Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Gary Whitaker, executive vice president and chief credit officer of Wilson
Bank & Trust (the "Bank"), a wholly owned subsidiary of Wilson Bank Holding
Company (the "Company") has communicated to the Bank that he intends to retire
from the Bank effective December 31, 2022. In connection therewith, Taylor
Walker, the Bank's executive vice president - head of commercial lending is
expected to be appointed as Mr. Whitaker's successor as executive vice president
and chief credit officer of the Bank effective upon Mr. Whitaker's retirement.
Mr. Walker, age 38, has been employed by the Bank as executive vice president -
head of commercial lending since April 2022. Prior to that he served as senior
vice president - head of commercial lending from January 2021 through March
2022. From January 2017 through December 2022, Mr. Walker served as the Bank'
senior vice president and north region president. Before that he was a vice
president and business development manager from January 2016 through December
2016 and a vice president and office manager from August 2012 through December
2015.
(e) On November 21, 2022, the Bank entered into an Independent Contractor
Agreement with Mr. Whitaker (the "Independent Contractor Agreement") pursuant to
which Mr. Whitaker is expected to provide certain consulting services to the
Bank beginning April 3, 2023, the effective date of the Independent Contractor
Agreement. Pursuant to the Independent Contractor Agreement, Mr. Whitaker is
expected to, among other things, assist the Bank with the development of new
commercial loan products and services, provide expertise to the Bank in the
structuring and securing of commercial loans, provide support to the Bank's loan
officers and participate in meetings with the Bank's management and clients.
Mr. Whitaker's consulting payments under the Independent Contractor Agreement
will consist of a guaranteed $6,500.00 monthly consulting payment and a
guaranteed $200.00 monthly vehicle allowance payment for consulting as well as
an opportunity to earn non-guaranteed contingent consulting payments based on a
percentage of the loan origination and loan closing fees collected by the Bank
related to the consulting services he is to perform under the agreement. In
addition, he is entitled to receive under the Independent Contractor Agreement,
if earned, a non-guaranteed, contingent consulting payment equal to the product
of (i) the total consulting payments paid by the Bank to Mr. Whitaker each
calendar year during the term of the Independent Contractor Agreement multiplied
by (ii) a percentage equal to the sum of (A) the percentage utilized for
purposes of calculating the payout to the Bank's employees under an annual cash
incentive plan for that same calendar year in which those employees participate
that is expected to be tied to the Bank's return on assets (ROA) and (B) 3.50%.
In addition, he will be eligible for other benefits described in the Independent
Contractor Agreement, including the ability to participate in retiree health
plan coverage. The term of the Independent Contractor Agreement is for one year
commencing on the April 3, 2023 effective date, unless earlier terminated in
accordance with the terms of the Independent Contractor Agreement.
This summary of the Independent Contractor Agreement is qualified in its
entirety by reference to the Independent Contractor Agreement, a copy of which
is filed herewith as Exhibit 10.1, which agreement is incorporated by reference
herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Independent Contractor Agreement by and between Wilson Bank & Trust and
Gary Whitaker, dated as of November 21, 2022 .
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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