LEUCADIA NATIONAL CORPORATION (NYSE:LUK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02.Compensatory Arrangements of Certain Officers.
On January24, 2017, our Compensation Committee approved
2016-related bonuses for certain of our executive officers, which
are set forth below.
|
Executive Officer |
BonusAwardedfor2016 |
|
|
Michael J. Sharp |
$2.5millionrestrictedcash | |
|
General Counsel, Leucadia |
$1 million restricted stock | |
|
General Counsel, JefferiesGroup |
||
|
Teresa S. Gendron |
$1 million cash | |
|
Chief Financial Officer, Leucadia |
||
|
Joseph S. Steinberg |
2013 related: $667,421 | |
|
Chairman, Leucadia |
2016 related: $556,534 | |
|
Total: $1,223,955 * |
| * |
Mr. Steinbergs bonus reflects a cash payment of $667,421 representing a 2013 certified bonus on unrecognized gain associated with the sale of Inmet Mining Corporation and $556,534 of cash and securities paid to Mr.Steinberg by investee companies for Mr.Steinbergs service as a director of such investee companies. |
The Compensation Committee also approved the 2017
performance-based bonus program for Mr.Sharp. For 2017, Mr.Sharp
will be entitled to an incentive cash bonus in an amount between
$0 and $4 million. The entire incentive bonus will be dependent
upon Leucadia National Corporations 2017 consolidated earnings
before income taxes. The incentive program approved by the
Compensation Committee provides for no annual incentive bonus if
the minimum threshold level of performance is not achieved, a
target incentive bonus of $3.5 million for target performance and
the maximum bonus if performance equals or exceeds the top
performance threshold level. Performance falling between these
levels of performance will result in an amount of bonus
interpolated between such threshold levels. The Compensation
Committee reserved the absolute right to take into consideration
additional performance measures in determining whether to reduce
the calculated bonus award. The Compensation Committee may choose
to pay a portion of the bonus in restricted equity.
About LEUCADIA NATIONAL CORPORATION (NYSE:LUK)
Leucadia National Corporation (Leucadia) is a diversified holding company focused on return on investment and long-term value creation to maximize shareholder value. The Company’s financial services businesses include Jefferies Group LLC (investment banking and capital markets), Leucadia Asset Management (asset management), Berkadia (commercial mortgage banking and servicing), FXCM (a publicly traded company providing online foreign exchange trading), HomeFed Corporation (HomeFed) (a publicly traded real estate company) and Foursight Capital and Chrome Capital (vehicle finance). The Company also owns and has investments in an array of other businesses, including National Beef (beef processing), HRG Group (HRG), Vitesse Energy and Juneau Energy (oil and gas exploration and development), Garcadia (automobile dealerships), Linkem (fixed wireless broadband services in Italy), Conwed Plastics and Idaho Timber (manufacturing) and Golden Queen (a gold and silver mining project). LEUCADIA NATIONAL CORPORATION (NYSE:LUK) Recent Trading Information
LEUCADIA NATIONAL CORPORATION (NYSE:LUK) closed its last trading session up +0.24 at 24.25 with 1,813,129 shares trading hands.