- Current report filing (8-K)
March 08 2010 - 11:41AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current
Report
Pursuant to
Section 13 or 15(d) of
the
Securities Exchange Act of 1934
March 2,
2010
Date of Report (date of earliest event
reported)
EAST WEST
BANCORP, INC.
(Exact name of
registrant as specified in its charter)
Commission
file number 000-24939
Delaware
|
|
95-4703316
|
(State or Other Jurisdiction of Incorporation or Organization)
|
|
(IRS Employer Identification
Number)
|
135 N Los
Robles Ave., 7th Floor, Pasadena, California 91101
(Address of principal executive offices
including zip code)
(626)
768-6000
(Registrants telephone number, including
area code)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (See General Instruction A.2.):
o
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR240.13e-(c))
East West
Bancorp, Inc.
Current
Report of Form 8-K
Item 5.02. Departure of Directors or Certain Officers;
Election of Directors, Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On March 2, 2010, the Compensation Committee of the Board of Directors
(the Compensation Committee) of East West Bancorp, Inc. (the Company)
reviewed the Companys executive compensation program to ensure that the
Companys executive compensation practices comply with the requirements of the
Interim Final Rule on TARP Standards for Compensation and Corporate
Governance issued by the U.S. Department of the Treasury in June 2009 (the
Interim Final Rule). The Interim Final
Rule imposed restrictions on the Companys compensation of senior
executive officers and certain other employees (collectively, the senior
executives) as a result of the Companys participation in the TARP Capital
Purchase Program.
Under the Interim Final Rule, the types of compensation available to
the Company for compensating the senior executives are cash salary, salary
stock (salary paid in shares of the Companys common stock ) and grants of
restricted stock, subject to certain limitations, such as limitations on
transferability. In conformity with the Interim Final Rule, the Company did not
award cash bonuses for 2009 to any of its named executive officers.
In connection with the Compensation Committees annual review of
executive compensation arrangements, on March 2, 2010, the Compensation
Committee determined that modifications to the compensation of the Companys
Chairman of the Board and Chief Executive Officer, Dominic Ng, were
necessary. The Company increased Mr. Ngs
salary from $800,000 to $900,000 and awarded Mr. Ng salary stock in the
amount of $2,200,000 payable through the end of the calendar year 2010 on a pro
rata basis. The number of shares of
Company common stock to be paid each pay period will be determined by dividing
the amount of salary stock to be paid for that pay period, net of applicable
tax withholdings, by the reported closing price per share of the Companys
common stock on the NASDAQ Global Select Market on the pay date for such pay
period. The salary stock shall be fully vested as of the pay date and shall be
subject to restrictions on transfer that lapse on the one year anniversary of
each pay date. The salary stock will be issued under the Companys 1998 Stock
Incentive Plan, as amended, or any successor plan. The Form of Salary
Stock Award Agreement, which governs the payment of salary stock, is attached hereto
as Exhibit 10.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
10.1 Form of Salary
Stock Award Agreement.
2
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date:
March 8, 2010
|
EAST
WEST BANCORP, INC.
|
|
|
|
|
By:
|
/s/
Douglas P. Krause
|
|
|
Douglas
P. Krause, Esq.
|
|
|
Executive
Vice President and General Counsel
|
3
EXHIBIT
INDEX
Exhibit
|
|
|
Number
|
|
Description
|
10.1
|
|
Form of
Salary Stock Award Agreement.
|
4
East West Bancorp (NASDAQ:EWBC)
Historical Stock Chart
From Apr 2024 to May 2024
East West Bancorp (NASDAQ:EWBC)
Historical Stock Chart
From May 2023 to May 2024