(1) | Title of each class of securities to which transaction applies: | ||
(2) | Aggregate number of securities to which transaction applies: | ||
(3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined): | ||
(4) | Proposed maximum aggregate value of transaction: | ||
(5) | Total fee paid: | ||
o | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
(1) | Amount Previously Paid: | ||
(2) | Form, Schedule or Registration Statement No: | ||
(3) | Filing Party: | ||
(4) | Date Filed: | ||
1. | election of twelve (12) directors for terms of one year each or until their successors are elected and qualified, and | |
2. | approval, on an advisory basis, of the compensation of the Companys executives named and described in the proxy statement, and |
4. | the transaction of such other business as may properly come before the Annual Meeting or any postponements or adjournments thereof. |
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1. | election of twelve (12) directors for terms of one year each or until their successors are elected and qualified, and | |
2. | approval, on an advisory basis, of the compensation of the Companys executives named and described in the proxy statement, and | |
3. | approval, on an advisory basis, of the frequency of vote on executive compensation, and | |
4. | the transaction of such other business as may properly come before the Annual Meeting or any postponements or adjournments thereof. |
1
1. | filing a written notice of revocation with the secretary of the Company, | |
2. | delivering to the Company a duly executed proxy bearing a later date, or | |
3. | attending the Annual Meeting, filing a notice of revocation with the secretary and voting in person. |
2
Name | Age | Position | ||||
James R. Holland, Jr
|
67 | Director; Chairman of the Board | ||||
George F. Jones, Jr.
|
67 | Director; President and Chief Executive Officer; Chief Executive Officer of Texas Capital Bank, N.A. | ||||
Peter B. Bartholow
|
62 | Director; Chief Financial Officer | ||||
James H. Browning
|
61 | Director | ||||
Joseph M. (Jody) Grant
|
72 | Director | ||||
Frederick B. Hegi, Jr.
|
67 | Director | ||||
Larry L. Helm
|
63 | Director | ||||
W. W. McAllister III
|
69 | Director | ||||
Elysia Holt Ragusa
|
60 | Director | ||||
Steven P. Rosenberg
|
52 | Director | ||||
Robert W. Stallings
|
61 | Director | ||||
Ian J. Turpin
|
66 | Director | ||||
3
4
5
6
| Governance and Nominating Committee. The Governance and Nominating Committee has the power to act on behalf of the board of directors and to direct and manage the business and affairs of the Company whenever the board of directors is not in session. Governance and Nominating Committee members are James R. Holland, Jr. (Chairman), Frederick B. Hegi, Jr., and Robert W. Stallings. The Committee evaluates and recommends candidates for election as directors, makes recommendations concerning the size and composition of the board of directors, develops and implements the Companys corporate governance policies, develops specific criteria for director independence and assesses the effectiveness of the board of directors. Each member of the Committee is an independent director. The Companys board of directors has adopted a charter for the Governance and Nominating Committee. A current copy of the charter is available on the Companys website at www.texascapitalbank.com. During 2010, the Governance and Nominating Committee met twelve times. |
7
| Audit Committee. The Company has an Audit Committee comprised of independent directors that reviews the professional services and independence of the Companys independent registered public accounting firm and its accounts, procedures and internal controls. The board of directors has adopted a written charter for the Audit Committee. A current copy of the charter is available on the Companys website at www.texascapitalbank.com. The Audit Committee recommends to the board of directors the firm selected to be the Companys independent registered public accounting firm and monitors the performance of such firm, reviews and approves the scope of the annual audit, reviews and evaluates with the independent registered public accounting firm the Companys annual audit and annual consolidated financial statements. The Committee reviews with management the status of internal accounting controls, evaluates problem areas having a potential financial impact on the Company that may be brought to its attention by management, the independent registered public accounting firm or the board of directors, and evaluates all of the Companys public financial reporting documents. The Committee also directs the activities of the Companys Risk Management Committee which is chaired by the Chief Risk Officer of the Bank and comprised of officers of the Bank, including the CEO, CFO, President of the Bank and the director of operations. The Audit Committee is comprised of four independent directors: W. W. McAllister III (Chairman), James H. Browning, Steven P. Rosenberg, and Ian J. Turpin. During 2010, the Audit Committee met five times. |
| Human Resources Committee. The Human Resources Committee (HR Committee) is empowered to advise management and make recommendations to the board of directors with respect to the compensation and other employment benefits of executive officers and key employees of the Company. The HR Committee also administers the Companys long-term incentive stock plans for officers and key employees and the Companys incentive bonus programs for executive officers and employees. A copy of the HR Committee Charter is available on the Companys website at www.texascapitalbank.com. The HR Committee members are Frederick B. Hegi, Jr. (Chairman), Lee Roy Mitchell, and Steven P. Rosenberg. During 2010, the Human Resources Committee met ten times. |
8
9
Number of Shares of |
Percent of Shares |
|||||||
Persons Known to Company Who Own More Than 5% |
Common Stock |
of Common Stock |
||||||
of Outstanding Shares of Company Common Stock | Beneficially Owned | Outstanding* | ||||||
T. Rowe Price Associates, Inc.
|
3,501,830 | (1) | 9.40 | % | ||||
BlackRock, Inc.
|
3,324,435 | (2) | 8.93 | % | ||||
Lord, Abbett & Co., LLC
|
2,593,375 | (3) | 6.97 | % | ||||
Vanguard Group, Inc.
|
2,090,163 | (4) | 5.62 | % | ||||
* | Percentage is calculated on the basis of 37,216,929 shares, the total number of shares of common stock outstanding on March 28, 2011. | |
(1) | As reported by T. Rowe Price Associates, Inc. on a Schedule 13G filed with the SEC on February 11, 2011, as of December 31, 2010. These securities are owned by various individual and institutional investors for which T. Rowe Price Associates, Inc. serves as investment adviser with power to direct investments and/or sole power to vote the securities. For purposes of the reporting requirements of the Securities Exchange Act of 1934, T. Rowe Price Associates, Inc. is deemed to be a beneficial owner of such securities; however, T. Rowe Price Associates, Inc. expressly disclaims that it is, in fact, the beneficial owner of such securities. | |
(2) | As reported by BlackRock, Inc. on a Schedule 13G filed with the SEC on February 9, 2011, as of December 31, 2010. These securities are owned by various individual and institutional investors for which BlackRock, Inc. serves as investment adviser with power to direct investments and/or sole power to vote the securities. | |
(3) | As reported by Lord, Abbett & Co., LLC on a Schedule 13G filed with the SEC on February 14, 2011, as of December 31, 2010. These securities are owned by various individual and institutional investors for which Lord, Abbett & Co., LLC serves as investment adviser with power to direct investments and/or sole power to vote the securities. | |
(4) | As reported by Vanguard Group, Inc. on a Schedule 13G filed with the SEC on February 12, 2011, as of December 31, 2010. These securities are owned by various individual and institutional investors for which Vanguard Group, Inc. serves as investment adviser with power to direct investments and/or sole power to vote the securities. |
10
Number of Shares of |
Percent of Shares |
|||||||
Common Stock |
of Common Stock |
|||||||
Name(1) | Beneficially Owned | Outstanding | ||||||
Vince A. Ackerson
|
45,130 | (2) | * | |||||
Peter B. Bartholow
|
93,413 | (3) | * | |||||
James H. Browning
|
3,800 | (4) | * | |||||
C. Keith Cargill
|
125,642 | (5) | * | |||||
Joseph M. (Jody) Grant
|
523,302 | (6) | 1.41 | % | ||||
Frederick B. Hegi, Jr.
|
234,293 | (7) | * | |||||
Larry L. Helm
|
11,800 | (8) | * | |||||
James R. Holland, Jr.
|
299,836 | (9) | * | |||||
John D. Hudgens
|
47,074 | (10) | * | |||||
George F. Jones, Jr.
|
130,145 | (11) | * | |||||
W. W. McAllister III
|
46,800 | (12) | * | |||||
Lee Roy Mitchell
|
237,018 | (13) | * | |||||
Elysia Holt Ragusa
|
1,800 | (14) | * | |||||
Steven P. Rosenberg
|
52,800 | (15) | * | |||||
Robert W. Stallings
|
28,800 | (16) | * | |||||
Ian J. Turpin
|
104,376 | (17) | * | |||||
All executive officers and directors as a group
|
1,986,004 | 5.34 | %** | |||||
* | Less than 1% of the issued and outstanding shares of the class. | |
** | Percentage is calculated on the basis of 37,216,929 shares, the total number of shares of common stock outstanding on March 28, 2011. | |
(1) | Unless otherwise stated, the address for each person in this table is 2000 McKinney Avenue, 7th Floor, Dallas, Texas 75201. | |
(2) | Includes 22,644 shares held by Mr. Ackerson and 17,000 shares of common stock that may be acquired upon exercise of options. Also includes 1,016 vested restricted stock units (RSUs) and 4,470 vested stock appreciation rights (SARs). | |
(3) | Includes 38,027 shares held by Mr. Bartholow and 50,000 shares of common stock that may be acquired upon exercise of options. Also includes 998 vested RSUs and 4,388 vested SARs. | |
(4) | Includes 3,000 shares held by Mr. Browning, 200 vested RSUs and 600 vested SARs. | |
(5) | Includes 69,813 shares held by Mr. Cargill and 51,476 shares held by Cargill Lakes Partners, Ltd. Mr. Cargill is the President of Cargill Lakes Partners general partner, Cargill Lakes, Inc. Also includes 806 vested RSUs and 3,547 vested SARs. | |
(6) | Includes 497,786 shares held by Mr. Grant. Also includes 6,875 shares which are currently held in irrevocable trusts and of which Mr. Grant disclaims beneficial ownership. Also includes 968 vested RSUs and 17,673 vested SARs. | |
(7) | Includes 137,132 shares held by Valley View Capital Corp. Retirement Savings Trust for the benefit of Mr. Hegi, 24,252 shares held by the F.B. Hegi Trust of which Mr. Hegi is the beneficiary, and 49,409 shares held directly by Mr. Hegi. Also includes 16,000 shares that may be acquired upon exercise of options, 700 vested RSUs and 6,800 vested SARs. | |
(8) | Includes 4,300 shares held by Mr. Helm, 700 vested RSUs and 6,800 vested SARs. | |
(9) | Includes 275,936 shares held by Lamar Hunt Trust Estate of which Mr. Holland is the Trustee. Also includes 400 shares held by Hunt Capital Group, LLC of which Mr. Holland is President and Chief Executive Officer and 16,000 shares that may be acquired upon exercise of options that are issued in the name of Hunt Capital Group, LLC. Also includes 100 vested RSUs that are issued in the name of Hunt |
11
Capital Group, LLC and 600 vested RSUs issued in the name of Lamar Hunt Trust Estate, 2,000 vested SARs issued in the name of Hunt Capital Group, LLC and 4,800 vested SARs issued in the name of Lamar Hunt Trust Estate. | ||
(10) | Includes 13,349 shares held by Mr. Hudgens and 28,500 shares of common stock that may be acquired upon exercise of options. Also includes 968 vested RSUs and 4,257 vested SARs. | |
(11) | Includes 12,022 shares held by Mr. Jones and 111,818 shares held by G & M Partners Ltd., of which Mr. Jones is the Managing General Partner. Also includes 1,168 vested RSUs and 5,137 vested SARs. | |
(12) | Includes 23,300 shares held by Mr. McAllister and 16,000 shares that may be acquired upon the exercise of options. Also includes 700 vested RSUs and 6,800 vested SARs. | |
(13) | Includes 208,218 shares held by T&LRM Family Partnership Ltd. Mr. Mitchell is the Chief Executive Officer of PBA Development, Inc., which is the general partner of T&LRM and 5,300 shares owned directly by Mr. Mitchell. Also includes 16,000 shares that may be acquired upon exercise of options, 700 vested RSUs and 6,800 vested SARs. | |
(14) | Includes 1,000 shares held by Ms. Ragusa, 200 of vested RSUs and 600 vested SARs. | |
(15) | Includes 29,300 shares held by Mr. Rosenberg and 16,000 shares that may be acquired upon exercise of options. Also includes 700 vested RSUs and 6,800 vested SARs. | |
(16) | Includes 1,300 shares held by Mr. Stallings and 20,000 shares that may be acquired upon exercise of options. Also includes 700 vested RSUs and 6,800 vested SARs. | |
(17) | Includes 11,300 shares held by Mr. Turpin and 65,576 shares held by his spouse, Luci Baines Johnson. Also includes 20,000 shares that may be acquired upon exercise of options, 700 vested RSUs and 6,800 vested SARs. |
12
| to provide motivation for the named executive officers and to enhance stockholder value by linking their compensation to the value of our common stock; | |
| to retain the executive officers, relationship managers, and key management who lead the Company and the Bank; |
13
| to allow the Company and the Bank to attract highly qualified executive officers in the future by providing total compensation opportunities consistent with those provided in the industry and commensurate with the Companys business strategy and performance objectives; and | |
| to maintain reasonable fixed compensation costs by targeting base salaries at a competitive average. |
| Expertise on compensation strategy and program design; | |
| Information relating to the selection of the Companys peer group; | |
| Establishing and administering executive compensation plans or arrangements which provide benefits to executive officers of the Company in accordance with the goals and objectives of the Company as established by the Board; | |
| Considering and making recommendations to the Board concerning the existing executive compensation programs and changes to such programs; and | |
| Reviewing and discussing the Compensation Discussion and Analysis and based upon such discussion recommending to the Board that the CD&A be included in the Companys Proxy Statement to shareholders. |
14
Total Assets |
Market Cap |
|||||||
as of |
as of |
|||||||
Company Name | December 31, 2010 | March 2011 | ||||||
Texas Capital Bancshares, Inc.
|
$ | 6,446 | $ | 934 | ||||
Boston Private Financial Holdings
|
6,152 | 517 | ||||||
Cullen Frost
|
17,617 | 3,534 | ||||||
Firstmerit Corp
|
14,137 | 1,899 | ||||||
Hancock Holding Company
|
8,138 | 1,191 | ||||||
IberiaBank Corporation
|
10,027 | 1,555 | ||||||
PacWest Bancorp
|
5,324 | 738 | ||||||
Pinnacle Financial Partners
|
4,909 | 707 | ||||||
PrivateBancorp, Inc.
|
12,466 | 1,063 | ||||||
Prosperity Bancshares Inc.
|
9,477 | 1,913 | ||||||
Sterling Bancshares, Inc.
|
5,192 | 872 | ||||||
SVB Financial Group
|
17,528 | 2,398 | ||||||
TrustMark Corp
|
9,554 | 1,459 | ||||||
UMB Financial Corp
|
12,405 | 1,513 | ||||||
Wintrust Financial Corporation
|
13,968 | 1,250 | ||||||
| base salary; | |
| annual incentive compensation; | |
| long-term incentive compensation, including SARs, Performance SARs (PSARs), and restricted stock units (RSUs); cash-based Performance Units; and | |
| other welfare and health benefits. |
15
| the qualifications, experience and performance of the executive officers; | |
| the compensation paid to persons having similar duties and responsibilities in other competitive institutions; and | |
| the nature of the Banks business, the complexity of its activities and the importance of the executives experiences to the success of the business. |
16
17
18
| a cash payment equal to the greater of the executives base salary remaining in the executives employment term or 12 months salary, paid in 12 equal monthly installments; | |
| an amount equal to the average annual cash bonus paid to the executive for the two years preceding his termination, paid in 12 equal installments; and | |
| continued medical insurance benefits, at the Companys expense, for a period of twelve months. |
19
| If following a change in control, an executive subsequently is terminated either (1) by the Company or the successor entity without cause, or (2) by the executive for good reason, during the period beginning 90 days before and ending 18 months after, the change of control event, (i) Mr. Jones is entitled to receive a lump sum payment equal to 2.99 times of his average base salary and the average of any incentives paid to him during the two years preceding the change of control; and (ii) Messrs. Bartholow, Cargill, Ackerson and Hudgens are each entitled to receive a lump sum payment equal to 2.5 times his average base salary and the average of any bonuses paid to him during the two years preceding the change of control. This change of control payment is in lieu of any other amounts to which each executive would be entitled under his employment agreement. In addition, each executive will receive, for 24 months following his termination, continued health and welfare benefits that are no less favorable than the benefits to which he was entitled prior to the change of control, as well as payment of accrued vacation, sick leave, unreimbursed expenses and any amounts due the executive under any Company benefit plan. | |
| If any amount paid or distributed to the executive in connection with the change of control is subject to an excise tax, the executive may have the right to receive a gross-up payment to cover a portion of the increase in tax liability. The potential for a gross-up payment could vary between 0% and 100% depending on the value realized by stockholders at the time of a change in control. |
20
21
Change in |
||||||||||||||||||||||||||||||||||||
Pension |
||||||||||||||||||||||||||||||||||||
Value and |
||||||||||||||||||||||||||||||||||||
Non-Equity |
Non-qualified |
|||||||||||||||||||||||||||||||||||
Stock |
Option |
Incentive |
Deferred |
All Other |
||||||||||||||||||||||||||||||||
Name and Principal |
Awards |
Awards |
Plan |
Compensation |
Compensation |
|||||||||||||||||||||||||||||||
Position | Year | Salary | Bonus | (A) | (A) | Compensation | Earnings | (B) | Total | |||||||||||||||||||||||||||
George F. Jones, Jr.
|
2010 | $ | 585,000 | $ | | | | $ | 622,500 | $ | | $ | 30,035 | $ | 1,237,535 | |||||||||||||||||||||
CEO and President of Texas
|
2009 | 484,167 | | 799,652 | | 250,000 | | 28,325 | 1,562,144 | |||||||||||||||||||||||||||
Capital Bancshares; CEO of Texas Capital Bank
|
2008 | 378,487 | | | | 175,000 | | 25,693 | 579,180 | |||||||||||||||||||||||||||
Peter B. Bartholow
|
2010 | 333,979 | | | | 247,500 | | 15,169 | 596,648 | |||||||||||||||||||||||||||
Chief Financial Officer
|
2009 | 325,000 | | 181,746 | | 166,500 | | 12,151 | 685,397 | |||||||||||||||||||||||||||
2008 | 306,250 | | | | 146,000 | | 10,941 | 463,191 | ||||||||||||||||||||||||||||
C. Keith Cargill
|
2010 | 309,250 | | | | 245,500 | | 22,149 | 576,899 | |||||||||||||||||||||||||||
President, Chief Lending
|
2009 | 300,000 | | 340,709 | | 166,500 | | 19,108 | 826,317 | |||||||||||||||||||||||||||
Officer and Chief Operating Officer of Texas Capital Bank
|
2008 | 282,000 | | | | 145,000 | | 18,125 | 445,125 | |||||||||||||||||||||||||||
Vince A. Ackerson
|
2010 | 272,629 | | | | 185,500 | | 18,597 | 476,726 | |||||||||||||||||||||||||||
Dallas Regional President of Texas Capital Bank
|
2009 | 265,000 | | 133,527 | | 190,000 | | 23,485 | 612,012 | |||||||||||||||||||||||||||
John D. Hudgens
|
2010 | 269,183 | | | | 187,500 | | 14,546 | 471,229 | |||||||||||||||||||||||||||
Chief Credit Officer and Chief Risk Officer of Texas Capital
Bank
|
2009 | 260,000 | | 128,233 | | 154,000 | | 12,997 | 555,230 | |||||||||||||||||||||||||||
(A) | The amounts in these columns reflect the aggregate grant date fair value of awards granted during the fiscal years ended December 31, 2010, 2009 and 2008, in accordance with ASC 718 and pursuant to the 2005 Plan. Assumptions used in the calculation of these amounts are included in footnote 11 of the Companys audited financial statements for the fiscal year ended December 31, 2010 included in the companys Annual Report on Form 10-K filed with the SEC on or around February 23, 2011. Stock awards are comprised of restricted stock units (RSUs). Option awards are comprised of stock appreciation rights (SARs). | |
(B) | See additional description in 2010 All Other Compensation Table below. |
Company |
||||||||||||||||||||||||||||||||
Perquisites |
Contributions |
Change |
||||||||||||||||||||||||||||||
and Other |
to Retirement |
Severance |
in Control |
|||||||||||||||||||||||||||||
Personal |
Tax |
Insurance |
and 401(k) |
Payments / |
Payments / |
|||||||||||||||||||||||||||
Name | Year | Benefits(A) | Reimbursements | Premiums | Plans | Accruals | Accruals | Total | ||||||||||||||||||||||||
George F. Jones, Jr.
|
2010 | $ | 22,175 | $ | | $ | 2,960 | $ | 4,900 | $ | | $ | | $ | 30,035 | |||||||||||||||||
Peter B. Bartholow
|
2010 | 7,200 | | 3,069 | 4,900 | | | 15,169 | ||||||||||||||||||||||||
C. Keith Cargill
|
2010 | 14,551 | | 2,698 | 4,900 | | | 22,149 | ||||||||||||||||||||||||
Vince A. Ackerson
|
2010 | 11,326 | | 2,371 | 4,900 | | | 18,597 | ||||||||||||||||||||||||
John D. Hudgens
|
2010 | 7,200 | | 2,446 | 4,900 | | | 14,546 | ||||||||||||||||||||||||
(A) | Perquisites include a car allowance of $7,200 for each of the executives as well as the following club dues: George Jones $14,975, C. Keith Cargill $7,351 and Vince Ackerson $4,126. |
22
All Other |
||||||||||||||||||||||||||||||||||||||||||||
All Other |
Option Awards: |
|||||||||||||||||||||||||||||||||||||||||||
Stock Awards: |
Number of |
Exercise or |
Grant Date Fair |
|||||||||||||||||||||||||||||||||||||||||
Estimated Future Payouts Under |
Estimated Future Payouts Under |
Number of |
Securities |
Base Price |
Value of Stock |
|||||||||||||||||||||||||||||||||||||||
Non-Equity Incentive Plan Awards | Equity Incentive Plan Awards |
Shares of Stock |
Underlying |
of Option |
and Option |
|||||||||||||||||||||||||||||||||||||||
Grant Date | Threshold | Target | Maximum | Threshold | Target | Maximum | or Units | Options | Awards | Awards | ||||||||||||||||||||||||||||||||||
George F. Jones, Jr.
|
||||||||||||||||||||||||||||||||||||||||||||
Peter B. Bartholow
|
||||||||||||||||||||||||||||||||||||||||||||
C. Keith Cargill
|
||||||||||||||||||||||||||||||||||||||||||||
Vince A. Ackerson
|
||||||||||||||||||||||||||||||||||||||||||||
John D. Hudgens
|
||||||||||||||||||||||||||||||||||||||||||||
23
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||
Equity Incentive |
Market |
|||||||||||||||||||||||||||||||||||
Plan Awards: |
Number of |
Value of |
Equity Incentive Plan |
|||||||||||||||||||||||||||||||||
Number of |
Number of |
Number of |
Shares or |
Shares or |
Equity Incentive |
Awards: Market or |
||||||||||||||||||||||||||||||
Securities |
Securities |
Securities |
Units of |
Units of |
Plan Awards: Number |
Payout Value of |
||||||||||||||||||||||||||||||
Underlying |
Underlying |
Underlying |
Stock |
Stock |
of Unearned Shares, |
Unearned Shares, |
||||||||||||||||||||||||||||||
Unexercised |
Unexercised |
Unexercised |
Option |
Option |
That |
That |
Units or Other |
Units or Other |
||||||||||||||||||||||||||||
Options (#)(A) |
Options (#) |
Unearned |
Exercise |
Expiration |
Have Not |
Have Not |
Rights That |
Rights That |
||||||||||||||||||||||||||||
Name | Exercisable | Unexercisable | Options | Price | Date | Vested (B) | Vested(C) | Have Not Vested | Have Not Vested | |||||||||||||||||||||||||||
George F. Jones, Jr.
|
4,110 | 1,027 | $ | 22.65 | 04/24/2016 | 1,168 | $ | 24,925 | | | ||||||||||||||||||||||||||
| | 50,000 | 1,067,000 | | | |||||||||||||||||||||||||||||||
| | 49,043 | 1,046,578 | | | |||||||||||||||||||||||||||||||
| | 18,392 | 392,485 | | | |||||||||||||||||||||||||||||||
Peter B. Bartholow
|
3,511 | 877 | 22.65 | 04/24/2016 | 998 | 21,297 | | | ||||||||||||||||||||||||||||
50,000 | | | 8.25 | 07/09/2013 | 40,000 | 853,600 | | | ||||||||||||||||||||||||||||
| | 11,147 | 237,877 | | | |||||||||||||||||||||||||||||||
| | 4,180 | 89,201 | | | |||||||||||||||||||||||||||||||
C. Keith Cargill
|
2,838 | 709 | 22.65 | 04/24/2016 | 806 | 17,200 | | | ||||||||||||||||||||||||||||
| | 40,000 | 853,600 | | | |||||||||||||||||||||||||||||||
| | 20,896 | 445,921 | | | |||||||||||||||||||||||||||||||
| | 7,836 | 167,220 | | | |||||||||||||||||||||||||||||||
Vince A. .Ackerson
|
3,576 | 894 | 22.65 | 04/24/2016 | 1,016 | 21,681 | | | ||||||||||||||||||||||||||||
17,000 | | | 13.95 | 12/16/2013 | 7,000 | 149,380 | | | ||||||||||||||||||||||||||||
| | 8,189 | 174,753 | | | |||||||||||||||||||||||||||||||
| | 3,072 | 65,556 | | | |||||||||||||||||||||||||||||||
John D. Hudgens
|
3,406 | 851 | 22.65 | 04/24/2016 | 968 | 20,657 | | | ||||||||||||||||||||||||||||
20,000 | | | 7.25 | 04/16/2012 | 3,000 | 64,020 | | | ||||||||||||||||||||||||||||
10,000 | | | 7.25 | 03/18/2013 | 7,865 | 167,839 | | | ||||||||||||||||||||||||||||
8,500 | | | 13.95 | 12/16/2013 | 2,949 | 62,932 | | | ||||||||||||||||||||||||||||
(A) | First line represents award of stock appreciation rights on 4/24/2006 under the 2005 Plan which vest equally over a five year period. All other lines represent stock options awarded under the 1999 Omnibus Plan that are vested and exercisable. |
(B) | The first line represents award of restricted stock units on 4/24/2006 under the 2005 Plan which vest equally over a five year period. The second line represents award of restricted stock units on 1/31/2007 under the 2005 Plan which cliff vest at the end of six years, or earlier if certain price targets are met. The third line represents awards of restricted stock units on 1/27/2009 which will cliff vest at the end of five years, or earlier if certain price targets are met. The fourth line represents awards of restricted stock units granted on 1/27/2009 which will vest equally over four years. | |
(C) | Uses 12/31/10 ending market price of $21.34. |
24
Option Awards | Stock Awards | |||||||||||||||
Number of Shares |
Value Realized on |
Number of Shares |
Value Realized on |
|||||||||||||
Name | Acquired on Exercise | Exercise (A) | Acquired on Vesting (B) | Vesting (C) | ||||||||||||
George F. Jones, Jr.
|
| $ | | 1,168 | $ | 24,902 | ||||||||||
| | 6,130 | 98,080 | |||||||||||||
Peter B. Bartholow
|
| | 998 | 21,277 | ||||||||||||
| | 1,393 | 22,288 | |||||||||||||
C. Keith Cargill
|
| | 807 | 17,205 | ||||||||||||
| | 2,612 | 41,792 | |||||||||||||
Vince A. Ackerson
|
| | 1,016 | 21,661 | ||||||||||||
| | 7,000 | 145,600 | |||||||||||||
| | 1,023 | 16,368 | |||||||||||||
John D. Hudgens
|
| | 968 | 20,638 | ||||||||||||
| | 3,000 | 62,400 | |||||||||||||
| | 983 | 15,728 | |||||||||||||
(A) | The value realized is equal to the amount that is taxable to the executive, which was the difference between the market price of the underlying securities at exercise and the exercise price of the options. | |
(B) | The shares included in the table represent shares vested. In some instances, shares were issued to executives net of taxes. Actual shares issued were 859 and 4,327 shares to Mr. Jones, 734 and 966 shares to Mr. Bartholow, 807 and 2,612 shares to Mr. Cargill, 747, 5,148 and 710 shares to Mr. Ackerson, and 711, 3,000 and 983 shares to Mr. Hudgens. | |
(C) | The value realized by the named executive officer upon the vesting of stock is calculated by multiplying the number of shares of stock vested by the market value of the underlying shares on the vesting date and is equal to the amount that is taxable to the executive. |
25
Change in Control: |
||||||||||||||||||||||||
Termination |
Involuntary or For |
|||||||||||||||||||||||
Without Cause |
Good Reason |
|||||||||||||||||||||||
Voluntary |
Termination |
or For Good |
Termination |
|||||||||||||||||||||
Name | Termination | for Cause | Reason (E) | (A) (B) (C) (F) | Death | Disability | ||||||||||||||||||
George F. Jones, Jr.
|
||||||||||||||||||||||||
Severance
|
$ | | $ | | $ | 835,000 | $ | 2,345,905 | $ | | $ | | ||||||||||||
Death/disability
|
| | | | 620,000 | 620,000 | ||||||||||||||||||
Accelerated vesting of long-term incentives
|
| | | 1,265,494 | | | ||||||||||||||||||
Other benefits(D)
|
| | 25,552 | 51,104 | | 25,552 | ||||||||||||||||||
Peter B. Bartholow
|
||||||||||||||||||||||||
Severance
|
| | 542,229 | 1,344,349 | | | ||||||||||||||||||
Death/disability
|
| | | | 345,000 | 345,000 | ||||||||||||||||||
Accelerated vesting of long-term incentives
|
| | | 600,988 | | | ||||||||||||||||||
Other benefits(D)
|
| | 22,314 | 44,628 | | 22,314 | ||||||||||||||||||
C. Keith Cargill
|
||||||||||||||||||||||||
Severance
|
| | 517,500 | 1,282,188 | | | ||||||||||||||||||
Death/disability
|
| | | | 330,000 | 330,000 | ||||||||||||||||||
Accelerated vesting of long-term incentives
|
| | | 741,970 | | | ||||||||||||||||||
Other benefits(D)
|
| | 22,856 | 45,712 | | 22,856 | ||||||||||||||||||
Vince A. Ackerson
|
||||||||||||||||||||||||
Severance
|
| | 462,629 | 1,147,036 | | | ||||||||||||||||||
Death/disability
|
| | | | 285,000 | 285,000 | ||||||||||||||||||
Accelerated vesting of long-term incentives
|
| | | 205,686 | | | ||||||||||||||||||
Other benefits(D)
|
| | 20,909 | 41,818 | | 20,909 | ||||||||||||||||||
John D. Hudgens
|
||||||||||||||||||||||||
Severance
|
| | 441,183 | 1,091,479 | | | ||||||||||||||||||
Death/disability
|
| | | | 300,000 | 300,000 | ||||||||||||||||||
Accelerated vesting of long-term incentives
|
| | | 157,724 | | | ||||||||||||||||||
Other benefits(D)
|
| | 23,106 | 46,212 | | 23,106 | ||||||||||||||||||
(A) | Assumes 50% vesting of RSUs. SARs are not included in the accelerated vesting for Long Term Incentives as the exercise price is greater than the 12/31/10 stock price of $21.34. |
(B) | All stock options are vested therefore a change in control is not a triggering event. | |
(C) | Severance is equal to 2.5 times average salary plus average incentive compensation paid during the prior two-year period for Messrs. Bartholow, Cargill, Ackerson and Hudgens. The factor for Mr. Jones is 2.99. Severance will be paid in a lump sum within thirty days of the Executives termination. | |
(D) | Other benefits include the following insurance: medical, dental, vision, life, accidental death and disability, short-term disability, long-term disability and supplemental long-term disability. Cost includes both employer and employee coverage. |
26
(E) | Severance includes twelve months salary and an amount equal to the average incentive compensation paid during the prior two-year period. Severance will be paid over a period of twelve months. | |
(F) | If any amount paid or distributed to the executive in connection with the change of control is subject to an excise tax, and the consideration received by stockholders of the Company in connection with the change of control is at least $22.50 per share, then each executive shall be entitled to receive an additional gross-up payment in an amount equal to 50% of the amount of the total excise tax. If the consideration received by the stockholders is greater than $22.50 per share, the applicable percentage of the gross-up amount will be increased incrementally on a linear basis for each increase between $22.50 up to $25.00. If the price per share is $25.00 or greater, the applicable percentage would be 100%. Since the 12/31/2010 ending price was less than $22.50, there is no gross-up reflected in the numbers in the table above. |
Change |
||||||||||||||||||||||||||||
in Pension |
||||||||||||||||||||||||||||
Value and |
||||||||||||||||||||||||||||
Nonqualified |
||||||||||||||||||||||||||||
Fees Earned |
Stock |
Option |
Non-Equity |
Deferred |
||||||||||||||||||||||||
Or Paid |
Awards |
Awards |
Incentive Plan |
Compensation |
All Other |
|||||||||||||||||||||||
Name | In Cash | (B) | (B) | Compensation | Earnings | Compensation | Total | |||||||||||||||||||||
James H. Browning
|
$ | 22,500 | $ | 18,520 | $ | 21,810 | $ | | $ | | $ | | $ | 62,830 | ||||||||||||||
Joseph M. Grant(E)
|
9,750 | 18,520 | 21,810 | | | 50,000 | 100,080 | |||||||||||||||||||||
Frederick B. Hegi, Jr.
|
41,750 | 18,520 | 21,810 | | | | 82,080 | |||||||||||||||||||||
Larry L. Helm
|
31,250 | 18,520 | 21,810 | | | | 71,580 | |||||||||||||||||||||
James R. Holland, Jr.(A)
|
69,750 | 18,520 | 21,810 | | | | 110,080 | |||||||||||||||||||||
W. W. McAllister III
|
31,000 | 18,520 | 21,810 | | | | 71,330 | |||||||||||||||||||||
Lee Roy Mitchell(C)
|
24,750 | 18,520 | 21,810 | | | | 65,080 | |||||||||||||||||||||
Elysia Holt Ragusa(D)
|
17,250 | 65,080 | 21,810 | | | | 104,140 | |||||||||||||||||||||
Steven P. Rosenberg
|
26,250 | 18,520 | 21,810 | | | | 66,580 | |||||||||||||||||||||
Robert W. Stallings
|
39,250 | 18,520 | 21,810 | | | | 79,580 | |||||||||||||||||||||
Ian J. Turpin
|
18,000 | 18,520 | 21,810 | | | | 58,330 | |||||||||||||||||||||
(A) | 2010 RSU and SAR grants and fees were paid in the name of Lamar Hunt Trust Estate. | |
(B) | The amounts in these columns reflect the aggregate grant date fair value of awards granted during the fiscal year ended December 31, 2010 in accordance with ASC 718 and pursuant to the 2005 Plan. Stock awards are comprised of restricted stock units (RSUs). All directors received 1,000 RSUs with a grant date fair value of $18.52 which will vest over five years. Option awards are comprised of stock appreciation rights (SARs). All directors received 3,000 SARs which had a grant date Black Scholes value of $7.27 which will vest over five years. | |
(C) | Mr. Mitchells term as a Director expires effective May 18, 2011. | |
(D) | Ms. Ragusa was elected as a new director on January 26, 2010. In addition to the grants described in (B), she was also granted 3,000 RSUs with a grant date fair value of $15.52 which will vest equally over a period of three years. | |
(E) | Mr. Grant continues to serve in a consulting role as he has since November 19, 2009. All Other Compensation includes consulting fees of $50,000. |
27
28
29
Number of |
||||||||||||
Securities to be |
Number of |
|||||||||||
Issued Upon |
Weighted Average |
Securities |
||||||||||
Exercise of |
Exercise Price of |
Remaining Available |
||||||||||
Outstanding |
Outstanding |
for Future Issuance |
||||||||||
Options, Warrants |
Options, Warrants |
Under Equity |
||||||||||
Plan Category | and Rights | and Rights | Compensation Plans | |||||||||
Equity compensation plans approved by security holders
|
2,147,004 | $ | 14.81 | 559,760 | ||||||||
Equity compensation plans not approved by security holders
|
| | | |||||||||
Total
|
2,147,004 | $ | 14.81 | 559,760 | ||||||||
2010 | 2009 | |||||||
Audit fees
|
$ | 804 | $ | 744 | ||||
Audit-related fees
|
| 11 | ||||||
Tax fees
|
236 | 262 | ||||||
$ | 1,040 | $ | 1,017 | |||||
30
31
ANNUAL MEETING OF TEXAS CAPITAL BANCSHARES, INC. Date: Tuesday, May 17, 2011 Time: 10:00 A.M. (Central Daylight Time) Place: 2000 McKinney Avenue, 7th Floor, Dallas, Texas 75201 See Voting Instruction on Reverse Side. Please make your marks like this: Use dark black pencil or pen only Board of Directors Recommends a Vote FOR proposals 1 and 2, and 1 YEAR on proposal 3. perforation and return just this portion in the envelope 1: Election of Directors 01 George F. Jones, Jr. 02 Peter B. Bartholow 03 James H. Browning 04 Joseph M. (Jody) Grant 05 Frederick B. Hegi, Jr. 06 Larry L. Helm 07 James R. Holland, Jr. 08 W. W. McAllister III 09 Elysia Holt Ragusa 10 Steven P. Rosenberg 11 Robert W. Stallings 12 Ian J. Turpin For For For For For For For For For For For For Directors Recommend Withhold For 3: Frequency of advisory vote on the compensation of named executive offi cers. 2: Advisory vote on compensation of named executive offi cers. For Against Abstain For Abstain 1 year 2 years 3 years 1 Year 4: The transaction of such other business as may properly come before the Annual Meeting or any postponements or adjournments thereof. Please Sign Here Please Date Above Please Sign Here Please Date Above To attend the meeting and vote your shares in person, please mark this box. Authorized Signatures This section must be completed for your Instructions to be executed. Please sign exactly as your name(s) appears on your stock certifi cate. If held in joint tenancy, all persons should sign. Trustees, administrators, etc., should include title and authority. Corporations should provide full name of corporation and title of authorized offi cer signing the proxy. Annual Meeting of Texas Capital Bancshares, Inc. to be held on Tuesday, May 17, 2011 for Holders as of March 28, 2011 This proxy is being solicited on behalf of the Board of Directors Go To TELEPHONE INTERNET VOTED BY: This proxy is being solicited on behalf of the Board of Directors Call MAIL OR www.proxypush.com/tcbi Cast your vote online. View Meeting Documents. Use any touch-tone telephone. Have your Proxy Card/Voting Instruction Form ready. Follow the simple recorded instructions. 866-390-5385 OR Mark, sign and date your Proxy Card/Voting Instruction Form. Detach your Proxy Card/Voting Instruction Form. Return your Proxy Card/Voting Instruction Form in the postage-paid envelope provided. The undersigned hereby appoints George F. Jones, Jr. and Peter B. Bartholow, and each or either of them, as the true and lawful attorneys of the undersigned, with full power of substitution and revocation, and authorizes them, and each of them, to vote all the shares of capital stock of The Company Name which the undersigned is entitled to vote at said meeting and any adjournment thereof upon the matters specifi ed and upon such other matters as may be properly brought before the meeting or any adjournment thereof, conferring authority upon such true and lawful attorneys to vote in their discretion on such other matters as may properly come before the meeting and revoking any proxy heretofore given. THE SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED OR, IF NO DIRECTION IS GIVEN, SHARES WILL BE VOTED FOR THE ELECTION OF THE DIRECTORS IN ITEM 1 AND FOR THE PROPOSALS IN ITEM 2 AND AUTHORITY WILL BE DEEMED GRANTED UNDER ITEM 5. All votes must be received by 5:00 P.M., Eastern Time, May 16, 2011. postage-paid envelope provided. PROXY TABULATOR FOR TEXAS CAPITAL BANCSHARES, INC. P.O. BOX 8016 CARY, NC 27512-9903 EVENT CLIENT OFFICE |
Revocable Proxy Texas Capital Bancshares, Inc. Annual Meeting of Shareholders May 17, 2011, 10:00 a.m. (Central Daylight Time) This Proxy is Solicited on Behalf of the Board of Directors The undersigned appoints George F. Jones, Jr. and Peter B. Bartholow, each with full power of substitution, to act as proxies for the undersigned, and to vote all shares of common stock of Texas Capital Bancshares, Inc. that the undersigned is entitled to vote at the Annual Meeting of Shareholders on Tuesday, May 17, 2011 at 10:00 a.m. at the offi ces of Texas Capital Bank, National Association at 2000 McKinney Avenue, 7th Floor, Dallas, Texas 75201, and any and all adjournments thereof, as set forth below. This proxy is revocable and will be voted as directed. However, if no instructions are specifi ed, the proxy will be voted FOR the nominees for directors specifi ed in Item 1 and FOR Item 2. (CONTINUED AND TO BE SIGNED ON REVERSE SIDE) Please separate carefully at the perforation and return just this portion in the envelope provided. |
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