Eric Sorenson Jr.
About Eric Sorenson Jr.
Eric J. Sorenson, Jr. was appointed Executive Vice President and General Counsel of Bank of the James (BOTJ) effective July 1, 2022; he was 56 at the time, with a long-standing legal advisory relationship to the Company from private practice at Woods Rogers PLC and previously as a shareholder at Edmunds & Williams, P.C. . During Sorenson’s tenure window, BOTJ’s total shareholder return increased 5.29% from 2022 to 2023 and 29.96% from 2023 to 2024, while net income declined by $255,000 (2.85%) from 2022 to 2023 and by $760,000 (8.16%) from 2023 to 2024 . Education was not disclosed in Company filings; prior roles emphasize legal expertise and direct advisory work with BOTJ .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Woods Rogers PLC | Attorney (private practice) | 2016–2022 | Routinely provided legal advice to the Company |
| Edmunds & Williams, P.C. (predecessor to Woods Rogers) | Shareholder | Pre-2016 | Provided legal advice to the Company |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Woods Rogers PLC | Attorney | 2016–2022 | External legal counsel to BOTJ |
| Edmunds & Williams, P.C. | Shareholder | Pre-2016 | External legal counsel to BOTJ |
Fixed Compensation
| Compensation Element | Amount/Terms | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $285,000 annually | July 1, 2022 | As EVP–General Counsel |
| Annual Cash Bonus | Eligible; discretionary (target % not disclosed) | Ongoing | Determined at Company discretion; specific payouts not disclosed |
| Equity Awards (2018 Plan) | Eligible for grants under 2018 Equity Incentive Plan | Ongoing | Company made no awards under the Plan in 2023 |
| Benefits | Eligible for medical plans; Employee Stock Purchase Plan participation | Ongoing | ESPP administered with market purchases |
| Salary Continuation Agreement | To be entered; benefits upon retirement, death, termination, disability, change of control (specific benefits TBD at appointment) | Post-appointment | Company indicated it would amend 8‑K when benefits determined |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Bonus (Cash) | Discretionary; specific metrics not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
| Equity Awards (RSU/PSU/Options under 2018 Plan) | Financial performance goals set by Comp Committee when grants occur | Not applicable (no grants 2021–2023) | N/A | N/A | N/A | Per award terms when granted (none in 2021–2023) |
Because BOTJ made no awards under the 2018 Equity Incentive Plan in 2021, 2022, or 2023, no performance goals were established in those years .
Equity Ownership & Alignment
| Item | Detail | Implication |
|---|---|---|
| Beneficial Ownership | Not disclosed for Sorenson in proxy ownership tables (focus on directors and Named Executive Officers) | Unable to assess Sorenson’s ownership percentage and skin‑in‑the‑game from proxies |
| Anti‑Hedging Policy | Directors, officers, employees, and agents prohibited from hedging BOTJ equity | Positive alignment; reduces misaligned risk‑management trades |
| Clawback Policy | Recovery of excess incentive compensation for 3 years preceding an accounting restatement | Enhances pay‑for‑performance integrity and recourse on restatements |
| ESPP Eligibility | Sorenson eligible to participate (market purchases via payroll deductions) | Facilitates systematic share accumulation without discounted issuance |
| Equity Grants in 2023 | Company made no Incentive Plan awards in 2023; NEOs had no outstanding equity awards | Limited near‑term insider share supply/selling pressure from vesting |
| Pledging/Hedging | Hedging prohibited; pledging not specifically disclosed | No pledging red flags identified for Sorenson in filings reviewed |
Employment Terms
| Term | Detail |
|---|---|
| Appointment Date | July 1, 2022 (EVP–General Counsel of Bank of the James) |
| Age at Appointment | 56 |
| Employment Agreement | Not referenced for Sorenson; NEOs do not have employment agreements per proxy |
| Salary Continuation Agreement | To be entered; eligible for payments upon retirement, death, termination, disability, or change of control; specific benefits not determined at time and 8‑K to be amended |
| Change‑of‑Control Treatment | Eligibility via Salary Continuation Agreement; details not disclosed for Sorenson |
| Clawback | Company‑wide clawback policy for excess incentive comp post‑restatement |
| Trading/Hedging | Hedging of Company stock prohibited by policy |
| Related Party Transactions | Ordinary‑course customer banking transactions; no Item 404(a) reportable transactions |
| Family Relationships | None with Company directors or executive officers |
Performance & Track Record
Company performance during Sorenson’s tenure window (contextual for alignment and execution risk):
- TSR change: +5.29% (2022→2023); +29.96% (2023→2024) .
- Net income change: −$255,000 (−2.85%) from 2022→2023; −$760,000 (−8.16%) from 2023→2024 .
Company performance levels 2021–2023 (per Pay‑Versus‑Performance disclosure):
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Net Income ($USD Thousands) | 7,589 | 8,959 | 8,704 |
| TSR Index Value (Initial Fixed Investment) | 142.81 | 112.51 | 105.29 |
Investment Implications
- Pay‑mix skew: Sorenson’s compensation is anchored by fixed salary with discretionary bonus and equity eligibility, but the Company made no equity awards in 2021–2023, reducing immediate vesting‑related selling pressure yet limiting explicit performance‑linked equity alignment over that period .
- Retention mechanisms: A forthcoming Salary Continuation Agreement (benefits TBD at appointment) implies long‑term retention economics tied to retirement/termination/change‑of‑control; absence of disclosed amounts leaves change‑of‑control and severance leverage unquantified for trading/event‑risk analysis .
- Governance safeguards: BOTJ’s anti‑hedging and clawback policies bolster alignment and reduce opportunistic trading by insiders; absence of reported related‑party conflicts for Sorenson reduces governance red flags .
- Performance backdrop: TSR improved in 2023–2024 while net income contracted, suggesting market rerating despite earnings pressure; without disclosed incentive metrics for Sorenson, it is difficult to assess pay‑for‑performance sensitivity to revenue/EBITDA targets or TSR .
Data drawn from BOTJ filings: 8‑K Item 5.02 (Aug. 4, 2022) and DEF 14A proxies (2024–2025) .