Prosperity Bancshares amends Chairman H.E. Timanus's employment agreement, changing change-in-control pay
Prosperity Bancshares entered a Third Amended and Restated Employment Agreement with Chairman H.E. Timanus, Jr. on January 21, 2025. The main change is that change-in-control severance now requires a qualifying termination within a window from six months before to 18 months after a change in control, and it adds a bonus-based component.
Key points
- Agreement dated January 21, 2025, replaces the prior agreement, which paid three times base salary on a change in control without a termination requirement
- Under the new terms, severance of three times base salary and three times average annual bonus applies only on termination for Good Reason or without Cause, within six months before to 18 months after a change in control
- Outstanding restricted stock vests upon a change in control, and the agreement permits personal investments in a competing business that do not interfere with his duties
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:17 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 22, 2025.
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