FIRST FINANCIAL BANCORP. (NASDAQ:FFBC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
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(e)
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On March 27, 2017, First Financial Bank, the wholly-owned
subsidiary of First Financial Bancorp., and John M. Gavigan, Chief Financial Officer of the Company and First Financial Bank (collectively, the Company), entered into a revised Severance and Change in Control Agreement (the Revised Agreement). The Revised Agreement replaces the Severance and Change in Control Agreement between the Company and Mr. Gavigan effective March 13, 2015 (filed as Exhibit 10.1 to the Form 8-K filed on March 16, 2015) (File No. 001-34762). |
agreement to align with other severance agreements entered into
from time to time by the Company and other executives, to align
with the Companys benefit plans, and to clarify certain tax
treatments of the benefits payable to Mr. Gavigan under the
agreement. Additionally, the Revised Agreement modifies the form
of release agreement required to be executed by Mr. Gavigan in
exchange for the benefits to be paid under the Revised Agreement.
payable to Mr. Gavigan.
in its entirety by reference to the Severance and Change in
Control Agreement between John M. Gavigan and the Company dated
March 27, 2017 filed as Exhibit 10.1 and incorporated herein by
reference.
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Item 8.01.
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Other Events.
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Compensation. Under this policy, the Company will seek
reimbursement or forfeiture of incentive compensation paid to
certain officers under circumstances including but not limited
to:
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Misconduct or negligence resulting in financial restatement
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An incentive award being based on materially inaccurate
data resulting from officers fraud, willful misconduct or gross negligence |
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An incentive award being related to willful misconduct or
gross negligence having a significant reputational or economic impact on the Company |
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Company is subject to regulation or government direction
requiring return of incentives |
agreements and Severance and Change in Control agreements are
subject, by their terms, to any recoupment or clawback policy the
Company puts in place. All such plans and agreements are
immediately subject to the Policy Regarding Recoupment of
Compensation.
purposes of the Securities Exchange Act of 1934, as amended.
Gavigan and the Company dated March 27, 2017.
About FIRST FINANCIAL BANCORP. (NASDAQ:FFBC)
First Financial Bancorp. (First Financial) is a regional bank holding company. First Financial is engaged in the business of commercial banking and other banking and banking-related activities through its subsidiary, First Financial Bank, National Association (the Bank). The range of banking services provided by First Financial to individuals and businesses include commercial lending, real estate lending and consumer financing. First Financial offers deposit products that include interest-bearing and non-interest-bearing accounts, time deposits and cash management services for commercial customers. First Financial’s Wealth Management division provides a range of trust and asset management services. It operates over 110 banking centers. The Company’s operating markets are located within the regions of Ohio, Indiana, and Kentucky. First Financial operates over 60 banking centers in Ohio, approximately 40 banking centers in Indiana and over four banking centers in Kentucky. FIRST FINANCIAL BANCORP. (NASDAQ:FFBC) Recent Trading Information
FIRST FINANCIAL BANCORP. (NASDAQ:FFBC) closed its last trading session up +1.20 at 27.85 with 115,090 shares trading hands.
