What in the heck is this company doing? The stock has completely plunged and they are dishing out bonuses?
Change in Directors or Principal Officers, Amendments to Articles of In
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 31, 2008, pursuant to the recommendation of the Compensation Committee, the Board of Directors of Beverly Hills Bancorp Inc. (the "Company") approved a bonus in the amount of $135,000 to Larry B. Faigin, Chief Executive Officer. The bonus is intended to satisfy the Company's contractual bonus arrangement for 2007 pursuant to Mr. Faigin's Employment Agreement.
In addition, on that date, pursuant to the recommendation of the Compensation Committee, the Board of Directors created a bonus pool of up to $750,000 for 2008 and through May 31, 2009 for Mr. Faigin and Executive Vice Presidents Craig W. Kolasinski, Bryce W. Miller, Takeo K. Sasaki and Annette J. Vecchio. The actual amount of the bonus pool will be based on a number of factors, including (1) resolution or recoveries on six non-performing loans through May 31, 2009; (2) increase in book value of the Company between June 30, 2008 and March 31, 2009; and (3) various regulatory ratings for the Company's subsidiary First Bank of Beverly Hills. An executive officer must be employed by the Company on May 31, 2009 to be eligible to participate in the bonus pool. The Board of Directors will allocate the bonus pool among the eligible executive officers, provided that Mr. Faigin will be entitled to not less than 25% of the bonus pool. Mr. Faigin's participation in this bonus pool constitutes his incentive compensation plan under his Employment Agreement for 2008 through May 31, 2009.