Sushil Patel
About Sushil A. Patel
Independent director at Plumas Bancorp since 2024; age 47. Patel is a hospitality and real estate operator based in Reno/Lake Tahoe, owner of Laxmi Hotels (five properties) and managing partner at Mountain West Builders, one of Northern Nevada’s largest multifamily contractors. He holds a bachelor’s degree in business administration and public relations from California State University, Sacramento, and serves on the Renown Health Foundation board . The Board has determined he is independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Laxmi Hotels | Owner/operator (five hotel properties) | 20+ years | Local market knowledge; hospitality operations |
| Mountain West Builders | Managing Partner (multifamily contractor) | 20+ years | Real estate development; construction oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Renown Health Foundation | Board member | Current | Community engagement |
Board Governance
- Independence: Listed as independent director (Nasdaq standards) .
- Committee assignments: Member, Audit & Risk Committee (Chair: Robert J. McClintock; members: Michonne R. Ascuaga, Heidi S. O’Gara, Sushil A. Patel) .
- Attendance: Board met 16 times in 2024; no director attended less than 75% of Board and committee meetings; nine directors attended the 2024 annual meeting .
- Stock ownership guidelines: Directors must own/vote PLBC stock valued at $150,000; new directors have 36 months. Patel has until February 2027 to comply .
- Leadership: Independent Board Chair separate from CEO .
- Insider trading policy: Prohibits short sales and hedging of Company securities .
Fixed Compensation
Director cash compensation and 2024 totals:
| Metric | Amount |
|---|---|
| Monthly director fee | $4,000 |
| Audit & Risk and Loan Committee chair monthly fee | $4,450 |
| Board Chair monthly fee | $4,875 |
| Sushil Patel – Fees Earned or Paid in Cash (2024) | $44,000 |
| Sushil Patel – All Other Compensation (device allowance) | $440 |
| Sushil Patel – Total Director Compensation (2024) | $78,884.77 |
Performance Compensation
Equity awards and terms (directors):
| Item | Detail |
|---|---|
| Sushil Patel – Stock Awards (2024, fair value) | $34,444.77 |
| Sushil Patel – Option Awards (2024) | N/A (none) |
| RSU Program (directors, 2024) | Three directors received 1,011 RSUs each at $34.07 per share on Feb 21, 2024; vesting fully on Feb 21, 2025 |
| Option Program (directors, 2024) | Four directors received 3,400 options at $34.07 strike on Feb 21, 2024; 10-year term, standard vesting |
No director performance metrics (TSR/ROA/ESG) are attached to director equity grants; RSUs vest time-based .
Other Directorships & Interlocks
- Public company directorships: None; “No director of the Company serves as a director of any reporting company” (Investment Company Act/Securities Exchange Act registrants) .
- Business interests: Hospitality and construction businesses in Company’s footprint .
- Related party/ordinary-course banking: Directors and immediate families (and associated companies) have ordinary-course banking relationships; loans/commitments made on substantially the same terms as comparable non-affiliated customers, with normal credit risk and no unfavorable features .
Expertise & Qualifications
- Real estate market familiarity (Nevada/California), multi-property hospitality operations, and construction management; community leadership via Renown Health Foundation .
- Audit & risk oversight experience through committee service; Board deemed Audit & Risk members understand fundamental financial statements .
Equity Ownership
| Holder | Shares Beneficially Owned | Percent of Class |
|---|---|---|
| Sushil A. Patel (Director) | 2,385 | <1% (“*” in proxy indicates less than one percent) |
Additional details:
- Director options outstanding (as of Dec 31, 2024): Mr. Patel held 0 exercisable options; other directors’ counts provided separately .
- Anti-hedging/short sale prohibitions apply to directors .
- Ownership guideline compliance timeline: February 2027 deadline for Patel .
Governance Assessment
-
Positives:
- Independence and active role on Audit & Risk Committee—strengthens financial reporting and ERM oversight .
- Ownership alignment mechanisms (RSUs; director ownership guideline with timed compliance) .
- Separate Chair/CEO structure; robust committee framework (Audit & Risk; Corporate Governance & Compensation; Loan Committee) .
-
Potential conflicts/risks:
- Ordinary-course banking ties with directors’ businesses could pose perceived conflicts; policy indicates market terms and normal risk, mitigating concern .
- Section 16 reporting: The Company disclosed untimely Form 4 filings across current directors/executives during 2024 (one report each); minor compliance lapse to monitor .
- Retirement/fee continuation arrangements cover most directors but exclude Patel and Foster; while not a red flag for Patel, such arrangements for peers can raise questions on long-tail benefits; Patel not party to these .
-
RED FLAGS highlighted:
- Section 16 filing timeliness issue (one late Form 4 for each current director/executive) .
Overall signal: Patel’s local market expertise and independence support board effectiveness, particularly in credit and market risk contexts. Equity awards are time-based (no performance conditions), and his ownership guideline runway indicates alignment will increase by 2027; monitor compliance progress and ensure ordinary-course transactions remain at arm’s length .