Reagan A. Reaud
About Reagan A. Reaud
Independent director of Stellar Bancorp, Inc. (STEL) since 2020; age 46. Founder/CEO of Privateer Capital Management (multi-strategy family investment firm) and founder/Chairman of Lucena Group (security and intelligence solutions). Education: B.A., Washington & Lee University (European History, magna cum laude); J.D., University of Texas School of Law (with honors); MBA, Wharton (Finance and Strategic Management). Prior roles include clerk to Justice Harriet O’Neill (Texas Supreme Court) and prosecutor at the Travis County Attorney’s Office .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CBTX, Inc. | Director | 2020–2022 | Audit and Compensation Committees (from 2021) |
| Privateer Capital Management, LP | Founder & CEO | 2013–present | Leads multi-strategy investment operations |
| Lucena Group | Founder & Chairman | n/a–present | Security and intelligence solutions leadership |
| Texas Supreme Court | Law Clerk to Justice Harriet O’Neill | n/a | Legal analysis and appellate clerkship experience |
| Travis County Attorney’s Office | Prosecutor | n/a | Criminal prosecution experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Beaumont Foundation of America | Chairman | n/a–present | Philanthropic leadership |
| The Reaud Foundation | Board member | n/a–present | Philanthropy governance |
| University of Texas Law School Foundation | Board member | n/a–present | Academic foundation governance |
| Austin Symphony | Trustee | n/a–present | Arts governance |
| Business Executives for National Security | Member | n/a–present | National security community |
| American Bar Foundation | Life Fellow | n/a–present | Legal community recognition |
Board Governance
- Committees: Corporate Governance & Nominating; Risk Oversight .
- Independence: Board determined Reaud is independent under NYSE and SEC rules .
- Board/committee activity: Board met 5 times in 2024; four executive sessions of independent directors were held; attendance threshold met by all except one director (individual attendance not disclosed) .
- Lead Independent Director: John Beckworth; not held by Reaud .
Fixed Compensation
| Component (2024) | Amount ($) | Notes |
|---|---|---|
| Annual cash retainer | Included in total | Company program: $40,000 cash retainer |
| Committee fees | Included in total | Members: CG&N ($5,000), Risk ($7,500); chairs receive higher fees (not applicable) |
| Meeting fees | Included in total | $750 per Board and per committee meeting |
| Total cash paid | 63,750 | Director-specific 2024 cash fees |
Performance Compensation
| Grant | Date | Shares/Units | Fair Value ($) | Vesting |
|---|---|---|---|---|
| Restricted stock (annual director grant) | Jun 1, 2024 | 2,660 | 60,000 | Vests May 1, 2025, continued service |
| Dividends on vested restricted stock | 2024 | — | 1,335 | Paid on previously vested shares |
- No performance-based equity for directors (time-based restricted stock; no options granted to directors) .
Other Directorships & Interlocks
| Company | Exchange | Role | Committee |
|---|---|---|---|
| None disclosed | — | — | — |
- Compensation Committee interlocks: Company discloses none among executives and committee members; not specific to Reaud but covers Board’s structure .
Expertise & Qualifications
- Investment leadership (family office, multi-strategy) and security/intelligence entrepreneurship .
- Legal credentials (clerkship, prosecution) and finance/strategy training (Wharton MBA) .
- Governance experience across foundations and community institutions .
- Fit for Risk Oversight and Corporate Governance committees per background .
Equity Ownership
| Holder | Direct Shares | Indirect/Entity | Unvested RS | Total Beneficial | % of Outstanding | Pledged |
|---|---|---|---|---|---|---|
| Reagan A. Reaud | 7,873 | 500 (Reaud Holdings LLC) | 2,660 | 11,033 | <1% | None disclosed |
- Ownership guidelines adopted Feb 26, 2025: Directors must hold 5x annual cash retainer; accumulation within 5 years; one-year post-vest holding for shares vesting from 2025 grants (compliance status for Reaud not disclosed) .
Governance Assessment
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Strengths:
- Independent director with relevant risk and governance committee service .
- Clean related-party profile; no director-specific related transactions disclosed; insider pledging permitted only with prior notice—no pledged shares disclosed for Reaud .
- Director pay structure balanced: modest cash retainer/fees plus equity; no stock options; time-based RS promotes alignment without riskier option incentives .
- Company governance enhancements in 2024–2025: declassification proposal, director resignation policy, enhanced shareholder rights (25% special meeting; shareholder bylaw amendments); strong say-on-pay support (96.5%) .
-
Watch items / RED FLAGS:
- Insider Trading Policy allows pledging with prior notice; while Reaud has no disclosed pledges, overall Board group has pledged shares—monitor ongoing pledging exposure at the Board level .
- Individual meeting attendance not disclosed by director; company notes one director below 75%—confirm future attendance metrics for Reaud as available .
- Equity plan share reserve increase (request for +1.1M shares) can imply dilution; monitor director grants scale relative to governance cap ($500k annual limit per non-employee director) .
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Implications for investors:
- Background and committee placement suggest Reaud contributes to risk oversight and governance rigor; compensation/ownership posture indicates alignment without complex pay structures.
- Company-level governance reforms positively affect investor confidence; no specific conflicts tied to Reaud have been disclosed.