Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
LPLA > SEC Filings for LPLA > Form 8-K on 28-May-2013All Recent SEC Filings

Show all filings for LPL FINANCIAL HOLDINGS INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for LPL FINANCIAL HOLDINGS INC.


28-May-2013

Other Events


Item 8.01 Other Events

Share Repurchase Program
On May 28, 2013, LPL Financial Holdings Inc. (the "Company") announced that its board of directors (the "Board of Directors") had authorized the Company to repurchase up to an additional $200 million of the Company's issued and outstanding shares of common stock. This authorization is in addition to the approximately $82 million remaining as of May 28, 2013 under the Company's existing share repurchase program. Future share repurchases may be made through open market or privately negotiated transactions, with the timing of purchases and the amount of shares purchased generally determined at the discretion of the Company's management.
Distribution of Shares by Sponsors
The Company has been advised that Hellman & Friedman Capital Partners V, L.P., Hellman & Friedman Capital Partners V (Parallel), L.P. and Hellman & Friedman Capital Associates V, L.P. (collectively, the "H&F Funds") and TPG Partners IV, L.P. ("TPG" and, collectively with the H&F Funds, the "Sponsors") intend to distribute on May 29, 2013 an aggregate of 12.5 million shares of the Company's common stock to their respective limited partners (the "Distribution"). Immediately following the Distribution, the H&F Funds will continue to hold an aggregate of 12.6 million shares of the Company's common stock, and TPG will continue to hold an aggregate of 20.7 million shares of the Company's common stock. In aggregate, the Sponsors will continue to hold immediately following the Distribution approximately 31 percent of the Company's outstanding shares. Classification of Board of Directors
The Company's Amended and Restated Certificate of Incorporation provides that immediately following the first date on which the Sponsors and their respective successors and affiliates cease collectively to beneficially own, directly or indirectly, 40 percent or more of the outstanding shares of the Company's common stock, the Board of Directors will be classified into three classes. Each class is required to consist, as nearly as possible, of one-third of the total number of directors constituting the entire Board of Directors, and the allocation of directors among the three classes is determined by the Board of Directors. The terms of the three classes will be staggered so that only one class is elected each year. The class 1, class 2 and class 3 directors will serve until the annual meeting of stockholders to be held in 2014, 2015 and 2016, respectively. At each annual meeting of stockholders, directors will be elected to serve for a three-year term to succeed the directors of the same class whose terms are then expiring.
Following the Distribution, the Sponsors will cease collectively to beneficially own 40 percent or more of the outstanding shares of the Company's common stock, at which time the Board of Directors will be classified into the following three classes:

Class 1                Class 2            Class 3
Mark S. Casady         Richard W. Boyce   James S. Riepe
Jeffrey A. Goldstein   John J. Brennan    Richard P. Schifter
Anne M. Mulcahy        James S. Putnam    Jeffrey E. Stiefler
Allen R. Thorpe

Forward-Looking Statements
Statements in this Current Report, including certain statements regarding future share repurchases and the Distribution, as well as any other statements that are not purely historical, constitute forward-looking statements. These forward-looking statements are based on the Company's expectations as of May 28, 2013. For example, the forward-looking statements regarding future share repurchases are based on the expectation, among others, that the Company will generate sufficient cash flow to warrant future share repurchases. Forward-looking statements are not guarantees and should not be regarded as a representation by the Company. Important factors that may cause such differences include: the Company's future liquidity and working capital requirements; alternative short- and long-term uses of capital; the price and availability of shares of the Company's common stock; trading volumes; corporate and regulatory


considerations, including the Company's right to discontinue repurchases at any time; general market and economic conditions and such other factors as the Company may deem relevant, including those set forth in the Company's Annual Report on Form 10-K for the period ended December 31, 2012. Except as required by law, the Company specifically disclaims any obligation to update any forward-looking statements whether as a result of new information, future developments or otherwise, even if the Company's expectations change, and you should not rely on those statements as representing the Company's view as of any date subsequent to May 28, 2013.


  Add LPLA to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for LPLA - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now


Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.