-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Iw9evf3Z6nEcfPiNjrYUGGGRCs8Gi7lj6OMH0eFuGw/tl48F9fNbnYuh0HoL6xEx AgKcf27Sym2WzqAbkaZzMg== 0001104659-08-048608.txt : 20080730 0001104659-08-048608.hdr.sgml : 20080730 20080730160619 ACCESSION NUMBER: 0001104659-08-048608 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080725 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20080730 DATE AS OF CHANGE: 20080730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PACWEST BANCORP CENTRAL INDEX KEY: 0001102112 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 330885320 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-30747 FILM NUMBER: 08978940 BUSINESS ADDRESS: STREET 1: 6110 EL TORDO CITY: RANCHO SANTA FE STATE: CA ZIP: 92067 BUSINESS PHONE: 8587563023 MAIL ADDRESS: STREET 1: 275 NORTH BREA BLVD CITY: BREA STATE: CA ZIP: 92821 FORMER COMPANY: FORMER CONFORMED NAME: FIRST COMMUNITY BANCORP /CA/ DATE OF NAME CHANGE: 19991229 8-K 1 a08-20384_18k.htm 8-K

 

 

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

 

July 25, 2008

Date of Report (Date of Earliest Event Reported)

 

PACWEST BANCORP

(Exact Name of Registrant As Specified In Its Charter)

 

California

 

00-30747

 

33-0885320

(State of Incorporation)

 

(Commission File Number)

 

(IRS Employer
Identification Number)

 

401 West A Street

San Diego, CA 92101

(Address of principal executive offices) (Zip Code)

 

(619) 233-5588

(Registrant’s 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. below):

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 

Item 5.02

 

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

(e)           Mid-Year Bonuses.  On July 25, 2008, the Compensation, Nominating and Governance Committee (“CNG Committee”) of the Board of Directors (the “Board”) of PacWest Bancorp (the “Company”) approved the payment of mid-year bonuses to all employees of the Company, including the Named Executive Officers of the Company, who were employed with the Company prior to April 1, 2008 and who are not on a commission-based compensation program (the “Eligible Employees”).  With respect to the CEO of the Company, the CNG Committee recommended approval of his mid-year bonus to the Board.  Each Eligible Employee will receive a bonus equal to 50% of such employee’s target annual bonus, as set forth in the relevant incentive plan, subject to prorating for any Eligible Employee who started with the Company after January 1, 2008 but prior to April 1, 2008.

 

                The total amount payable to all Eligible Employees is approximately $3.7 million, all of which had been accrued by the Company through June 30, 2008.  The amount payable to the Named Executive Officers is based on 50% of the amounts payable as target annual bonuses under the Company’s 2007 Executive Incentive Plan.   The amount payable to each of the Named Executive Officers is as follows:

 

Named Exec. Officer

 

Base Salary

 

Target Bonus (%)

 

Mid-Year Bonus (%)

 

Mid-Year Bonus ($)

 

Matthew P. Wagner

 

$

750,000

 

100

%

50

%

$

375,000

 

Victor R. Santoro

 

$

456,250

 

60

%

30

%

$

136,875

 

Michael J. Perdue

 

$

387,508

 

60

%

30

%

$

116,252

 

Jared M. Wolff

 

$

343,750

 

60

%

30

%

$

103,125

 

 

                The Company elected to pay mid-year bonuses in light of the strong financial performance by the Company in a difficult operating environment, as well as the anticipated positive effects on employee morale and retention.

 

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.

 

Dated: July 30, 2008

 

 

PACWEST BANCORP

 

 

 

By:

 

/s/ Jared M. Wolff

 

Name:

 

Jared M. Wolff

 

Title:

 

Executive Vice President,

 

 

 

General Counsel and Secretary

 

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