UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 24, 2022, the Board of Directors of Heritage Commerce Corp (the “Company”), upon recommendation of its Personnel and Compensation Committee, approved increases in salaries to the Company’s named executive officers as follows:
| Name | New Salary* | Percentage Increase | ||||||
| Walter T. Kaczmarek President and Chief Executive Officer | $ | 749,840 | 4.0 | % | ||||
| Michael E. Benito Executive Vice President / Business Banking Manager of Heritage Bank of Commerce | $ | 332,929 | 4.0 | % | ||||
| Margo G. Butsch Executive Vice President and Chief Credit Officer of Heritage Bank of Commerce | $ | 329,317 | 5.0 | % | ||||
| Robertson Clay Jones President and Chief Operating Officer of Heritage Bank of Commerce | ** | ** | ||||||
| Lawrence D. McGovern Executive Vice President and Chief Financial Officer | $ | 399,885 | 8.8 | % | ||||
| * | New salaries take effect April 1, 2022. | |
| ** | Mr. Jones received an increase in salary to $400,000 when he was promoted to President and Chief Operating Officer of Heritage Bank of Commerce in December 2021 |
Retiring Officer
On March 24, 2022, Michael Benito the Executive Vice President / Business Banking Manager of Heritage Bank of Commerce announced that he would be retiring from the Bank effective June 1, 2022.
New Officer
On March 24, 2022, Dustin Warford was appointed as the Executive Vice President, Business Banking Division Manager of Heritage Bank of Commerce effective June 1, 2022. Mr. Warford will assume the duties and responsibilities held by Mr. Benito. Mr. Warford is currently a Senior Vice President/Market President of Heritage Bank of Commerce.
Item 8.01 Other Events
The Board of Directors has fixed the date of the 2022 Annual Meeting of Shareholders for May 26, 2022 with a record date of March 25, 2022.
This year’s Annual Meeting will be a completely virtual meeting of shareholders, which will be conducted online via live webcast. The Company’s shareholders will be able to attend the Annual Meeting by registering at register.proxypush.com/HTBK.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: March 28, 2022
| Heritage Commerce Corp |
| By: | /s/ Lawrence D. McGovern | |
| Lawrence D. McGovern | ||
| Executive Vice President and Chief Financial Officer |