Stephen King
FIRST BUSEY CORP /NV/About Stephen V. King
Stephen V. King (age 63) has served as an independent director of First Busey Corporation since 2013. He is a founding partner of Prairie Capital, L.P., a private equity firm, and managing member of Daniels & King Ventures, LLC, bringing significant business and financial expertise from service on numerous private company boards across varied industries . The board has determined Mr. King is “independent” under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Prairie Capital, L.P. | Founding Partner | Not disclosed | Private equity leadership; business and financial expertise |
| Daniels & King Ventures, LLC | Managing Member | Not disclosed | Investment/operating leadership across private companies |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Various Prairie Capital portfolio companies (private) | Director | Not disclosed | Service across several portfolio companies and other privately held firms; no public company directorships disclosed |
Board Governance
- Committees: Chair, Executive Management Compensation & Succession Committee; Member, Nominating & Corporate Governance Committee .
- Committee activity: Compensation Committee met 8 times in 2024; Nominating Committee met 6 times in 2024 .
- Independence: All members of the Compensation and Nominating Committees are independent under Nasdaq rules; King specifically deemed independent .
- Attendance/engagement: Board held 7 regular meetings, 2 special meetings, 6 executive sessions, and 2 study sessions in 2024; all incumbent directors attended at least 75% of board and committee meetings; directors are required to attend the annual meeting (all attended last year) .
- Audit oversight context: Audit Committee is fully independent and chaired by a designated financial expert (Kenney); reviews related-party transactions and pre-approves audit services .
Fixed Compensation
2024 Non-Employee Director Compensation (King)
| Component | Amount ($) | Detail |
|---|---|---|
| Fees Earned and Paid in Cash | 62,000 | Annual cash retainer plus committee and chair fees; effective March 2024, retainer was $44,000; committee chair (Comp) $12,500; committee member (Nom) $6,000; actual cash reflects timing/structure in 2024 |
| Stock Awards (DSUs, grant date fair value) | 72,992 | 3,126 DSUs granted in 2024; vest on first anniversary of grant |
| All Other Compensation | — | None |
| Total | 134,992 | Cash + DSU grant value |
Director Compensation Structure (Policy)
- Annual cash retainer increased to $44,000 effective March 2024; annual DSU grant value increased to $73,000; Vice Chair and Lead Independent Director receive an additional $12,500; non-chair committee members: $6,000 per committee; chairs: $15,000 (Audit), $12,500 (Compensation, Nominating, Enterprise Risk); expenses reimbursed for board duties .
- Stock ownership guideline: directors must own $250,000 in BUSE common stock (5x annual cash retainer; retainer $50,000 effective March 2025); DSUs do not count; all non-employee directors in compliance as of 12/31/2024 .
Performance Compensation
Director Equity Awards (2024)
| Instrument | Grant | Vesting | Settlement | Notes |
|---|---|---|---|---|
| Deferred Stock Units (DSUs) | 3,126 units | Time-based; vest on first anniversary of grant | Generally within 30 days after earlier of separation from board or change in control | Grant date fair value $72,992 |
No performance metrics are tied to director DSU awards (director equity is time-based, not performance-based) .
Other Directorships & Interlocks
- Public company boards: None disclosed for Mr. King .
- Compensation Committee interlocks: Proxy reports no interlocks or insider participation among 2024 Compensation Committee members; none served as officers of First Busey or had relationships requiring disclosure .
Expertise & Qualifications
- Board’s rationale: Qualified for service (Nominating and Compensation Committees) due to business and financial expertise as founding partner/managing member in private equity and extensive board service across industries .
- Independence and governance: Determined independent; participates on governance-critical committees .
Equity Ownership
Beneficial Ownership (as of April 1, 2025)
| Holder | Common Shares Beneficially Owned | % of Outstanding | Composition |
|---|---|---|---|
| Stephen V. King | 213,349 | <1% | 181,918 shares held by the Stephen V. King 2004 Declaration of Trust (sole trustee, sole voting/investment power) and 31,431 shares issuable at termination pursuant to DSUs |
Ownership Alignment Policies
- Hedging prohibited; pledging requires Nominating Committee approval; no new pledging approvals in 2024; King not noted as having pledged shares .
- Stock ownership guideline compliance: all directors in compliance as of 12/31/2024; DSUs excluded from guideline calculations .
Recent Insider Transactions (Form 4)
| Filing Date | Transaction Date | Description | Source |
|---|---|---|---|
| Mar 28, 2025 | Mar 26, 2025 | Statement of changes in beneficial ownership (Form 4; details on issuer IR page) | |
| Apr 29, 2025 | Apr 29, 2025 | Form 4 (details in SEC PDF) | |
| Jul 29, 2025 | Jul 29, 2025 | Other acquisition/disposition (Form 4 listing) | |
| Nov 4, 2025 | Oct 31, 2025 | Acquisition of 359 dividend equivalent rights on DSUs (at $0) |
Governance Assessment
- Strengths: King chairs the Compensation Committee and serves on Nominating, both fully independent and active (8 and 6 meetings in 2024), signaling deep involvement in pay, succession, and director nominations . Director ownership guidelines (5x cash retainer; $250k) and broad compliance reinforce alignment; hedging banned and pledging tightly controlled . Strong shareholder support on say‑on‑pay in 2024 (~93%) and 2025 (95.9%), indicating investor confidence in compensation governance overseen by King .
- Compensation oversight: Committee uses independent consultant Pearl Meyer; independence reviewed with no conflicts; committee produces CD&A and oversees NEO pay plans and succession, supporting pay-for-performance rigor .
- Ownership and insider activity: Significant beneficial ownership via trust plus accumulated DSUs; no pledging noted for King; insider transactions include administrative DSU-related accruals (DERs), not discretionary sales, suggesting continued alignment .
- Related-party safeguards: Audit Committee reviews/approves related-person transactions; loans/services to insiders conducted on market terms with normal risk; proxy cites no relationships requiring disclosure for Compensation Committee members, reducing conflict risk .
- RED FLAGS: None disclosed specific to King (no pledging noted; attendance threshold met; no interlocks; director equity is time-based rather than performance-linked but consistent with market practice) . Potential monitoring area: Private equity affiliations can pose theoretical conflicts if portfolio companies become counterparties, but proxy discloses no related-person transactions requiring disclosure involving King; Audit Committee oversight mitigates risk .