Christopher Chan
FIRST BUSEY CORP /NV/About Christopher Chan
Christopher H.M. Chan is Chief Financial Officer and Executive Vice President of First Busey Corporation and Busey Bank, effective September 30, 2025; he is 40 years old and holds a B.A. from Dartmouth (2007) . He serves as principal financial officer, signing the company’s 10‑Q certifications and recent 8‑Ks in Q4’25, confirming his role and accountability for financial reporting . His 2025 incentive framework is aligned to post‑merger priorities with weightings across Adjusted EPS, asset quality, core deposit growth, non‑bank fee revenue, regulatory ratings, and strategic integration—indicating a focus on earnings quality, credit discipline, and execution of integration synergies .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First National Bank (F.N.B. Corp. subsidiary) | EVP & Chief Strategy Officer | 2025 | Led corporate strategy and IR; advanced digital channels, data science, AI, and data governance . |
| First National Bank (F.N.B. Corp. subsidiary) | Director of Corporate Strategy | 2019–2025 | Led strategic planning, IR and corporate development; balance sheet strategy, capital allocation, new business initiatives . |
| Balyasny Asset Management | Portfolio Manager | 2014–2018 | Public markets investing experience; fundamental and risk management expertise . |
| Citadel Global Equities | Investment Analyst | 2009–2014 | Equity research and investing in financials; data-driven analytics . |
| Morgan Stanley (FIG Capital Structure Advisory) | Analyst | 2007–2009 | Capital structure advisory for financial institutions . |
External Roles
No public company directorships or external board roles disclosed for Mr. Chan .
Fixed Compensation
| Component | Detail | Amount / Terms |
|---|---|---|
| Base Salary | Initial annual base salary | $600,000 |
| Signing Bonus | One-time cash bonus, lump sum on first payroll after start | $500,000; subject to 100% clawback if separation ≤1 year from payment date, 50% if >1 and ≤2 years, when terminated for cause or resigned without good reason |
| Relocation Bonus | One-time relocation assistance, lump sum on first payroll after start | $400,000; same two‑year repayment obligations as Signing Bonus |
| Profit Sharing | Eligible based on base salary and any discretionary bonus | Board‑determined; contributions to qualified and/or nonqualified plans per plan terms |
| Benefits | General executive benefits; life insurance | Participation on terms similar to senior executives; life insurance program with $1,500,000 death benefit (first entry date Mar 1, 2026), subject to insurability |
| Vacation | Paid time off | Not less than 25 days annually |
Performance Compensation
Annual (Short‑Term) Incentive – 2025 Metrics and Weighting
| Metric | Weighting |
|---|---|
| Adjusted/Core EPS | 35% |
| Asset Quality Ratio | 25% |
| Non‑Bank Fee Revenue (Wealth, Payment Technology Solutions, Treasury Mgmt) | 20% |
| Core Deposit Growth | 10% |
| Strategic Integration Goal | 6% |
| Regulatory Ratings | 4% |
Notes:
- Bonus is discretionary and based on performance criteria; not guaranteed .
- Payout timing: generally within 2.5 months after year‑end; proration applies in certain termination scenarios .
Long‑Term Incentives
| Grant | Instrument | Grant Date Value | Vesting | Notes |
|---|---|---|---|---|
| Initial 2025 LTI | RSUs | $500,000 | Three‑year cliff vesting from grant | Subject to Board approval; intended at next Board meeting after effective date . |
| 2026 LTI | RSUs and/or PSUs | Minimum $600,000 | Terms consistent with peers | Subject to shareholder approval of amended/restated plan; timing with 2026 executive grants . |
Plan‑level provisions (company policy):
- Company grants PSUs and RSUs; options are not currently granted (reducing option‑related risk) .
- Change in control treatment for RSUs/PSUs generally requires a qualifying termination (double trigger); PSUs vest at actual performance through the change‑in‑control date; death/disability vests PSUs at target .
Equity Ownership & Alignment
| Item | Status |
|---|---|
| Initial Beneficial Ownership (Form 3) | Reported no securities beneficially owned as of event date 09/30/2025 . |
| Ownership Guidelines | CFO subject to 2x annual salary; five‑year accumulation period; unearned PSUs/DSUs and unexercised options do not count . |
| Hedging/Pledging | Hedging prohibited; pledging prohibited without Nominating Committee approval; no violations reported by officers/directors . |
| 10b5‑1, Blackouts, Pre‑clearance | Insider trading policy imposes blackout windows and pre‑clearance; updated December 2023 per SEC rules . |
Implications:
- With zero initial ownership and a three‑year cliff RSU grant, near‑term selling pressure from Mr. Chan is low; vesting‑related supply would be concentrated at the cliff vest date, subject to tax‑withholding sales .
Employment Terms
| Term | Provision |
|---|---|
| Effective Date | September 30, 2025 . |
| Term & Renewal | One‑year initial term; auto‑renews in one‑year increments unless either party gives 30 days’ notice . |
| Work Location | Principal place of business in Leawood, Kansas . |
| Severance (Non‑CIC) | 1x (base salary + most recent performance bonus) paid over one year; up to 12 months employer portion of COBRA; pro‑rated annual bonus for year of termination; release required . |
| Severance (CIC, Double Trigger) | 2x (base salary + most recent bonus) lump sum; pro‑rated bonus; 18 months COBRA in lump sum; termination within 180 days prior to or within 2 years after CIC qualifies for CIC benefits . |
| Golden Parachute Cutback | Best‑net cutback to avoid excise taxes under IRC 280G/4999; reduction order: cash, then equity acceleration, then other benefits; reverse‑order by grant date for equity if reduced . |
| Clawback | Company maintains SEC/Nasdaq‑compliant clawback policy . |
| Repayment Obligations | Signing and relocation bonuses: 100% repayment if separation ≤1 year; 50% if >1 and ≤2 years; employer may offset against amounts owed at separation; amounts unpaid accrue 1% monthly interest after 30 days . |
| Non‑Compete / Non‑Solicit | Agreement includes restrictive covenants (non‑compete and non‑solicit); injunctive relief available; breach terminates severance eligibility; durations/scope as specified in Section 10 . |
| Indemnification & Advancement | Full indemnification to the extent permitted by law; advancement of expenses subject to undertaking; employer approval of counsel not to be unreasonably withheld . |
| Governing Law & Venue | Kansas law; exclusive venue in Johnson County, KS or U.S. District Court for the District of Kansas; jury trial waiver . |
Performance & Track Record
- At F.N.B.’s First National Bank, Chan led corporate strategy and investor relations, and advanced digital channels, data science, artificial intelligence, and data governance—skills aligned with data‑driven financial management and post‑merger integration .
- Public‑markets investing tenure at Citadel and Balyasny (2009–2018) suggests robust capital allocation and market signaling acumen .
- As CFO, he is serving as principal financial officer of BUSE, signing the company’s Q3’25 10‑Q certifications and multiple Q4’25 8‑Ks, demonstrating immediate operational accountability for SEC reporting .
Investment Implications
- Alignment and retention: The three‑year cliff on the initial $500k RSU and the two‑year clawback on $900k of initial cash (signing + relocation) create strong near‑term retention incentives; severance of 1x/2x plus COBRA is competitive but not excessive .
- Ownership build: Starting from zero beneficial ownership (Form 3), the ownership guideline of 2x salary within five years, combined with equity grants and prohibitions on hedging/pledging, should push meaningful share accumulation and reduce misalignment risk over time .
- Performance levers: 2025 STI emphasizes Adjusted EPS and asset quality (60% combined), plus integration and core deposit growth—signaling incentives toward disciplined provisioning, earnings quality, and merger execution; watch for how CFO balances loan growth, deposit mix, and non‑bank fee expansion to hit these metrics .
- Trading signals: Near‑term insider selling pressure appears limited given zero initial holdings and cliff‑vest structure; monitor upcoming Form 4s for the initial RSU grant and any 2026 RSU/PSU grants, and note double‑trigger CIC protections with 280G cutback that mitigate excessive parachute risk .
- Governance risk: Restrictive covenants, SEC/Nasdaq‑compliant clawback, and Kansas venue/jury‑trial waiver reduce enforcement risk; no related‑party transactions or pledging disclosed for Mr. Chan .