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IFT > SEC Filings for IFT > Form 8-K on 9-Jun-2014All Recent SEC Filings

Show all filings for IMPERIAL HOLDINGS, INC.

Form 8-K for IMPERIAL HOLDINGS, INC.


9-Jun-2014

Change in Directors or Principal Officers, Submission of Matters to a Vot


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

(e)

On June 5, 2014, the Compensation Committee of the Board of Directors of Imperial Holdings, Inc. (the "Company") awarded each of the Company's directors and named executive officers with performance shares under the Imperial Holdings 2010 Omnibus Incentive Plan ("Plan"). The awards to the Company's directors and Chief Executive Officer are subject to shareholder approval of an amendment and restatement of the Plan at the Company's 2015 annual meeting.

The number of shares earned by each of the named executive officers will range from 0-150% of the target award amount, depending on the Company's financial performance from June 5, 2014 through June 30, 2016 (the "Performance Period") based on a target (i) book value and (ii) market to book ratio. If performance is below threshold on either metric, no shares will be earned. No shares will be earned by an executive if terminated for any reason during the Performance Period.

The number of shares earned during the Performance Period will be issued to the executive as restricted stock, subject to continued employment for an additional year following the Performance Period until June 30, 2017. In the event of a Change in Control (as defined in the award agreement) of the Company, the performance shares will immediately vest. If the Change in Control occurs during the Performance Period, the number of shares that vest will be the higher of the target amount or the actual projected results. If the Change in Control occurs after the Performance Period, the number of shares that vest will be the number actually earned during the Performance Period.

Each of the directors other than Mr. Mitchell received a target number of 5,000 performance shares. The target number of performance shares awarded to each of our named executive officers is as follows:

                                                           Target Number
      Name                                               Performance Shares
      Antony Mitchell
      Chief Executive Officer                                        120,000
      Richard O'Connell
      Chief Financial Officer                                         40,000
      Michael Altschuler
      General Counsel and Secretary                                   26,000
      Miriam Martinez
      Senior Vice President of Finance and Operations                 36,000

The foregoing summary is not intended to be complete and is qualified in its entirety by reference to the form of performance share award agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.



Item 5.07 Submission of Matters to a Vote of Security Holders.

The Annual Meeting of Shareholders ("Annual Meeting") of the Company was held on June 5, 2014. The results of matters submitted to a vote were as follows:

Proposal 1 - Election of Directors.The shareholders elected each of the director nominees set forth below for a one-year term expiring at the next Annual Meeting of Shareholders. The shareholders voted as follows:

                                                 Votes Cast
          Name                    For          Withheld       Broker Non-Votes
          James Chadwick        14,412,792       290,994              4,695,204
          Michael Crow          14,413,985       289,801              4,695,204
          Andrew Dakos          14,677,985        26,691              4,695,204
          Richard Dayan         14,413,662       290,724              4,695,204
          Phillip Goldstein     14,625,661        78,125              4,695,204
          Gerald Hellerman      14,408,105       295,681              4,695,204
          Antony Mitchell       14,679,197        24,589              4,695,204

Proposal 2 - Advisory Vote on Executive Compensation. The shareholders approved, on an advisory basis, the compensation of the Company's named executive officers for the fiscal year ended December 31, 2013. The shareholders voted as follows:

Votes Cast For Against Abstain Broker Non-Votes 14,123,391 371,464 208,931 4,695,204


Proposal 3 - Vote on Common Stock Issuance Upon Conversion of the Company's 8.50% Senior Unsecured Notes due 2019. The shareholders voted to approve the issuance of the Company's common stock upon conversion of the Company's 8.50% Senior Unsecured Convertible Notes due 2019. The shareholders voted as follows:

Votes Cast For Against Abstain Broker Non-Votes 14,586,764 97,522 19,500 4,695,204

Proposal 4 - Ratification of Grant Thornton LLP as the Company's Independent Registered Public Accounting Firm. The selection of Grant Thornton LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2014 was ratified by shareholders. The shareholders voted as follows:

Votes Cast For Against Abstain 19,324,427 51,456 23,107



Item 8.01 Other Events.

On June 5, 2014 and as part of their 2014 director compensation, each of the Company's non-employee directors were, except as noted below, paid $45,000 through the grant of 7,246 shares of one year vesting restricted stock. The number of shares granted to each such director was determined based on the fair market value of the Company's common stock on June 4, 2014, the date prior to the Annual Meeting. Directors owning at least $200,000 in fair market value of the Company's common stock have an option to elect all or a portion of this payment in cash in lieu of restricted stock. Mr. Hellerman elected to receive 4,830 shares of one year vesting restricted stock with the remainder paid in cash.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 10.1 Form of Performance Share Award Agreement under the Imperial Holdings 2010 Omnibus Incentive Plan.


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