant | $55,000 target value in restricted stock; one‑year vesting; dividends payable during restriction | $0 stock awards; $0 dividends |
Equity plan governance features include minimum vesting periods for directors, no hedging/pledging, no tax gross‑ups, and shareholder approval for material amendments . Insider Trading Policy prohibits short sales and hedging by directors and imposes blackout periods and pre‑clearance requirements .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public boards | None disclosed |
| Private company leadership | CEO, Quality Roasting; Founder, QR Transport |
| Related‑party transactions | Company disclosed no related‑party transactions requiring disclosure in 2024 (other than a legacy investment in Ansay & Associates unrelated to Davis) |
| Loans to related persons | Loans to directors/officers, if any, are on market terms and not preferential; no exceptions disclosed for 2024 |
Expertise & Qualifications
- Sector expertise: Food/agriculture processing and logistics; operating leadership in a mid‑market industrial/agribusiness context .
- Education: B.S. in Chemical Engineering (emphasis in food processing), University of Minnesota – Twin Cities .
- Governance: Serves on BFC’s Governance & Nominating Committee, which met monthly in 2024 and oversees board composition, policy reviews, and CEO evaluation processes .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Ownership Notes |
|---|---|---|---|
| Erin A. Davis | 2,520 | <1% | All shares held directly |
- Stock ownership guidelines: Upon election, directors must own ≥2,000 shares; within 5 years, ≥5× annual stock award or $275,000. All directors and senior leaders were in compliance in 2024 .
- Hedging/pledging: Prohibited under the Equity Plan and Insider Trading Policy .
Governance Assessment
Positive indicators
- Independence and committee service: Independent under Nasdaq/SEC rules; active on Governance & Nominating (12 meetings in 2024), which drives board composition and policy oversight—signals engagement and governance depth .
- Attendance/engagement: Company reports all incumbent directors met ≥75% attendance across Board and committee meetings in 2024; the Board and Bank Boards met 6 and 11 times, respectively .
- Ownership alignment: Davis holds 2,520 shares, exceeding the 2,000‑share immediate threshold; company reports full compliance with director ownership policy in 2024 .
- Shareholder‑aligned safeguards: No hedging/pledging; time‑vested equity for directors; strong governance features in the equity plan .
Watch items / potential conflicts
- External operating role: As CEO of a private agribusiness (and founder of a transport company), there is theoretical counterparty exposure if such entities bank with BFC; however, the company disclosed no related‑party transactions requiring reporting in 2024 and represents that any insider loans, if present, are on market terms with no preferential treatment .
- Equity mix transition: 2024 compensation for Davis was cash‑only ($25,000), as the annual equity grant paid in 2024 related to 2023 service; structure contemplates ongoing equity grants that improve alignment over time .
Risk indicators
- Legal/regulatory: The company states that, in the prior ten years, no director or nominee was subject to a material legal proceeding impacting integrity assessments .
- Related‑party: No transactions requiring disclosure beyond a legacy affiliate investment unrelated to Davis; policy requires Board review for any future related‑party dealings .
Appendix: Reference Tables
Director Compensation – FY2024 (Davis)
| Metric | Amount (USD) |
|---|---|
| Fees Earned or Paid in Cash | 25,000 |
| Dividends on Unvested Awards | 0 |
| Stock Awards (Grant‑Date Fair Value) | 0 |
| Total Compensation | 25,000 |
Board Committee Assignment (as of 2024–2025)
| Director | Independent | Audit | Compensation | Governance & Nominating |
|---|---|---|---|---|
| Erin A. Davis (Age 37; Director since 2024) | Yes | — | — | Member |
Ownership
| Beneficial Owner | Shares | % of Class |
|---|---|---|
| Erin A. Davis | 2,520 | <1% |