Paula J. Williamson-Reid
About Paula J. Williamson-Reid
Paula J. Williamson-Reid, age 63, is Vice Chairperson of the Board of First Seacoast Bancorp, Inc. and First Seacoast Bank. She is the founding owner and Chief Executive Officer of Reid & Company Executive Search Ltd., and an ICF-accredited leadership development coach with engagements across technology, financial services, pharma, consumer goods, and insurance in the U.S., Europe, and Asia. Director since 2018; she brings deep expertise in people asset management, executive recruitment, and compensation/benefits oversight . She is considered independent under Nasdaq listing standards (only the CEO is non-independent) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Reid & Company Executive Search Ltd. | Founder & Chief Executive Officer | Not disclosed | Executive search and “People Strategy” expertise leveraged for HR, compensation, and benefits oversight |
| First Seacoast Bancorp, Inc. & First Seacoast Bank | Vice Chairperson of the Board | Since at least 2018 | Board leadership role; independent governance perspective |
External Roles
| Organization | Role | Nature | Notes |
|---|---|---|---|
| Berwick Academy | Vice Chair | Non-profit/academic | Active local community leadership |
| Sisters’ Wish | Board Member | Non-profit | Community engagement |
Board Governance
| Attribute | Detail |
|---|---|
| Committee Assignments | Chair, Compensation and Personnel Committee; not listed on Audit or Nominating & Governance Committees |
| Committee Meetings (2024) | Audit: 4; Compensation and Personnel: 1; Nominating & Governance: 2 |
| Board Leadership | Independent Chair (James Jalbert); CEO separate from Chair; Williamson-Reid serves as Vice Chair |
| Independence | Independent under Nasdaq standards (only CEO non-independent) |
| Board Attendance | Board held 15 meetings in 2024; no director attended fewer than 75% of board and committee meetings; all but one director attended the 2024 annual meeting |
Fixed Compensation
| Component (FY2024) | Amount (USD) |
|---|---|
| Fees Earned or Paid in Cash | $25,100 |
| Stock Awards (grant-date fair value) | $39,018 (restricted stock awards; 4,200 shares at $9.29 grant-date price) |
| Stock Options (grant-date fair value) | $38,745 (10,250 options; vesting over 3 years) |
| Nonqualified Deferred Compensation Earnings | $17,091 |
| Total | $119,954 |
| Director Retirement & Deferred Programs | Key Terms |
|---|---|
| Supplemental Director Retirement Agreement | $20,000 annual retirement benefit if serving to age 70; 10-year payout; vesting: 0% first 6 years, then 25%/50%/75%/100% in years 7/8/9/10; change-in-control: present value of $20k x 10 years; death: vested balance in lump sum |
| Director Fee Continuation Agreement | Substantially similar terms (used for one director); overall structure mirrors retirement agreement |
| Deferred Director Fee Plan | Directors may defer fees; credited at 7-year Treasury rate (compounded monthly); payouts at separation or specified date in lump sum or 5/10-year installments; lump sum upon separation within two years of change in control if elected; payable upon death |
Performance Compensation
| Equity Award | Grant Date | Shares/Options | Vesting | Performance Metrics |
|---|---|---|---|---|
| Restricted Stock | Dec 2, 2024 | 4,200 shares | 3 approximately equal installments; first vest Dec 2, 2025 | Time-based only; no performance metrics disclosed |
| Stock Options | Dec 2, 2024 | 10,250 options | 3 approximately equal installments; first vest Dec 2, 2025 | Time-based only; no performance metrics disclosed |
Other Directorships & Interlocks
| Company Type | Role | Notes |
|---|---|---|
| Public company boards | None disclosed | No other public company directorships mentioned in proxy |
| Nonprofit/Academic | Vice Chair, Berwick Academy; Board Member, Sisters’ Wish | Community leadership; no disclosed related-party transactions with FSEA |
Expertise & Qualifications
- Executive search and leadership development across multiple industries and geographies; expertise in talent identification and acquisition; supports HR, compensation, and benefits oversight on the board .
- Community leadership roles indicating familiarity with regional markets served by the bank .
Equity Ownership
| Item | Detail |
|---|---|
| Total Beneficial Ownership (Apr 1, 2025) | 18,414 shares; less than 1% of 4,730,753 shares outstanding |
| Breakdown | 2,925 shares via IRA; 1,500 via trust; 6,229 options exercisable within 60 days of Apr 1, 2025 |
| Director Equity Grants Outstanding (as of Dec 31, 2024) | Restricted stock award: 4,200 shares; stock option award: 10,250 options |
| Pledging | None of the named individuals has pledged shares |
| Hedging Policy | Company prohibits hedging or derivative transactions that offset decreases in market value of FSEA stock for directors and related persons |
Governance Assessment
- Independence and leadership: Williamson-Reid is independent and serves as Vice Chair, while also chairing the Compensation and Personnel Committee—positioning her at the center of pay and human capital oversight .
- Committee workload: Compensation and Personnel Committee met once in 2024 (vs. Audit 4, Nominating 2). For a bank with equity grants to directors and executives (Dec 2024), a single meeting may indicate limited formal cadence—worth monitoring for effectiveness relative to compensation actions and oversight responsibilities .
- Pay and alignment: Director equity grants (4,200 RS; 10,250 options) with time-based vesting and no performance metrics bolster long-term alignment but lack explicit performance linkage (e.g., TSR or profitability measures) .
- Ownership and policies: Beneficial ownership is modest (<1%) but supported by anti-hedging and no pledging—reducing misalignment risks .
- Conflicts/related-party exposure: She leads an executive search firm; no related-party transactions with FSEA above $120,000 disclosed since Jan 1, 2024. Loans to directors/officers, where applicable, were ordinary course, market terms, and compliant with federal banking regulations—monitoring is advisable but no adverse features disclosed .
- Board engagement: Board held 15 meetings in 2024 with ≥75% attendance for all directors; annual meeting attendance was strong (all but one director) .
RED FLAGS to monitor
- Change-in-control acceleration under Supplemental Director Retirement Agreements (present value of $20,000 x 10 years) could be viewed as shareholder-unfriendly if not clearly justified—monitoring advisable .
- Low frequency of Compensation Committee meetings (1 in 2024) relative to oversight scope, especially around equity grants and pay decisions .
Signals that support investor confidence
- Independent board leadership structure (separate Chair/CEO; independent Chair) and clear independence status .
- Anti-hedging policy and absence of share pledging reduce misalignment/hedging risks .
- No material related-party transactions disclosed and compliant lending practices to insiders .