Don P. Ledet
About Don P. Ledet
Don P. Ledet, age 59, serves as Senior Vice President and Chief Risk Officer (CRO) of Catalyst Bank (a subsidiary of Catalyst Bancorp, Inc.) since November 2023, overseeing credit, compliance, special assets, and facilities management . He previously led Retail Market Support at First Horizon Bank (2020–2023) and held multiple EVP leadership roles at IBERIABANK including retail operations, digital banking, deposit products, and BSA compliance, coordinating retail integration and conversion across 20+ acquisitions—experience that management cites as positioning the bank for growth .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Catalyst Bank (CLST) | SVP & Chief Risk Officer | Nov 2023–present | Leads credit, compliance, special assets, facilities; enterprise risk leadership for a growing community bank |
| First Horizon Bank | EVP, Head of Retail Market Support | Jul 2020–Oct 2023 | Operated enterprise retail support; prior leader in M&A retail integrations |
| IBERIABANK | EVP & Director of Retail Support; roles spanning digital banking, deposit products, operations, BSA | Jul 2011–Jun 2020 | Coordinated and led retail integration and conversion across 20+ acquisitions; scaled retail capabilities |
Fixed Compensation
| Year | Base Salary ($) | Notes |
|---|---|---|
| 2023 | 14,423 | Partial-year hire in Nov 2023 as CRO |
| 2024 | 150,000 | Per employment agreement base salary; subject to BoD discretion for increases |
Performance Compensation
- Catalyst Bank does not maintain a written bonus plan; discretionary bonuses have been used historically .
- 2024 bonus: $15,000 (discretionary). No target %, weighting, or specific performance metrics disclosed .
| Year | Incentive Type | Metric Basis | Target | Actual Payout ($) | Weighting | Vesting |
|---|---|---|---|---|---|---|
| 2023 | Annual Cash Bonus | Discretionary | N/A | 0 | N/A | N/A |
| 2024 | Annual Cash Bonus | Discretionary | N/A | 15,000 | N/A | Cash; no vesting |
Equity Awards (Grants and Structure)
- Time-based RSUs and stock options granted under the 2022 Recognition and Retention Plan and 2022 Stock Option Plan, respectively, vest 20% per year beginning December 1, 2024 for Mr. Ledet .
- Options carry a $11.30 exercise price and expire December 1, 2033 .
| Grant Year | Award Type | Underlying Amount | Grant-date FV ($) | Exercise Price | Vesting Commencement | Vesting Cadence | Expiration |
|---|---|---|---|---|---|---|---|
| 2023 | RSUs (Recognition & Retention Plan) | 8,464 | 95,643 | N/A | Dec 1, 2024 | 20% annually | N/A |
| 2023 | Stock Options (2022 Plan) | 21,160 | 85,465 | 11.30 | Dec 1, 2024 | 20% annually | Dec 1, 2033 |
Outstanding Equity and Vesting Status
| Metric | Dec 31, 2023 | Dec 31, 2024 |
|---|---|---|
| RSUs Vested (shares) | 0 | 1,692 |
| RSUs Not Vested (shares) | 8,464 | 6,772 |
| RSUs Market Value of Vested ($) | 0 | 19,915 (1,692 × $11.77) |
| RSUs Market Value of Unvested ($) | 91,750 | 79,706 |
| Options Exercisable (shares) | 0 | 4,232 |
| Options Unexercisable (shares) | 21,160 | 16,928 |
| Option Exercise Price ($) | 11.30 | 11.30 |
| Option Expiration | 12/1/2033 | 12/1/2033 |
Notes:
- Market values reflect closing price on 12/31/2023 ($10.84) and 12/31/2024 ($11.77) as provided in the proxy tables .
Equity Ownership & Alignment
- Beneficial ownership increased from 2,500 shares at April 1, 2024 to 8,854 shares at March 31, 2025; 2025 amount includes 2,500 shares held jointly with spouse and 1,003.7702 shares allocated in ESOP .
- Options exercisable within 60 days included in beneficial ownership: 0 as of April 1, 2024; 4,232 as of March 31, 2025 .
- The company reported a corrected Form 3 after an omission of 2,500 shares when Mr. Ledet joined; an amended Form 3 was filed .
| Date (Record) | Beneficial Shares | Percent of Outstanding | Options Included (60-day) | ESOP Allocated | Other Details |
|---|---|---|---|---|---|
| Apr 1, 2024 | 2,500 | <1% | 0 | — | Initial proxy ownership disclosure for Ledet |
| Mar 31, 2025 | 8,854 | <1% | 4,232 | 1,003.7702 | Includes 2,500 jointly with spouse |
Employment Terms
- Agreement: Three-year term executed May 2024, ending May 2027; Board to review prior to expiration for potential extension. Terminable with or without cause .
- Base Salary: $150,000; subject to Board discretion for increases .
- Involuntary Termination/Good Reason: Lump-sum cash severance equal to 12 months of base salary (as of termination date), subject to release; continued health coverage up to 12 months or until similar benefits obtained .
- Change in Control: If terminated without cause or with good reason on the effective date or within 30 days after a change in control, lump-sum cash severance equal to 12 months of the greater of base salary at change-in-control date or termination date; continued health coverage up to 12 months .
- Death: Estate/beneficiary paid 12 weeks of base salary; family health coverage for 12 weeks .
- Retirement/Plans: Participation in 401(k) and ESOP per company programs .
| Term Component | Detail |
|---|---|
| Contract Term | May 2024–May 2027; Board review for extension |
| Base Salary | $150,000 |
| Severance (Involuntary/Good Reason) | 12 months base salary + up to 12 months health coverage (subject to release) |
| Change in Control Termination | 12 months base salary (greater of CIC date or termination date) + up to 12 months health coverage |
| Death Benefit | 12 weeks salary + 12 weeks family health coverage |
| Plans | 401(k), ESOP participation |
All terms cited .
Governance and Clawback
- Clawback policy adopted in 2023: Board to seek recoupment of incentive-based compensation for the 3 years preceding any required material restatement due to non-compliance with federal securities law reporting requirements; subject to future revisions to comply with applicable law or listing standards .
Additional Compensation Detail (for context)
| Year | Salary ($) | Bonus ($) | Stock Awards FV ($) | Option Awards FV ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2023 | 14,423 | 0 | 95,643 | 85,465 | 0 | 195,531 |
| 2024 | 150,000 | 15,000 | 0 | 0 | 18,643 | 183,643 |
Narrative:
- 2024 “all other compensation” for NEOs includes ESOP share allocations (valued at $11.77 on 12/31/2024), life insurance, AD&D, and 401(k) matching; specific perquisite detail for Ledet not itemized in excess of $10,000 .
Investment Implications
- Alignment: Ledet’s equity is entirely time-based (RSUs and options vest 20% annually each December 1 starting 2024), with no disclosed performance-conditioned equity; annual cash bonuses are discretionary without disclosed financial metrics—indicating limited direct pay-for-performance linkage for his package .
- Retention and Selling Dynamics: The annual vesting cadence (Dec 1 each year through the grant’s five-year schedule) creates predictable potential liquidity windows; as of 12/31/2024, 1,692 RSUs vested and 4,232 options were exercisable, with remaining tranches scheduled annually—investors should monitor December vesting periods for possible incremental supply from option exercises/RSU settlements .
- Change-in-Control Economics: For a post-CIC termination on or within 30 days of the event, cash severance equals 12 months base salary plus health benefits (no 2–3x multiple), a comparatively modest package that limits windfall risk but still provides continuity protection; non-CIC involuntary termination economics are the same .
- Ownership: Beneficial ownership increased to 8,854 shares by Mar 31, 2025 (<1%), including ESOP allocations and 4,232 options exercisable within 60 days; while his stake is meaningful, it remains small relative to float, suggesting alignment is present but not dominant, especially given time-based (not performance-based) equity .
- Track Record: Prior experience leading retail integrations across 20+ acquisitions at IBERIABANK and enterprise retail support at First Horizon signals operational depth in integrations and process improvement—important for risk oversight and controlled growth objectives at CLST .