LEGACYTEXAS FINANCIAL GROUP, INC. (NASDAQ:LTXB) 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 |
Financial Group, Inc. (the Company) reviewed and approved,
effective for the 2017 plan year, the current version of its
Executive Annual Incentive Plan (the “EIP”) originally adopted by
the Company on February 28, 2013. Under the EIP, senior executive
officers of the Company are eligible to receive annual cash
incentive awards based on the achievement of pre-established
corporate performance goals. The EIP is reviewed annually by the
Company’s Compensation Committee of the Board of Directors to
ensure proper alignment with the Company’s business objectives.
The EIP will remain in effect each year until terminated or
modified by the Company. The EIP, a copy of which is attached
hereto, is incorporated herein by reference.
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ITEM 8.01
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Other Events
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that its Board unanimously voted to approve corporate governance
initiatives to declassify the Board of Directors and adopt a
majority vote standard for the election of Directors in uncontested
elections.
Companys articles of incorporation to eliminate the classification
of the Board to shareholders at the 2017 annual meeting, which will
be held on May 22, 2017 (2017 Annual Meeting). If shareholders
approve the proposal by the requisite vote, all directors would
stand for election or re-election each year beginning at the
Company’s annual meeting held after the 2017 Annual Meeting. The
full text of the proposal will be included in the Companys proxy
statement to be filed with the Securities and Exchange Commission
in April 2017.
Companys 2017 Annual Meeting, the Board intends to amend the
Company’s bylaws to adopt a majority vote standard for the
election of directors, beginning with the next election in May
2018. In the case of contested elections, directors will continue
to be elected by a plurality vote.
record date for determining who may vote at the 2017 Annual
Meeting. More information about the 2017 Annual Meeting will be
sent to Company shareholders in April 2017.
which is incorporated herein by reference.
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ITEM 9.01
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Financial Statements and Exhibits
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(d)
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Exhibits
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Exhibit 10.1
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Amended Executive Annual Incentive Plan
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Exhibit 99.1
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Press release dated March 3, 2017
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About LEGACYTEXAS FINANCIAL GROUP, INC. (NASDAQ:LTXB)
LegacyTexas Financial Group, Inc. is a bank holding company. LegacyTexas Bank is its wholly owned principal operating subsidiary. The Company is engaged in attracting retail deposits from the general public and the business community and investing those funds, along with borrowed funds, in commercial real estate loans, secured and unsecured commercial and industrial loans, as well as permanent loans secured by first and second mortgages on one- to four-family residences and consumer loans. The Warehouse Purchase Program allows mortgage banking company customers to close one- to four-family real estate loans in their own name and manage its cash flow needs until the loans are sold to investors. The Company offers insurance and title services, as well as brokerage services for the purchase and sale of non-deposit investment and insurance products through a third-party brokerage arrangement. LEGACYTEXAS FINANCIAL GROUP, INC. (NASDAQ:LTXB) Recent Trading Information
LEGACYTEXAS FINANCIAL GROUP, INC. (NASDAQ:LTXB) closed its last trading session up +0.29 at 42.60 with 140,934 shares trading hands.
