EAGLE BANCORP INC — Remuneration Information 2018

Feb 16, 2018

8-K 1 a18-6239_28k.htm 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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): February 12, 2018

Eagle Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Maryland	0-25923	52-2061461
(State or other jurisdiction	(Commission file number)	(IRS Employer
of incorporation)		Number)

7830 Old Georgetown Road, Bethesda, Maryland 20814

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: 301.986.1800

Check the appropriate box below if the Form 8-K 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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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Item 5.02. Departure of Directors or Certain Officers; Election of Directors, Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Named Executive Officer Compensation Decisions. On February 12, 2018, the Compensation Committee of the Board of Directors of Eagle Bancorp, Inc. (the “Company”) approved base salaries for calendar year 2018 (retroactive to January 1, 2018), cash bonus awards under the Company’s Senior Executive Incentive Plan (“the “SEIP”) for 2017 performance, the award of shares of time-vested restricted stock and performance based restricted stock units (“PRSUs”) under the Company’s 2018 Long Term Incentive Plan and 2016 Stock Plan, to the Company’s named executive officers, as set forth below.

Name	Title	2018 Annual Salary	SEIP Bonus for 2017 Performance	Shares of Time-Vested Restricted Stock Awarded	PRSUs Awarded (at Target )
Ronald D. Paul	President and CEO — Company, CEO - EagleBank	$ 963,384	$ 2,474,192	22,500	22,500
Charles D. Levingston	EVP and CFO — Company and EagleBank	$ 342,000	$ 169,716	1,768	1,768
Antonio F. Marquez	EVP & CLO — Commercial Real Estate - EagleBank	$ 421,350	$ 346,952	4,767	4,767
Susan G. Riel	EVP — Company; SEVP & COO — EagleBank	$ 527,883	$ 613,789	6,030	6,030
Janice L. Williams	EVP & Chief Credit Officer — EagleBank	$ 423,725	$ 509,285	4,212	4,212

All awards of time-vested restricted stock vest in three substantially equal installments commencing on the first anniversary of the date of grant, subject to the terms of the 2016 Stock Plan and the form of award certificate. PRSUs are awards of the right to receive shares of common stock based upon the Company’s achievement in respect of specified performance measures over a three year performance period, 2018-2020, as compared to the Company’s budget and the companies comprising the KBW Regional Bank Index (the “Index”). PRSUs are awarded at target, meaning the number of shares which would vest if the Company met the target level of performance for each performance metric. The actual number of PRSUs vested will be determined by interpolating the Company’s performance in respect of each metric on a straight-line basis between threshold, target and stretch/maximum award levels. The table below establishes the performance goals and payment ranges for the 2018-2020 performance period. A copy of the Company’s 2018 Long Term Incentive Plan, under which the awards of time vested restricted stock and PRSUs were established, is included as Exhibit 10.1 to this report.

Measures	Weight	Threshold	Target	Stretch/Maximum
Earnings Per Share compared to approved Budget	50%	75% of Budget	100% of Budget	125% of Budget
Average Annual Return on Average Assets compared to Index	50%	Median	62.5% Percentile	75% Percentile
Payout Range (% of Target)	100%	50%	100%	150%

On February 12, 2018, the Compensation Committee also approved the Senior Executive Incentive Plan for 2018 performance. The SEIP is a non-equity incentive compensation plan pursuant to which participating officers may earn cash incentive awards if certain pre-determined targets, including overall Company level performance and individual performance targets are met. Awards under either Senior Executive Incentive Plan may also be paid in stock, through awards under the Company’s stock plan, in the discretion of the Compensation Committee. A redacted version of the plan, which does not disclose certain target goals and compensation levels for which confidential treatment has been requested, is attached as Exhibit 10.2 to this report. An unredacted version of the 2017 SEIP is attached as Exhibit 10.3 to this report.

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Director Awards. On February 12, 2018, the Compensation Committee of the Board of Directors of the Company approved awards of 3,940 shares of restricted stock under the 2016 Stock Plan to members of the Board of Directors of the Company for service on the Boards of Directors of the Company and the Bank. The Committee also approved awards of 943 shares of restricted stock to members of only the Bank Board of Directors. All such awards of time-vested restricted stock vest in three substantially equal installments commencing on the first anniversary of the date of grant, subject to the terms of the 2016 Stock Plan and the form of award certificate.

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Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Number	Description
10.1	2018 Long Term Incentive Plan
10.2	2018 Senior Executive Incentive Plan (redacted, confidential treatment requested for certain portions of the plan.)
10.3	2017 Senior Executive Incentive Plan (unredacted)

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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.

EAGLE BANCORP, INC.
By:	/s/ Ronald D. Paul
	Ronald D. Paul, President, Chief Executive Officer

Dated: February 16, 2018

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