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SIVB > SEC Filings for SIVB > Form 8-K on 14-Feb-2014All Recent SEC Filings

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Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements for Certain Officers.

(e) On February 13, 2014, Silicon Valley Bank (the "Bank"), the principal banking subsidiary of SVB Financial Group (the "Company") entered into an international long-term assignment agreement (the "Agreement") with David Jones, the Company's President of Asia. Under the Agreement, Mr. Jones will continue his assignment in China as the Bank's President of Asia. Pending approval of the Chinese Banking Regulatory Commission (the "CBRC"), he will also assume the position of President of the Company's China joint venture bank, SPD Silicon Valley Bank Co., Ltd. (the "Joint Venture"), pursuant to terms set forth in a separate agreement. Ken Wilcox, the former President of the Joint Venture and current Chairman of the Bank, will continue to build out the Joint Venture, on behalf of the Bank. Pending approval of the CBRC, Mr. Wilcox will also assume the position of Vice Chairman of the Joint Venture.

The Agreement sets forth the key terms of Mr. Jones's at-will employment relationship with the Bank, as follows:
Term of Assignment. The term of Mr. Jones's assignment under the Agreement will be effective as of February 11, 2014 until December 31, 2015, unless terminated earlier. Either Mr. Jones or the Company may terminate the Agreement at any time.
Compensation Arrangement. Under the Agreement, Mr. Jones will receive the following compensation:
Annual Base Salary: $500,000

         Annual Cash Incentives: He will continue to be eligible to participate
          in the Company's Incentive Compensation Plan and his annual cash
          incentive compensation target will be 50% of his annual base salary.

Mr. Jones's previously-granted outstanding equity awards will continue to vest during his assignment in accordance with the applicable terms of those awards. He is expected to continue to be eligible to participate in the Company's equity incentive plan. His 2014 equity awards have not yet been determined. Assignment Benefits. Mr. Jones will be entitled to receive benefits relating to his assignment to China, including local housing, tax equalization and repatriation benefits, as described in the Agreement.

A copy of the Agreement is attached as Exhibit 10.1 and incorporated hereto by reference.

Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
10.1 International Long-Term Assignment Agreement for David Jones

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