Prosperity Bancshares CEO David Zalman signs amended employment agreement with change-in-control terms
Prosperity Bancshares entered a Fourth Amended and Restated Employment Agreement with CEO David Zalman on October 15, 2024. The revised agreement narrows change-in-control payments: cash payments now apply only if Zalman resigns for Good Reason or is terminated without Cause within a window from six months before to 18 months after a change in control.
- Agreement dated October 15, 2024, amends the Third Amended and Restated Agreement effective December 29, 2023.
- Prior agreement paid three times base salary and three times average annual bonus upon a change in control.
- Revised agreement requires a qualifying termination, with payments tied to a window running six months before to 18 months after a change in control.