EAST WEST BANCORP, INC. (NASDAQ:EWBC) 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
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
an Executive Employment Agreement (the Employment Agreement) with
its Chief Financial Officer, Irene Oh. The Employment Agreement,
effective as of December 21, 2016, has an initial term of two
years and is subject to annual renewal thereafter as may be
agreed by the Banks Board of Directors and Ms. Oh.
Annual Base Salary of $430,000, subject to periodic review and
increase, and will be eligible to participate in an annual
performance-based cash incentive plan, with a target bonus
opportunity of 60% of the annual base salary. Ms. Oh will also be
eligible to receive annual stock grants as approved by the Board
of Directors. In addition, Ms. Oh will be entitled to participate
in all employee benefit plans and perquisite arrangements
available to senior executives of the Bank and shall receive
reimbursement of reasonable business expenses.
with or without Cause (as defined in the Employment Agreement),
in the event of disability (as defined in the Employment
Agreement) or death.
shall pay to Ms. Oh (1) all accrued but unpaid Annual Base Salary
through the termination date, (2) accrued but unused vacation
days through the termination date, and (3) unreimbursed business
expenses incurred up through the termination date, subject to any
other rights or remedies of the Bank under law (collectively, the
Accrued Obligations). The Bank shall provide Ms. Oh with at least
ten (10) business days written notice of its intent to terminate
her employment for Cause.
time without Cause, for any reason or no reason at all, upon one
month advance written notice. In addition, it shall be considered
termination without Cause by the Bank if (1) Ms. Oh terminates
her employment for Just Reason (as defined in the Employment
Agreement) or if (2) without Ms. Ohs consent, (a) the Employment
Agreement is not, whether initially or with respect to any
subsequent renewal period, renewed or approved by the Banks Board
of Directors (other than in connection with a for Cause event),
and (b) within one month following the end of the then-current
employment term, Ms. Oh resigns from the Bank.
without Cause, and contingent upon Ms. Ohs execution and
non-revocation of a general release of claims, the Bank shall pay
to Ms. Oh the following: (1) the Accrued Obligations; (2) a
single lump sum amount (Severance Pay as defined in the
Employment Agreement) consisting of an amount equal to two times
of Ms. Ohs then annual base salary and an amount equal to the
annual cash bonus payout last received by Ms. Oh; and (3) any
annual bonus earned but unpaid with respect to a performance year
ending on or preceding the date of termination. In addition, any
equity awards shall continue to vest according to the grant date
schedules, provided that, performance restricted stock units
(RSUs) will be settled based on performance unit goal
achievement, except that if such termination of employment occurs
within two (2) years after a Change of Control (as defined in the
Employment Agreement), any performance RSUs will be settled as
follows: (1) any RSUs for which the performance period has
elapsed will continue to vest based on performance unit goal
achievement, and (2) any RSUs for which the performance period
has not lapsed will be converted into time-based units based on
the target performance level.
of her death or due to Disability (as defined in the Employment
Agreement), Ms. Oh or her beneficiary will be entitled to receive
(1) the Accrued Obligations and (2) any annual bonus earned but
unpaid with respect to a performance year ending on or preceding
the date of termination. The Employment Agreement also provides
that if Ms. Ohs employment terminates as a result of death or
Disability, all unvested RSUs that have been granted prior to the
date of death or Disability shall immediately vest.
report is qualified in its entirety by reference to the actual
terms of the Employment Agreement, which is attached as Exhibit
10.1 to this Form 8-K and incorporated herein by reference.
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Exhibit
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Description
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10.1
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Employment Agreement dated December 21, 2016 by and
between East West Bank and Irene Oh. |
About EAST WEST BANCORP, INC. (NASDAQ:EWBC)
East West Bancorp, Inc. (East West) is a bank holding company. The Company’s principal business is to serve as a holding company for East West Bank (the Bank) and other banking or banking-related subsidiaries. The Bank operates through three segments: Retail Banking, Commercial Banking and Other. The Retail Banking segment focuses primarily on retail operations through the Bank’s branch network. The Commercial Banking segment primarily generates commercial and industrial loans (C&I) and commercial real estate (CRE) loans through the domestic commercial lending offices located in California, New York, Texas, Washington, Massachusetts, Nevada and Georgia, and through the foreign commercial lending offices located in China and Hong Kong. Furthermore, the Commercial Banking segment also offers international finance and trade services and products. The remaining centralized functions, including the treasury operations of the Company are included in the Other segment. EAST WEST BANCORP, INC. (NASDAQ:EWBC) Recent Trading Information
EAST WEST BANCORP, INC. (NASDAQ:EWBC) closed its last trading session up +0.27 at 51.43 with 407,709 shares trading hands.