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SIVB > SEC Filings for SIVB > Form 8-K on 8-Aug-2013All Recent SEC Filings

Show all filings for SVB FINANCIAL GROUP



Change in Directors or Principal Officers, Financial Statements and Exhibits

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

(b) As SVB Financial Group (the "Company") previously announced in April 2013, David Jones, the Company's Chief Credit Officer, will be assuming the new position of President of Asia and will be relocating to China. The effective date of his transition will be September 1, 2013. Upon Mr. Jones's transition, Marc Cadieux, the Company's Assistant Chief Credit Officer, will succeed Mr. Jones as Chief Credit Officer. Mr. Jones will no longer be an executive officer of the Company after September 1, 2013.

(e) In connection with his new position in China, Mr. Jones and the Company have entered into, as of August 7, 2013, an agreement, which sets forth the initial terms and conditions of his assignment to China, including his compensation and relocation and other benefits (the "Agreement"). The material terms of the Agreement are described as follows:
Term of Assignment. The initial term of Mr. Jones's assignment under the Agreement will be from September 1, 2013 through the end of the year. The Company and Mr. Jones will continue their discussions of the terms of an assignment in 2014 and beyond. Either Mr. Jones or the Company may terminate the Agreement at any time.
Compensation Arrangement. Under the Agreement, Mr. Jones will receive the following compensation:
Annual Base Salary: $450,000

         Annual Cash Incentives: He will remain eligible to participate in the
          Company's Incentive Compensation Plan and his annual cash incentive
          compensation target will be 50% of his annual base salary.

         Equity Incentives: His previously-granted outstanding equity awards
          will continue to vest during his assignment in accordance with the
          applicable terms of those awards.

Assignment and Relocation Benefits. Under the Agreement, Mr. Jones will be entitled to receive benefits relating to his relocation and assignment to China, as described in the Agreement.

A copy of the Agreement is attached as Exhibit 10.1 and incorporated hereto by reference.

Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
10.1 2013 International Assignment Agreement for David Jones

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