Haskell Strange
About Haskell Strange
Haskell Strange (age 58) serves as Senior Vice President and Chief Operating Officer of Broadstreet Bank (subsidiary of Texas Community Bancshares) and has held this role since 2004, supervising operations and information technology and assisting in deposit compliance, human resources, and marketing . His incentive compensation is tied to Broadstreet Bank’s net income and his tenure at the bank, reinforcing a profitability-linked pay-for-performance framework . As of March 27, 2025, Strange beneficially owned 26,865 shares (<1% of shares outstanding), with no pledging reported, and holdings across 401(k), ESOP, restricted stock, and options categories .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $134,200 | $153,120 |
| Actual Bonus ($) | $21,504 | $24,499 |
| Stock Awards ($) | $153,143 | — |
| Stock Option Awards ($) | $150,019 | — |
| All Other Compensation ($) | $147,767 | $29,896 |
| Total Compensation ($) | — | $207,515 |
2024 All Other Compensation Details
| Category | Amount ($) |
|---|---|
| 401(k) Employer Matching Contribution | $4,612 |
| ESOP Allocation | $14,485 |
| Deferred Compensation Plan (interest before plan termination) | $4,084 |
| Automobile Allowance | $5,500 |
| Telephone and Social Allowance | $1,100 |
| Life Insurance Premiums | $115 |
| Total | $29,896 |
Bonus design: Incentive compensation is based on Broadstreet Bank net income and executive tenure; there is no disclosed target bonus percentage .
Performance Compensation
Cash Incentives
| Metric | Weighting | Target | Actual | Payout Mechanism | Vesting |
|---|---|---|---|---|---|
| Broadstreet Bank Net Income (profitability) | — | — | $24,499 (2024 bonus) | Annual cash incentive | Not applicable |
| Executive Tenure | — | — | Component of annual bonus | Annual cash incentive | Not applicable |
Equity Awards and Vesting
| Award Type | Grant Context | Shares/Units | Status at 12/31/2024 | Vesting Schedule | Key Dates/Terms | Valuation |
|---|---|---|---|---|---|---|
| Restricted Stock (RSUs) | 2023 award at $15.67 close price | 9,773 (outstanding at 12/31/2023) | 7,819 unvested at 12/31/2024 | 5 approximately equal installments; first vest 2/28/2024 | First vest: 2/28/2024 | Market value of unvested: $119,240 at 12/31/2024 |
| Stock Options | 2023 award (binomial fair value) | 24,433 outstanding at 12/31/2023 | 4,886 exercisable and 19,547 unexercisable at 12/31/2024 | 5 approximately equal installments; first vest 2/28/2024 | Exercise price: $15.67; expiration: 02/28/2033 | Realized value depends on future market price |
Additional equity plan context: The 2022 Equity Incentive Plan authorizes stock options and restricted stock/RSUs; the company historically avoids granting options during closed trading windows and near material disclosures .
Equity Ownership & Alignment
| Item | Amount |
|---|---|
| Total Beneficial Ownership (as of 3/27/2025) | 26,865 shares |
| Ownership as % of Shares Outstanding | <1% (based on 3,061,652 shares outstanding) |
| Breakdown: 401(k) | 6,000 shares |
| Breakdown: ESOP (allocated) | 3,154 shares |
| Breakdown: Restricted Stock (awarded under 2022 Plan) | 9,773 shares |
| Breakdown: Options (exercisable within 60 days of 3/27/2025) | 9,772 shares |
| Shares Pledged | None reported |
ESOP terms: participants vest at 20% per year after one year of service; fully vested after six years .
Employment Terms
| Term | Details |
|---|---|
| Position | Senior Vice President & Chief Operating Officer (since 2004) |
| Current Base Salary | $153,120 |
| Contract Term and Auto-Renewal | Two-year term; auto-renews one additional year each March 1 unless notice of non-renewal; evaluation by disinterested directors at least 30 days before anniversary; extends to ensure ≥2-year term post-change in control |
| Bonus Eligibility | Participates in senior management bonus plans; discretionary bonuses possible |
| Severance (qualifying termination, no change in control) | Lump sum equal to base salary and highest annual bonus (from prior three years) he would have received during the remaining contract term; COBRA reimbursement up to 18 months |
| Change-in-Control Economics | Double trigger: if termination at/within two years after change in control, severance equals 2x (base salary + highest annual cash bonus from relevant period); COBRA reimbursement up to 18 months |
| Non-Compete/Non-Solicit | One-year restrictions post-termination (outside change-in-control context) |
| Benefits/Perquisites | Eligible for employee plans and perquisites; reimbursement of reasonable business expenses |
Investment Implications
- Pay-for-performance linkage: Bonuses tied to bank net income and tenure align cash incentives with profitability; absence of disclosed target bonus percentages suggests committee discretion, warranting monitoring of payout calibration .
- Equity vesting cadence implies periodic liquidity events: RSUs and options vest in five equal installments with the first vest on 2/28/2024; unvested RSUs (7,819; $119,240 value at 12/31/2024) and remaining unexercisable options (19,547) indicate continued annual vesting that can create trading windows and potential selling pressure, subject to insider trading policies .
- Alignment indicators: Strange holds shares across 401(k), ESOP, RSUs, and options with no pledging reported, supporting alignment and lower collateral-driven sell risk; ownership remains <1% given the company’s small public float .
- Retention and change-in-control economics: Two-year rolling term plus double-trigger 2x CoC severance (base + bonus) and 18 months COBRA reimbursement enhance retention while protecting the executive in strategic transactions; one-year non-compete/non-solicit reduces near-term competitive transition risk .
- 2024 equity grant pause for Strange: No new 2024 equity grants for Strange (unlike 2023) modestly reduces near-term incremental equity-based dilution and may temper immediate vest-related selling, though existing unvested awards still drive vesting-driven events .