CATHAY GENERAL BANCORP (NASDAQ:CATY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On March 1, 2018, the Compensation Committee (the “Committee”) of the Board of Directors of the Company approved to award on March 9, 2018, restricted stock units under the Company’s 2005 Incentive Plan, as amended and restated effective May 18, 2015 (“Plan”), to each of Irwin Wong, Heng W. Chen and Kim R. Bingham having values of $37,799, $42,223 and $26,587, respectively, based on the closing price of the Company’s common stock on March 9, 2018. The restricted stock units vested in full on the date of grant. Each restricted stock unit represents the right to receive one share of common stock of the Company, subject to adjustment in accordance with the Plan, which shares of common stock will be distributed to the officer on the first anniversary of the date of grant (or the first trading day thereafter).
If, prior to the share distribution date, the officer dies, the distribution of the shares of common stock shall be accelerated. The Company may recover some or all of the restricted stock units or the value thereof if it is determined that the award of the restricted stock units was based on the achievement of financial results that were subsequently the subject of a restatement due to material noncompliance with any financial reporting requirement under the federal securities laws, in accordance with the Plan.
About CATHAY GENERAL BANCORP (NASDAQ:CATY)
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); approximately seven limited partnerships investing in affordable housing investments, in which the Bank is the sole limited partner; GBC Venture Capital, Inc, and Asia Realty Corp. It also owns the common stock of over five statutory business trusts created for issuing capital securities. The Bank primarily services individuals, professionals and small to medium-sized businesses in the local markets and provides commercial mortgage loans, commercial loans, small business administration (SBA) loans, residential mortgage loans, real estate construction loans, home equity lines of credit and installment loans to individuals for automobile, household and other consumer expenditures. The Bank offers passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.