LPL Financial Holdings Inc. (NASDAQ:LPLA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
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LPL Financial Holdings Inc. (NASDAQ:LPLA) 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

Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
As previously reported on December 5, 2016, LPL Financial
Holdings Inc. (the Company) announced that Dan H. Arnold has been
appointed as the Companys president and chief executive officer,
effective as of January 3, 2017.
On December 21, 2016, the board of directors of the Company
approved the following compensation arrangements for Mr. Arnold:
an annual base salary of $800,000, effective as of January
3, 2017;
a target annual cash bonus opportunity of 225% of annual
base salary, effective as of January 3, 2017;
a target annual long-term incentive compensation award
opportunity with a grant date value of 350% of annual base
salary, effective as of January 3, 2017, with 50% of such
award to consist of stock options and 50% of such award to
consist of performance-based share units; and
a one-time grant of restricted stock units with an
aggregate grant date value of $1.5 million, which is
expected to be granted on February 13, 2017, such grant to
vest as to one-third of the number of restricted stock
units on each of the third, fourth and fifth anniversaries
of the date of grant.
Mr. Arnold will continue to be eligible for the LPL Financial LLC
Executive Severance Plan, which was previously filed with the
Securities and Exchange Commission on February 25, 2014.


About LPL Financial Holdings Inc. (NASDAQ:LPLA)