USBC Inc.
08/24/2026 | Press release | Distributed by Public on 08/24/2026 07:07
Management Change/Compensation (Form 8-K)
Item 5.02(c) Appointment of Certain Officers
On August 21, 2026, USBC, Inc. (the "Company") appointed Daniel J. Beck to serve as the Company's Chief Financial Officer, effective August 27, 2026.
In connection with his appointment, Mr. Beck will receive an annual base salary of $400,000 and upon approval by the Compensation Committee of the Company's Board of Directors, Mr. Beck will also be granted an option to purchase 2,500,000 shares of the Company's common stock under the USBC, Inc. 2021 Amended and Restated Equity Incentive Plan, with an exercise price equal to the market price per share at the time of issuance. The option will vest over four years, with 25% vesting on the first anniversary of the date of issuance and the remaining 75% vesting ratably over the following three years, subject to Mr. Beck's continued employment through the applicable vesting dates.
Mr. Beck's employment with the Company is at will and may be terminated by either Mr. Beck or the Company at any time, with or without cause.
There is no arrangement or understanding between Mr. Beck and any other person pursuant to which Mr. Beck was appointed to serve as Chief Financial Officer of the Company and designated as its Principal Financial and Accounting Officer. There are no family relationships between Mr. Beck and any director or executive officer of the Company, and there are no transactions involving Mr. Beck that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Mr. Beck, age 53, is an experienced financial executive who has provided strategic chief financial officer consulting services to banks and financial technology companies on an independent consulting basis since 2023. Mr. Beck previously served as Chief Financial Officer of SVB Financial Group from June 5, 2017 until April 18, 2023 and of Silicon Valley Bank from June 5, 2017 until March 13, 2023. From June 2015 until May 2017, Mr. Beck served as Chief Financial Officer for BancWest Corporation, a subsidiary of BNP Paribas Group, and as Chief Financial Officer of Bank of the West. Mr. Beck previously held various finance and accounting positions with Bank of the West, Wells Fargo Bank, the Federal Home Loan Mortgage Corporation, E*TRADE Financial Corporation and Deloitte & Touche LLP. Mr. Beck holds a B.S. in Accounting from Virginia Commonwealth University and a B.S. in Biology from Virginia Polytechnic Institute and State University. Mr. Beck is a named defendant in litigation arising from his service as Chief Financial Officer and Principal Financial Officer of Silicon Valley Bank (SVB) and its holding company SVB Financial Group (SVBFG). SVB was placed into receivership with the Federal Deposit Insurance Corporation, and SVB Financial Group subsequently filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code. Since the bankruptcy of SVBFG, Mr. Beck has been involved in litigation regarding SVB and SVBFG. This litigation includes a civil case brought by the FDIC, as Receiver for SVB, captioned FDIC-R v. Becker, 25-cv-00569 (N.D. Cal.) and securities litigation matters (and related appeals) captioned In re SVB Financial Group Securities Litigation, 23-cv-01097 (N.D. Cal.); Buchanan v. Becker, 24-cv-02684 (N.D. Cal.); TIAA v. Becker, 24-cv-00478 (N.D. Cal.); Stevenson v. Becker, 23-cv-02277 (N.D. Cal.); and Rossi v. Becker, 23-cv-02335 (N.D. Cal.). Each of these cases is currently pending, and no adverse factual findings have been made, or judgments entered, concerning Mr. Beck.
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