-----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, ReLs+gssN3RJNhoCszLpu6fs87/Pfkoa0TyPBVrzmvcJUaZzQnDcBIFTIblrms18 t+Jo5lE2UlhQ0nIkyXtaGQ== 0000950144-05-005177.txt : 20050510 0000950144-05-005177.hdr.sgml : 20050510 20050510092823 ACCESSION NUMBER: 0000950144-05-005177 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050307 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20050510 DATE AS OF CHANGE: 20050510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BFC FINANCIAL CORP CENTRAL INDEX KEY: 0000315858 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 592022148 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-09811 FILM NUMBER: 05814099 BUSINESS ADDRESS: STREET 1: 1750 E SUNRISE BLVD CITY: FORT LAUDERDALE STATE: FL ZIP: 33304 BUSINESS PHONE: 9547605200 MAIL ADDRESS: STREET 1: 1750 EAST SUNRISE BLVD STREET 2: THRID FLOOR CITY: FORT LAUDERDALE STATE: FL ZIP: 33304 FORMER COMPANY: FORMER CONFORMED NAME: BANKATLANTIC FINANCIAL CORP DATE OF NAME CHANGE: 19920316 FORMER COMPANY: FORMER CONFORMED NAME: IRE FINANCIAL CORP DATE OF NAME CHANGE: 19880401 8-K 1 g95215e8vk.htm BFC FINANCIAL CORPORATION e8vk
 

 
 

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

Date of Report (Date of earliest event reported): March 7, 2005

BFC FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)
         
FLORIDA   333-72213   59-2022148
         
(State or other jurisdiction
of incorporation) 		  (Commission
File Number) 		  (IRS Employer
Identification No.)
         
1750 East Sunrise Boulevard, Fort Lauderdale, Florida   33304
     
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (954) 760-5200

Not applicable

(Former name or former address, if changed since last report.)

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 1.01 Entry into a Material Definitive Agreement.

     On March 7, 2005 and April 4, 2005, the Compensation Committee of the Board of Directors of BFC Financial Corporation (the “Company”) took the following actions relating to executive compensation.

2004 Executive Compensation Matters

     The Compensation Committee approved the payout of cash bonuses for 2004 to the Company’s executive officers under the Company’s annual incentive program. Bonuses under this program are generally based upon the Company’s profitability and the achievement of individual performance competencies and goals.

     The amount of cash bonuses approved by the Compensation Committee to be paid to the Company’s “named executive officers” (as defined by Item 402(a)(3) of Regulation S-K) under the annual incentive program are set forth in the table below.

         
Name   Amount of 2004 Bonus  
Alan B. Levan
   $431,666    
John E. Abdo
   $194,688    
Glen R. Gilbert
   $172,020    
Phil J. Bakes
   $200,000    

2005 Executive Compensation Matters

     The Compensation Committee established annual base salaries and a target cash bonus amount (expressed as a percentage of base salary) based upon performance measures and targets for each of the Company’s executive officers. The bonuses were established under the Company’s annual incentive program for 2005 for each of the executive officers. The bonus amount payable is based upon the executive’s performance in relation to specified corporate goals. The bonus amount for each of the Company’s executive officers, which is a percentage of base salary, was determined by the Compensation Committee based on the salary level and position of such officer within the Company. The amount of the 2005 base salary and bonus opportunity for 2005 for each of the Company’s “named executive officers” are set forth in the table below:

                 
Name   Amount of 2005 Base Salary     Amount of 2005 Bonus Opportunity  
Alan B. Levan
   $748,222     60%  
John E. Abdo
   $550,000     60%  
Glen R. Gilbert
   $168,168            60% + $75,000  
Phil J. Bakes
   $350,000     40%  

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SIGNATURES

     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.
         
  BFC FINANCIAL CORPORATION
 		  
Date: May 10, 2005  By:   /s/ Glen R. Gilbert    
    Name:   Glen R. Gilbert   
    Title:   Executive Vice President   
 

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