Bill Bobbora
About Bill Bobbora
William (Bill) Bobbora is Executive Vice President and Chief Banking Officer of Third Coast Bancshares, Inc. (TCBX). He has served as Chief Banking Officer of the Company since February 2023 and of the Bank since May 2022; he joined the Bank in October 2021 as Managing Director, Head of Corporate Banking. Age 57. He holds a bachelor’s degree from the University of Nebraska and an MBA from the University of Texas at Austin. The proxy identifies him as a 30+ year corporate finance executive focused on building middle-market banking platforms; TSR- or revenue/EBITDA-linked incentive metrics are not disclosed—annual cash bonuses are discretionary and equity awards are primarily time-based.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Regions Bank | Managing Director; led Houston, South Texas & Louisiana corporate and investment banking | Oct 2020–Aug 2021 | Led regional corporate & investment banking activities, building market coverage |
| Cadence Bank | Senior leader launching middle market banking platform; built chemical & specialty services verticals | Sep 2011–Oct 2020 | Co-launched middle-market platform and industry verticals expansion |
| Wachovia | Corporate banking team member | n/a | Corporate banking experience contributing to platform building |
| KeyBank Capital Markets | Co-founded Houston office | n/a | Established regional presence and origination capability |
| Texas Commerce Bank (predecessor to JPMorgan Chase) | Early career in banking | n/a | Foundational corporate banking experience |
External Roles
| Organization | Role | Years |
|---|---|---|
| University of Houston – Bauer Business School Advisory Board | Advisory Board Member | n/a |
| University of Houston – Commercial Banking Advisory Board | Advisory Board Member | n/a |
| MD Anderson Cancer Center – Advance Team Advisory Board | Advisory Board Member | n/a |
| uwantgame | Co-founder (mentoring organization) | n/a |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus Paid ($) | All Other Compensation ($) | Notes |
|---|---|---|---|---|---|
| 2024 | 500,000 | Not disclosed | 350,000 | 101,614 (401k $11,077; life $110; salary continuation accrual $65,227; car allowance $24,000; cell $1,200) | Annual bonuses are discretionary; no fixed performance formula disclosed |
| 2023 | 500,000 | Not disclosed | 350,000 | 84,237 (401k $12,308; life $105; salary continuation accrual $46,624; car allowance $24,000; cell $1,200) | Became Company executive officer Feb 16, 2023 |
Performance Compensation
Equity Awards (grant-date fair value)
| Year | Stock Awards ($) | Option Awards ($) | Award Type | Source |
|---|---|---|---|---|
| 2024 | 150,592 | — | Restricted stock (time-based) | Summary Compensation Table |
| 2023 | 149,989 | — | Restricted stock (time-based) | Summary Compensation Table |
Outstanding Equity and Vesting Schedule (as of Dec 31, 2024)
| Instrument | Quantity | Strike/Price | Expiration | Vesting Schedule |
|---|---|---|---|---|
| Stock options (exercisable) | 22,500 | $24.00 | 10/1/2031 | In-the-money vs $33.95 close on 12/31/24 |
| Stock options (unexercisable) | 15,000 | $24.00 | 10/1/2031 | 7,500 vest on 10/1/2025 and 10/1/2026 |
| Restricted stock grant A | 6,321 | Market value $214,597.95 | — | 3,160 vested 3/15/2025; 3,161 vest 3/15/2026 |
| Restricted stock grant B | 7,598 | Market value $257,952.10 | — | 2,507 vested 3/15/2025; 2,507 vest 3/15/2026; 2,584 vest 3/15/2027 |
| Restricted stock grant C | 3,161 | — | — | Vests in full on 3/15/2026 |
| Restricted stock grant D | 5,091 | — | — | Vests in equal increments on 3/15/2026 and 3/15/2027 |
| Restricted stock grant E | 5,712 | — | — | Vests in equal increments on 3/15/2026, 3/15/2027, 3/15/2028 |
Performance metrics, weightings, targets, and payout factors are not disclosed; annual cash bonuses are discretionary and equity awards appear predominantly service-vesting under the 2019 Omnibus Incentive Plan.
Equity Ownership & Alignment
| Item | Amount | Notes |
|---|---|---|
| Total beneficial ownership (shares) | 78,556; <1% of outstanding | Based on 13,825,286 shares outstanding as of 3/24/2025; percentage shown as “*” (<1%) in proxy |
| Direct common shares | 33,387 | Personal holdings |
| IRA shares | 6,850 | Individual retirement account |
| ESOP allocated shares | 1,855 | Right to direct ESOP vote for allocated shares |
| Options (exercisable) | 22,500 | Counted in beneficial ownership per SEC rules |
| Restricted stock (unvested) | 3,161; 5,091; 5,712 | Specific grants and future vesting dates |
| Hedging policy | Prohibited for directors/executive officers | |
| Pledging | Limited to pre-approved exceptions; must demonstrate ability to repay without pledged securities | |
| Ownership guidelines | Not disclosed in proxy |
Employment Terms
| Term | Key Provisions |
|---|---|
| Employment agreement | Effective April 2023; initial term through 3rd anniversary; auto one-year renewals unless 90-day non-renewal notice. Role: Chief Banking Officer. Base salary in agreement: $500,000 (subject to review; may be increased, not decreased). Eligible for discretionary annual bonus, benefits, and equity grants. Covenants: confidentiality (perpetual), non-compete (during employment + 1 year; 6 months if resigns without Good Reason), non-solicit (during employment + 1 year). |
| Severance (without Cause or resign with Good Reason) | Payments over one year: 100% of annual base salary; plus average annual bonus over prior 3 full years (or target bonus if <1 year); COBRA reimbursement up to 12 months; equity vesting accelerated by one year. |
| Change-of-control (double trigger) | Lump sum: earned but unpaid prior-year bonus + 2.0x the sum of base salary and average bonus over prior 3 years (or target if <1 year); COBRA reimbursement up to 12 months; immediate vesting of outstanding equity per plan terms. |
| 280G excise handling | Cutback to avoid excise tax under Sections 280G/4999 if cutback yields higher net after-tax benefit; no tax gross-up. |
| Salary Continuation Agreement | Annual benefit of $100,000 for 10 years, payable monthly beginning at age 65 (Normal Retirement Age). As of 12/31/2024, accrued $111,851. Death-in-service: beneficiary not entitled to benefit under Bobbora’s agreement. Vesting mechanics for lump-sum payout of liability accrual balance vary by scenario: if termination by Bank/Company or for Good Reason prior to Normal Retirement Age—40% vested at 12/31/2023, +20% per year thereafter ; if termination by executive (other than death, cause, Disability, or Change in Control)—30% vested at 12/31/2023, +10% per year thereafter . Change in Control or Disability: 100% of liability accrual balance paid in a single lump sum. |
Performance Compensation
Annual Cash Bonus Structure
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual cash bonus (discretionary) | Not disclosed | Not disclosed | 2024: $350,000 ; 2023: $350,000 | Discretionary awards determined by Board assessment of Company performance and individual contributions | Cash (no vesting) |
Equity Incentive Plan Mechanics (2019 Omnibus Incentive Plan)
- Awards may be time-based or performance-conditioned; Compensation Committee determines vesting, exercisability, and performance conditions (if any). Options max term 10 years; exercise price ≥ fair market value at grant; RS and RSUs can include performance goals.
- Annual grant cadence historically around March 15; Committee avoids grants during blackout windows near filings and material 8-Ks.
Additional Disclosures and Signals
- Executive officer appointment: Board appointed Bobbora EVP & Chief Banking Officer on Feb 16, 2023 (Form 8-K).
- Named Executive Officer status: Became a Company executive officer on Feb 16, 2023; not a named executive before 2023.
- EGC status: TCBX is an Emerging Growth Company and uses reduced compensation disclosures under the JOBS Act.
Investment Implications
- Alignment: Bobbora’s pay mix includes meaningful equity via restricted stock and options; hedging is prohibited and pledging restricted to pre-approved exceptions, supporting alignment. Beneficial ownership totals 78,556 shares (<1%), including exercisable options of 22,500 and unvested RS grants scheduled through 2028.
- Retention risk: The employment agreement provides severance (1x salary + average bonus) and CoC double-trigger protection (2.0x salary+bonus), with COBRA and equity acceleration. The salary continuation agreement accrues to a $100,000/year benefit at retirement age, increasing vesting over time—both mechanisms incentivize tenure. Non-compete is 1 year (or 6 months on voluntary resignation without Good Reason), a moderate barrier.
- Trading signals: Options at $24.00 expiring 2031 were in-the-money versus $33.95 at 12/31/24, and service-vesting RS tranches cluster on March 15 annually and options vest October 1, 2025 and 2026—these dates can create potential selling windows or EPS dilution from exercises/vesting. No disclosed PSU metrics or formulaic bonus targets reduce direct pay-for-performance linkage; bonuses are discretionary.
- Governance: 280G cutback (no gross-up) and a formal related party transactions policy reduce red flags; ownership guidelines are not disclosed. Say-on-pay results not found in proxy.