Avidbank Holdings, Inc. ( Nasdaq : AVBH) filed a current report on Form 8-K dated August 3, 2026, disclosing the appointment of Jonathan M. Dale as President of both the company and its Wholly Owned Subsidiary , Avidbank, a California state-chartered bank headquartered in San Jose, California.

Key Highlights

  • New President appointed: Jonathan M. Dale, age 48, became President of Avidbank Holdings and Avidbank effective August 3, 2026.
  • Base salary: Mr. Dale's Confirmation Letter sets an annualized base salary of $625,000 per year.
  • Equity grant: A restricted stock award with a grant-date Fair Value of $500,000 is to be issued, cliff vesting on the third anniversary of the effective date, subject to Compensation Committee approval.
  • Annual Bonus eligibility: Mr. Dale is eligible for an annual incentive and discretionary bonus of up to 100% of his base salary, payable 75% in cash and 25% in restricted stock with a 3-year annual vesting schedule.
  • Change in control protection: If terminated within 18 months following a change in control, Mr. Dale may receive a lump sum equal to two times the sum of his annual base salary and target annual incentive bonus, plus immediate equity vesting and COBRA reimbursement for 18 months.
  • Prior role: Mr. Dale most recently served as Executive Vice President and Regional Executive for California at Umpqua Bank, leading the institution's largest region with full profit-and-loss responsibility across five California markets.

Dale Appointment Details, Compensation Terms, and Leadership Transition at Avidbank

According to the filing, Avidbank Holdings and Avidbank entered into an Employment Confirmation Letter with Mr. Dale on June 26, 2026, ahead of his August 3, 2026 effective date. Avidbank is a California state-chartered bank and the primary operating subsidiary of Avidbank Holdings, which is an emerging growth company as indicated in the filing. Mr. Dale brings nearly 30 years of commercial banking experience, having previously held senior roles at Umpqua Bank, California Bank and Trust, and Washington Mutual Bank. He holds an M.B.A. from the University of Southern California's Marshall School of Business and completed the Pacific Coast Banking School's Masters in Banking program through the University of Washington Foster School of Business.

The Confirmation Letter, as described in the filing, provides Mr. Dale with a base salary of $625,000 per year on an annualized basis, along with eligibility for an annual aggregate incentive and discretionary bonus of up to 100% of that base salary. The bonus is determined solely at the discretion of the Compensation Committee based on the Bank's financial performance. In addition to the initial restricted stock award of $500,000 in grant-date fair value, Mr. Dale is also eligible for the company's annual retention restricted stock awards, subject to Compensation Committee approval and continued employment. The filing also notes reimbursement of reasonable business travel expenses, plus up to $7,500 per month in additional business travel reimbursement for a period of up to 12 months.

On the leadership structure, the filing states that Mark D. Mordell, the current Chairman, President, and Chief Executive Officer, will continue to serve as Chairman and Chief Executive Officer while no longer holding the title of President. Mr. Dale will report directly to Mr. Mordell. The filing also discloses that if Mr. Dale is terminated without cause outside of a change-in-control context, he is entitled, subject to execution of a separation and release agreement, to a cash severance payment equal to 50% of his annual base salary then in effect, plus six times the monthly cost of COBRA health continuation coverage, with the payment to be made within 60 days of the termination date.

What Was Disclosed

The filing discloses the appointment of Jonathan M. Dale as President of Avidbank Holdings and Avidbank, his employment terms under a Confirmation Letter dated June 26, 2026, the resulting change in Mark Mordell's title, and the terms of Mr. Dale's Change in Control Agreement and Indemnification Agreement.