First Busey Corporation (NASDAQ:BUSE) Files An 8-K Submission of Matters to a Vote of Security HoldersItem 5.07(d) of Form 8-K, First Busey Corporation (the "Company"), is filing this Amendment to its Form 8-K originally filed on May 24, 2018, solely for the purpose of disclosing the Company's decision on the frequency of future advisory votes on executive compensation.
|Item 5.07|| |
Submission of Matters to a Vote of Security Holders.
In the proxy statement that the Company provided to its stockholders in connection with the Company's 2018 annual meeting of stockholders (the "Annual Meeting"), the Board of Directors of the Company recommended that the stockholders vote, on an advisory basis, in favor of conducting future advisory votes on executive compensation every year.These advisory votes on executive compensation are periodic, non-binding stockholder votes to approve the compensation paid to the Company's named executive officers as disclosed in the Company's proxy statements and are required under Section14A(a)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule14A-21(b) thereunder.
The Company held its Annual Meeting on May23, 2018. Of the 48,708,521shares of common stock issued and outstanding as of the record date for the Annual Meeting, 40,332,053 shares were represented at the meeting in person or by proxy, constituting 82.80% of the outstanding shares. In a non-binding advisory vote held at the Annual Meeting on the frequency of future advisory votes on executive compensation, 29,784,566 shares voted for one year, 85,433 shares voted for two years, 2,586,640shares voted for three years, 138,092 shares abstained and there were 7,737,322 broker non-votes.
Based upon these results, and consistent with the Board of Directors' recommendation to stockholders in the proxy statement for the Annual Meeting, the Company expects that it will continue to hold an advisory stockholder vote on executive compensation every year until the Company's 2024 annual meeting of stockholders, when the next stockholder vote on the frequency of future advisory votes on executive compensation is required under the Exchange Act.
About First Busey Corporation (NASDAQ:BUSE)
First Busey Corporation (First Busey) is a financial holding company. The Company offers a range of financial services through its banking and non-banking subsidiaries at multiple locations in Illinois, Florida, Indiana and Missouri. First Busey has a bank subsidiary, Busey Bank (the Bank). It operates through three segments: Banking, Remittance Processing and Wealth Management. The Banking operating segment provides a range of banking services to individual and corporate customers through its branch network in downstate Illinois, through its branch in Indianapolis, Indiana, and through its branch network in southwest Florida. The Remittance Processing segment provides for online bill payments, lockbox and walk-in payments. The Wealth Management segment provides a range of asset management, investment and fiduciary services to individuals, businesses and foundations, tax preparation, philanthropic advisory services, and farm and brokerage services.