UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): September 9, 2016
Hilltop Holdings Inc.
(Exact name of registrant as specified in its charter)
Maryland |
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1-31987 |
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84-1477939 |
(State or other jurisdiction of
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(Commission
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(IRS Employer Identification
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200 Crescent Court, Suite 1330 |
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Dallas, Texas |
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75201 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (214) 855-2177
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing 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))
Section 5 Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective September 12, 2016, Jeremy B. Ford and Alan B. White were appointed Co-Chief Executive Officers of Hilltop Holdings Inc. (the Company ). Mr. Jeremy Ford will remain President of the Company, and Mr. White will remain Vice-Chairman of the Board of Directors of the Company and Chairman of PlainsCapital Bank.
In addition, Mr. James R. Huffines, previously Chief Operating Officer of PlainsCapital Corporation, was appointed Chief Operating Officer for Subsidiaries of the Company and Mr. John A. Martin, previously Chief Financial Officer of PlainsCapital Corporation, was appointed Chief Accounting Officer of the Company, in each case effective September 12, 2016.
In connection with the changes to the duties of Messrs. White, Huffines and Martin, the Compensation Committee of the Board of Directors of the Company approved amendments to the Retention Agreement with Mr. White and Employment Agreements with Messrs. Huffines and Martin. These amendments, which were entered into on September 12, 2016, provide for the corresponding changes to their respective duties. Additionally, with respect to the amendment to Mr. Whites Retention Agreement, it provides that the obligations under the Retention Agreement are assumed by the Company and the annual bonus will be determined on the consolidated results of the Company, as opposed the consolidated results of PlainsCapital Corporation. Copies of these amendments are filed as exhibits to this Current Report on Form 8-K and incorporated herein by reference.
Section 9 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Shell company transactions.
Not applicable.
(d) Exhibits.
The following exhibits are filed or furnished, depending on the relative item requiring such exhibit, in accordance with the provisions of Item 601 of Regulation S-K and Instruction B.2 to this form.
Exhibit
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Description of Exhibit |
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10.2 |
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First Amendment to Retention Agreement and Assignment and Assumption Agreement by and among Hilltop Holdings Inc., PlainsCapital Corporation and Alan B. White, dated as of September 12, 2016 |
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10.3 |
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First Amendment to Employment Agreement by and between Hilltop Holdings Inc. and James R. Huffines, dated as of September 12, 2016. |
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10.4 |
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First Amendment to Employment Agreement by and between Hilltop Holdings Inc. and John A. Martin, dated as of September 12, 2016. |
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.
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Hilltop Holdings Inc., |
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a Maryland corporation |
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Date: September 13, 2016 |
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By: |
/s/ COREY PRESTIDGE |
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Name: |
Corey G. Prestidge |
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Title: |
Executive Vice President, |
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General Counsel & Secretary |
INDEX TO EXHIBITS
Exhibit
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Description of Exhibit |
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10.2 |
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First Amendment to Retention Agreement and Assignment and Assumption Agreement by and among Hilltop Holdings Inc., PlainsCapital Corporation and Alan B. White, dated as of September 12, 2016. |
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10.3 |
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First Amendment to Employment Agreement by and between Hilltop Holdings Inc. and James R. Huffines, dated as of September 12, 2016. |
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10.4 |
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First Amendment to Employment Agreement by and between Hilltop Holdings Inc. and John A. Martin, dated as of September 12, 2016. |
Exhibit Index
EXHIBIT 10.2
FIRST AMENDMENT
TO
RETENTION AGREEMENT
AND
ASSIGNMENT AND ASSUMPTION AGREEMENT
THIS FIRST AMENDMENT TO RETENTION AGREEMENT AND ASSIGNMENT AND ASSUMPTION AGREEMENT (this Amendment ) is made and entered into as of September 12, 2016, by and among Hilltop Holdings Inc. ( Purchaser ), on behalf of itself and all of its subsidiaries, PlainsCapital Corporation (formerly known as Meadow Corporation) ( Company ), and Alan B. White ( Executive ). Each initially capitalized term used, but not otherwise defined herein, shall have the meanings assigned to it in the Retention Agreement (hereinafter defined).
RECITALS:
WHEREAS, Company, Purchaser and Executive are parties to that certain Retention Agreement, dated as of May 8, 2012 (the Retention Agreement );
WHEREAS, Company, Purchaser and Executive desire to amend the Retention Agreement to the extent provided in this Amendment; and
WHEREAS, Company desires to assign to Purchaser, and Purchaser desires to assume from Company, the Retention Agreement.
AGREEMENT:
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained in this Amendment and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
1. Amendment to the Retention Agreement . The Retention Agreement is hereby amended as follows:
A. Section 3(a) of the Retention Agreement is hereby deleted in its entirety and replaced with the following:
(a) During the Employment Period, the Executive shall (i) serve as the (A) Co-Chief Executive Officer of the Purchaser, (B) Vice-Chairman of the Purchaser Board (hereinafter defined) and (C) Chairman of the Executive Committee of the Purchaser Board, with such authority, power, duties and responsibilities as are commensurate with the positions set forth in clause (A) and as are customarily exercised by a person holding such position in an organization of a similar size and nature and with respect to the positions set forth in clauses (B) and (C), with the authority, power, duties and responsibilities as may be assigned to the Executive by the Chairman of the Purchaser from time to time; (ii) report directly to the Board of Directors of the Purchaser (the Purchaser Board ); and (iii) perform his duties at the Purchasers or the Companys headquarters in Dallas, Texas. The Purchaser Board shall appoint the Executive to the positions specified above throughout the Employment Period.
B. Section 4(b) of the Retention Agreement is hereby deleted in its entirety and replaced with the following:
(b) Annual Bonus . With respect to each fiscal year of the Purchaser ending during the Employment Period, the Executive shall be eligible to receive an annual bonus (the Annual Bonus ) as determined by the Compensation Committee in its discretion and subject to the terms of the bonus plan applicable to the Executive. Notwithstanding the immediately preceding sentence, the Annual Bonus for any given year shall be as follows: (i) if net income applicable to common shareholders of the Purchaser as determined in accordance with GAAP for the fiscal year then ended is in excess of $70.0 million, then the Annual Bonus shall be an amount equal to the Annual Base Salary and (ii) if net income applicable to common shareholders of the Purchaser as determined in accordance with GAAP for the fiscal year then ended is equal to or less than $70.0 million (but not less than $15.0 million), then the Annual Bonus shall be an amount that is not less than the average bonus paid to the Executive by the Seller in respect of the three completed calendar years immediately preceding the Effective Date. Any earned Annual Bonus shall be paid to the Executive pursuant to the terms of the applicable bonus plan as in effect from time to time, subject to deferral by the Purchaser or the Executive pursuant to an arrangement that meets the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the Code ).
2. Assignment and Assumption . Company hereby assigns to Purchaser all Companys rights, title and interest in, under and to the Retention Agreement. Purchaser hereby accepts the assignment of Companys rights, title and interest in, under and to the Retention Agreement, and hereby assumes, undertakes and agrees to perform and discharge all of Companys duties and obligations under the Retention Agreement, subject to the terms thereof. Executive hereby acknowledges and assents to the assignment of the Retention Agreement from Company to Purchaser.
3. Miscellaneous .
A. Effect of Amendment . Each of Company, Purchaser and Executive hereby agree and acknowledge that, except as expressly provided in this Amendment, the Retention Agreement remains in full force and effect and has not been modified or amended in any respect, it being the intention of each of Company, Purchaser and Executive that this Amendment and the Retention Agreement be read, construed and interpreted as one and the same instrument. To the extent that any conflict exists between this Amendment and the Retention Agreement, the terms of this Amendment shall control and govern.
B. Counterparts . This Amendment may be executed in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. For purposes of determining whether a party has signed this Amendment or any document contemplated hereby or any amendment or waiver hereof, only a handwritten original signature on a paper document or a facsimile or portable document format (pdf) copy of such a handwritten original signature shall constitute a signature, notwithstanding any law relating to or enabling the creation, execution or delivery of any contract or signature by electronic means.
IN WITNESS WHEREOF, each of Company, Purchaser and Executive has executed this Amendment as of the day and year first above written.
PURCHASER: |
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EXECUTIVE: |
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Hilltop Holdings Inc. |
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By: |
/s/ JEREMY B. FORD |
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/s/ ALAN B. WHITE |
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Name: |
Jeremy B. Ford |
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Name: Alan B. White |
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Title: |
Co-Chief Executive Officer |
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COMPANY: |
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PlainsCapital Corporation |
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(formerly known as Meadow Corporation) |
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By: |
/s/ COREY G. PRESTIDGE |
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Name: |
Corey G. Prestidge |
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Title: |
Secretary |
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EXHIBIT 10.3
FIRST AMENDMENT
TO
EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this Amendment ) is made and entered into as of September 12, 2016, by and between Hilltop Holdings Inc. ( Company ), on behalf of itself and all of its subsidiaries (collectively, Employer ), and James R. Huffines ( Executive ). Each initially capitalized term used, but not otherwise defined herein, shall have the meanings assigned to it in the Employment Agreement (hereinafter defined).
RECITALS:
WHEREAS, Company and Executive are parties to that certain Employment Agreement, dated as of December 4, 2014 (the Employment Agreement ); and
WHEREAS, Company and Executive desire to amend the Employment Agreement to the extent provided in this Amendment.
AGREEMENT:
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained in this Amendment and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
1. Amendment to the Employment Agreement . Section 2 of the Employment Agreement is hereby deleted in its entirety and replaced with the following:
2 . Duties . The duties of Executive shall be those duties that can be reasonably expected to be performed by a person with the title of Chief Operating Officer of Subsidiaries of a financial holding company. Executives duties may, from time to time, be changed or modified at the discretion of a Chief Executive Officer of the Company. Executive has received and is familiar with the Companys and Employers employment, ethics and insider trading policies and procedures, and understands and agrees his duties include compliance with such policies and procedures, as amended from time to time.
2. Miscellaneous .
(a) Effect of Amendment . Each of Company and Executive hereby agree and acknowledge that, except as expressly provided in this Amendment, the Employment Agreement remains in full force and effect and has not been modified or amended in any respect, it being the intention of each of Company and Executive that this Amendment and the Employment Agreement be read, construed and interpreted as one and the same instrument. To the extent that any conflict exists between this Amendment and the Employment Agreement, the terms of this Amendment shall control and govern.
(b) Counterparts . This Amendment may be executed in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. For purposes of determining whether a party has signed this Amendment or any document contemplated hereby or any amendment or waiver hereof, only a handwritten original
signature on a paper document or a facsimile or portable document format (pdf) copy of such a handwritten original signature shall constitute a signature, notwithstanding any law relating to or enabling the creation, execution or delivery of any contract or signature by electronic means.
IN WITNESS WHEREOF, each of Company and Executive has executed this Amendment as of the day and year first above written.
COMPANY: |
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EXECUTIVE: |
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Hilltop Holdings Inc. |
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By: |
/s/ ALAN B. WHITE |
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/s/ JAMES R. HUFFINES |
Name: |
Alan B. White |
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Name: James R. Huffines |
Title: |
Co-Chief Executive Officer |
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EXHIBIT 10.4
FIRST AMENDMENT
TO
EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this Amendment ) is made and entered into as of September 12, 2016, by and between Hilltop Holdings Inc. ( Company ), on behalf of itself and all of its subsidiaries (collectively, Employer ), and John A. Martin ( Executive ). Each initially capitalized term used, but not otherwise defined herein, shall have the meanings assigned to it in the Employment Agreement (hereinafter defined).
RECITALS:
WHEREAS, Company and Executive are parties to that certain Employment Agreement, dated as of December 4, 2014 (the Employment Agreement ); and
WHEREAS, Company and Executive desire to amend the Employment Agreement to the extent provided in this Amendment.
AGREEMENT:
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained in this Amendment and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
1. Amendment to the Employment Agreement . Section 2 of the Employment Agreement is hereby deleted in its entirety and replaced with the following:
2 . Duties . The duties of Executive shall be those duties that can be reasonably expected to be performed by a person with the title of Chief Accounting Officer of a financial holding company. Executives duties may, from time to time, be changed or modified at the discretion of a Chief Executive Officer of the Company. Executive has received and is familiar with the Companys and Employers employment, ethics and insider trading policies and procedures, and understands and agrees his duties include compliance with such policies and procedures, as amended from time to time.
2. Miscellaneous .
(a) Effect of Amendment . Each of Company and Executive hereby agree and acknowledge that, except as expressly provided in this Amendment, the Employment Agreement remains in full force and effect and has not been modified or amended in any respect, it being the intention of each of Company and Executive that this Amendment and the Employment Agreement be read, construed and interpreted as one and the same instrument. To the extent that any conflict exists between this Amendment and the Employment Agreement, the terms of this Amendment shall control and govern.
(b) Counterparts . This Amendment may be executed in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. For purposes of determining whether a party has signed this Amendment or any document contemplated hereby or any amendment or waiver hereof, only a handwritten original
signature on a paper document or a facsimile or portable document format (pdf) copy of such a handwritten original signature shall constitute a signature, notwithstanding any law relating to or enabling the creation, execution or delivery of any contract or signature by electronic means.
IN WITNESS WHEREOF, each of Company and Executive has executed this Amendment as of the day and year first above written.
COMPANY: |
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EXECUTIVE: |
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Hilltop Holdings Inc. |
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By: |
/s/ ALAN B. WHITE |
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/s/ JOHN A. MARTIN |
Name: |
Alan B. White |
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Name: John A. Martin |
Title: |
Co-Chief Executive Officer |
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