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): May 6, 2013
IBERIABANK CORPORATION
(Exact name of Registrant as Specified in Charter)
Louisiana | 0-25756 | 72-1280718 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
200 West Congress Street, Lafayette, Louisiana 70501
(Address of Principal Executive Offices)
(337) 521-4003
Registrants telephone number, including area code
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:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | 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) On May 7, 2013, the Compensation Committee granted restricted stock awards to non-employee directors of IBERIABANK Corporation (the Company) as follows:
Name |
Restricted
Stock Award (Shares) |
Grant Date Per
Share Fair Value of Awards |
||||||
Elaine D. Abell |
1000 | $ | 46.26 | |||||
William H. Fenstermaker |
1000 | $ | 46.26 | |||||
Harry V. Barton, Jr. |
1000 | $ | 46.26 | |||||
Ernest P. Breaux, Jr. |
1000 | $ | 46.26 | |||||
John N. Casbon |
1000 | $ | 46.26 | |||||
Angus R. Cooper, II |
1000 | $ | 46.26 | |||||
John E. Koerner, III |
1000 | $ | 46.26 | |||||
O. Miles Pollard, Jr. |
1000 | $ | 46.26 | |||||
E. Stewart Shea, III |
1000 | $ | 46.26 | |||||
David H. Welch |
1000 | $ | 46.26 |
The restricted stock awards will vest equally over a three-year period commencing with the first anniversary date of the awards. The restricted stock awards are subject to other terms and conditions of the 2010 Stock Incentive Plan and the Restricted Stock Award Agreement.
Item 5.07 | Submission of Matters to a Vote of Security Holders |
The Annual Meeting of Shareholders of the Company was held on May 6, 2013. At the Annual Meeting, the persons listed below were elected to serve as directors of the Company, each for a term of three years; the appointment by the Audit Committee of Ernst & Young LLP as the Companys independent registered public accounting firm for fiscal 2013 was ratified; and a non-binding resolution in support of the compensation of the named executive officers was approved.
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The Judges of Election reported the vote of shareholders at the Annual Meeting as follows:
PROPOSAL 1: Election of Directors
NAME |
FOR | WITHHELD | ||||||
Elaine D. Abell |
22,846,805 | 542,159 | ||||||
William H. Fenstermaker |
22,241,643 | 1,147,321 | ||||||
O. Miles Pollard, Jr. |
22,014,326 | 1,374,638 | ||||||
Angus R. Cooper, II |
23,096,605 | 292,359 |
In addition, there were 3,054,083 broker non-votes for each nominee.
PROPOSAL 2: Ratify Appointment of Ernst & Young LLP
FOR |
AGAINST |
ABSTAIN | ||
25,947,823 | 430,670 | 64,554 |
In addition, there were no broker non-votes.
PROPOSAL 3: Approval of a non-binding advisory resolution to approve the compensation of named executive officers
FOR |
AGAINST |
ABSTAIN | ||
15,520,340 | 7,732,250 | 136,373 |
In addition, there were 3,054,084 broker non-votes.
ITEM 9.01 | Financial Statements and Exhibits |
(d) | Exhibits. |
Exhibit 10.1 | Form of Restricted Stock Award Agreement. |
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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.
IBERIABANK CORPORATION | ||||||
DATE: May 9, 2013 | By: | /s/ Daryl G. Byrd | ||||
Daryl G. Byrd | ||||||
President and Chief Executive Officer |
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Exhibit 10.1
RESTRICTED STOCK AGREEMENT
UNDER THE IBERIABANK CORPORATION
2010 STOCK INCENTIVE PLAN
THIS INCENTIVE AGREEMENT (Agreement) is entered into as of, between IBERIABANK Corporation (IBKC or (the Company) and (the Award Recipient).
WHEREAS, under the 2010 Stock Incentive Plan (the Plan), the Compensation Committee of the IBKC Board of Directors (the Committee) may, among other things, award shares of common stock of IBKC (the Common Stock) in the form of restricted stock (Restricted Stock) to a key employee or Director of IBKC or one of its subsidiaries (collectively, the Company);
NOW, THEREFORE, in consideration of the premises, it is agreed as follows:
1. Conditional Award of Restricted Stock
Pursuant to the terms of the Plan, the Award Recipient is hereby awarded, subject to the other terms, conditions, and restrictions contained herein, shares of Restricted Stock.
2. Award Restrictions
2.1 The shares of Restricted Stock and the right to vote them and to receive dividends thereon may not be sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered until such time as the shares vest and the restrictions imposed thereon lapse, as provided below.
2.2 The shares of Restricted Stock issued to the Award Recipient shall become vested and nonforfeitable and the restrictions imposed thereon will lapse as to one third (33 1/3%) of the shares of Restricted Stock on each of the first through third anniversaries of the date of this Agreement; provided that on each vesting date if a fraction of a share would vest, a whole share shall vest in lieu thereof and on the last date the number of shares that vest will be the total number of shares awarded less the total number of shares previously vested; and provided further that on the applicable vesting date the Award Recipient is in the employ of or serving as a member of the Board of IBKC. The period during which the restrictions imposed on the shares of Restricted Stock by the Plan and this Agreement are in effect is referred to herein as the Restricted Period. During the Restricted Period, the Award Recipient shall be entitled to all rights of a shareholder of IBKC, including the right to vote such shares of Restricted Stock and to receive dividends thereon.
2.3 All restrictions on the Restricted Stock issued to the Award Recipient shall immediately lapse and the shares shall vest (a) if the Award Recipient dies while he is employed by or serving on the Board of the Company, (b) if the Award Recipients Continuous Service to the Company terminates as a result of Disability, or (c) if service on the Board terminates due to ineligibility for re-election to serve on the Board because of having reached the mandatory
retirement age. Unless otherwise determined by the Committee, the Award Recipient shall forfeit his or her unvested Restricted Stock upon the termination of his or her Continuous Service to the Company, for any reason, other than as provided in the foregoing sentence.
3. Registration of Stock Ownership
3.1 The shares of Restricted Stock shall be registered in the name of the Award Recipient by book entry. A stock power endorsed in blank by the Award Recipient shall be deposited with IBKC. The restrictions on transfer and forfeiture terms of the Restricted Stock under the Plan and the Agreement shall be reflected in the books of IBKCs transfer agent and noted on the written information statement required to be provided to the Award Recipient under Louisiana law.
3.2 Upon the lapse of restrictions on any shares of Restricted Stock issued to the Award Recipient, IBKC shall cause a stock certificate without any restrictive legend representing such shares of Restricted Stock to be issued in the name of the Award Recipient or his nominee within 30 days after the end of the Restricted Period. Upon receipt of such stock certificate, the Award Recipient is free to hold or dispose of the shares of Common Stock represented by such certificate subject to applicable securities laws.
4. Dividends
Any dividends paid on the shares of Restricted Stock granted to the Award Recipient shall be paid to the Award Recipient as soon as practicable following the date such dividends are declared and paid to the Companys shareholders.
5. Withholding Taxes
5.1 IBKC shall have the right to withhold from any payments or stock issuances under the Plan, or to collect as a condition of payment, any taxes required by law to be withheld. By signing this Award Agreement, the Award Participant agrees that he or she is solely responsible for the satisfaction of any taxes that may arise (including taxes arising under Sections 409A or 4999 of the Code) and that IBKC shall not have any obligation whatsoever to pay such taxes.
5.2 Unless an Award Recipient timely makes the election described in Section 5.3, at the time that all or any portion of the Restricted Stock vests the Award Recipient must deliver to IBKC the amount of income tax withholding required by law. In accordance with the terms of the Plan, the Award Recipient may satisfy the tax withholding obligation by electing (the Election) to have IBKC withhold from the Shares the Award Recipient otherwise would receive Shares of Common Stock having a value equal to the minimum amount required to be withheld. The value of the shares to be withheld shall be based on the Fair Market Value of the Common Stock on the date that the amount of tax to be withheld shall be determined (the Tax Date). Each Election must be made prior to the Tax Date. The Committee may disapprove of any Election, may suspend or terminate the right to make Elections, or may provide with respect to any Restricted Stock that the right to make Elections shall not apply to such Restricted Stock, except that if the Award Recipient is an Executive Officer or is otherwise subject to Section 16 of the Securities Exchange Act of 1934, the Award Recipients right to handle the payment of withholding taxes may not be revoked by the Committee.
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5.3 The Award Recipient understands that the Award Recipient (and not the Company) shall be responsible for the Award Recipients own tax liability that may arise as a result of the transactions contemplated by this Agreement. The Award Recipient understands that Section 83 of the Internal Revenue Code of 1986, as amended (the Code), taxes as ordinary income the Fair Market Value of the Restricted Stock as of the date any restrictions on the shares lapse. The Award Recipient understands that the Award Recipient may elect to be taxed at the time the Restricted Stock is granted rather than upon vesting by filing an election under Section 83(b) of the Code with the I.R.S. within thirty days from the date of grant. The form for making this election is available from the Secretary of IBKC upon the request of the Award Recipient.
6. Additional Conditions
Anything in this Agreement to the contrary notwithstanding, if at any time IBKC further determines, in its sole discretion, that the listing, registration or qualification (or any updating of any document) of the shares of Common Stock issued or issuable pursuant hereto is necessary on any securities exchange or under any federal or state securities or blue sky law, or that the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of shares of Common Stock pursuant hereto, or the removal or any restrictions imposed on such shares, such shares of Common Stock shall not be issued, in whole or in part, or the restrictions thereon removed, unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to IBKC.
7. No Contract of Employment Intended
Nothing in this Agreement shall confer upon the Award Recipient any right to continue in the employment of the Company or to interfere in any way with the right of the Company to terminate the Award Recipients employment relationship with the Company at any time.
8. Binding Effect
This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators and successors.
9. Inconsistent Provisions
The shares of Restricted Stock covered hereby are subject to the provisions of the Plan. If any provision of this Agreement conflicts with a provision of the Plan, the Plan provision shall control.
10. Treatment upon Death
The Award Recipient may elect to designate a beneficiary to receive the shares of Restricted Stock that vest in the event of his or her death. In the absence of such a designation, upon the Award Recipients death, any such interest will be transferred as provided in the Award Recipients will or according to the applicable laws of descent and distribution.
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11. Notices
Any notice or communication required or permitted by any provision of this Agreement to be given to the Award Recipient shall be in writing and shall be delivered personally or sent by certified mail, return receipt requested, addressed to the Award Recipient at the last address that the Company had for the Award Recipient on its records. Each party may, from time to time, by notice to the other party hereto, specify a new address for delivery of notices relating to this Agreement. Any such notice shall be deemed to be given as of the date such notice is personally delivered or properly mailed.
12. Modifications
This Agreement may be modified or amended at any time, provided that Award Recipient must consent in writing to any modification that adversely alters or impairs any rights or obligations under this Agreement.
13. Headings
Section and other headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret, define or limit the scope or intent of this Agreement or any provision hereof.
14. Severability
Every provision of this Agreement and of the Plan is intended to be severable. If any term hereof is illegal or invalid for any reason, such illegality or invalidity shall not affect the validity or legality of the remaining terms of this Award Agreement.
15. Governing Law
The laws of the State of Louisiana shall govern the validity of this Agreement, the construction of its terms, and the interpretation of the rights and duties of the parties hereto.
16. Counterparts
This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.
17. Restrictions on Transfer
This Agreement may not be sold, pledged, or otherwise transferred without the prior written consent of the Committee. Notwithstanding the foregoing, the Award Recipient may transfer this Agreement (i) by instrument to an inter vivos or testamentary trust (or other entity) in which each beneficiary is a permissible gift recipient, as such is set forth in subsection (ii) of this Section 17, or (ii) by gift to charitable institutions or by gift or transfer for consideration to any of the following relatives of the Award Recipient (or to an inter vivos trust, testamentary
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trust or other entity primarily for the benefit of the following relatives of the Participant): any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, domestic partner, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships. Any transferee of the Award Recipients rights shall succeed and be subject to all of the terms of this Agreement and the Plan.
[Signature Page Follows]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written.
IBERIABANK CORPORATION | ||
By: |
| |
A duly designated representative of the Company | ||
| ||
Award Recipient |
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