Robert Stephen Briggs
About Robert Stephen Briggs
Robert Stephen Briggs, age 75, has served on First US Bancshares, Inc.’s board since 2014 and was designated Vice Chairperson and Lead Independent Director in January 2025. He brings 40+ years of insurance industry leadership including service as Executive Vice President at Protective Life Corporation; he founded Petra Life Services, Inc. (CEO) in 2008 and is CEO of Longevity Quest, Inc. . The Board waived its mandatory retirement policy after his 75th birthday to retain him based on contributions and qualifications . He is independent under Nasdaq rules and is identified by the Board as an “audit committee financial expert” .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Protective Life Corporation | Executive Vice President | Retired in 2008 | Senior insurance executive leadership; extensive financial services experience |
| Insurance industry (various) | Field Agent, General Manager, Executive | n/a | Broad operating exposure across insurance distribution and management |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Petra Life Services, Inc. | Founder, President & CEO | Since 2008 | Insurance, financial and investment consulting; founder-led governance perspective |
| Longevity Quest, Inc. | Chief Executive Officer | n/a | Longevity analysis for wellness management and planning; risk analytics expertise |
| American United Mutual Insurance Holding Co. | Director; Lead Independent Director | Retired 2021 | Executive committee member; chair of Governance & Nominating and Compensation committees |
Board Governance
- Roles: Vice Chairperson and Lead Independent Director (Jan 2025); Audit Committee member; Executive Committee member; Audit Committee “financial expert” designation .
- Independence: Board determined all directors except the CEO (Mr. House) are independent; Briggs qualifies as independent .
- Attendance: Board held 10 regular and 1 special meeting in 2024; all incumbent directors attended at least 75% of aggregate Board and committee meetings . Audit Committee met 11x; Compensation Committee 4x; Nominating & Corporate Governance 8x; Executive Committee 4x .
- Leadership structure: CEO was appointed Chairperson in Jan 2025; Lead Independent Director role created/affirmed (Briggs) to balance governance and facilitate independent oversight .
- Executive sessions: Independent directors hold executive sessions at least twice per year .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual director retainer (standard) | $24,000 | All non-employee directors |
| Lead Independent Director retainer | $10,000 | Additional retainer when LID role exists |
| Committee chair fees | $7,500 (Audit Chair); $5,000 (others) | Briggs is not a chair; he is an Audit Committee member |
| Equalization stipend | Included in fees | Began 2021 to equalize pay across directors with/without retirement agreements |
| 2024 total fees (Briggs) | $44,182 | Includes equalization stipend and standard fees |
| All other compensation (Briggs) | $355 | Mileage and related reimbursements |
| 2024 total compensation (Briggs) | $66,398 | Fees + stock awards + other comp |
Performance Compensation
| Equity Component | Grant Date | Shares/Units | Vesting | Fair Value |
|---|---|---|---|---|
| Restricted stock (directors aggregate) | Feb 9, 2024 | 12,200 total to directors | Vested in full on first anniversary (Feb 9, 2025) [program terms] | n/a |
| Restricted stock (Briggs – unvested at 12/31/2024) | Feb 9, 2024 | 2,100 | Vests at first anniversary of grant | $21,861 |
| Stock options (Briggs – outstanding) | Various prior grants | 6,000 | Per award agreements; no new director options in 2024 | n/a |
- No performance-based director metrics disclosed; director equity awards vest time-based and are not tied to financial/ESG targets .
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock/Conflict |
|---|---|---|
| American United Mutual Insurance Holding Co. | Former director; lead independent director; chair of Governance & Nominating and Compensation; retired 2021 | No FUSB-disclosed interlock; historical roles enhance governance depth |
- Related-party transactions: No Briggs-specific related-party transactions disclosed; Bank’s director/customer relationships follow market terms and are reviewed under the Related Person Transactions policy .
- Board considered director deposit/loan relationships and found them not material to independence; specific leasing relationships involve director Thompson, not Briggs .
Expertise & Qualifications
- Audit committee financial expert (GAAP, ICFR, audit functions) .
- 40+ years insurance/financial services leadership; EVP at Protective Life .
- Founder/CEO experience (Petra Life Services; Longevity Quest) with risk analytics and longevity planning .
- Credibility and leadership recognized through prior lead independent director and committee chair roles at a mutual insurance holding company .
Equity Ownership
| Measure | Amount/Detail |
|---|---|
| Total beneficial ownership | 74,418 shares (1.29% of class) |
| Components | 16,096 share equivalents in Deferral Plan acquirable within 60 days; 3,000 vested options exercisable within 60 days; 2,100 unvested restricted shares; 4,430 shares in spouse’s IRA |
| Shares outstanding base | 5,752,262 shares; director and officer right-to-acquire shares included per methodology |
| Director stock ownership guideline | Minimum 400 shares; all non-employee directors compliant in 2024 |
| Hedging/pledging | Prohibited by Insider Trading Policy; no directors/executives currently engage in hedging/pledging |
Governance Assessment
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Strengths
- Lead Independent Director role alongside CEO/Chair combination supports independent oversight; Briggs designated LID and Vice Chair .
- Audit Committee financial expert; active committee service (Audit; Executive) enhances board effectiveness in finance and risk .
- Material equity ownership (1.29%) and compliance with ownership guidelines; no hedging/pledging — alignment with shareholders .
- Attendance: Board and committees met frequently; all directors met at least 75% attendance in 2024 — engagement signal .
- Company-wide say-on-pay support at 86% in 2024 suggests constructive shareholder relations (contextual governance signal) .
-
Potential risk indicators / red flags
- Mandatory retirement policy waiver to retain Briggs beyond age 75 indicates board’s confidence but can raise entrenchment concerns; monitoring of refreshment and tenure balance warranted .
- CEO also serving as Chair since Jan 2025 increases reliance on the LID role’s effectiveness; continued evaluation of independent board leadership processes advisable .
- Legacy director retirement agreements exist for pre-2013 directors (not applicable to Briggs) and create uneven benefits; equalization stipends used to balance compensation — transparency is good, but structure complexity merits monitoring .
-
Related-party/independence
- No Briggs-specific related-party transactions disclosed; Board reviewed ordinary-course director relationships and found no material independence impairments .
-
Compliance
- Section 16(a): All required filings timely in 2024 except a single late Form 4 for an executive (not Briggs) — indicates robust compliance; continue monitoring .
Overall, Briggs presents as a seasoned, engaged independent director with meaningful skin-in-the-game and risk/finance expertise. The board’s retirement policy waiver underscores his perceived value, while the CEO/Chair structure elevates the importance of his LID role in safeguarding investor confidence.