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Business Associations Keyed to Bainbridge
In re Investors Bancorp, Inc. Stockholder Litig.
Citation:177 A.3d 1208 (Del. 2017)
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- Topic: Identifies the topic of law and where this case fits within your course outline.
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- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
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- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
The defendants are ten non-employee director defendants and two executive director defendants. The board of Investors Bancorp, Inc., a holding company for Investors Bank, sets director compensation based on recommendations of the Compensation and Benefits Committee. In 2014, the non-employee directors were compensated. At the end of 2014, the Committee met to review 2014 director compensation. The study showed that the companies paid their non-employee directors an average of $157,350 in total compensation. Just a few months after setting the 2015 board compensation, the board proposed the 2015 Employee Incentive Plan (EIP). The board awarded themselves 7.8 million shares. Non-employee directors each received 250,000 stock options – valued at $780,000. Peer companies’ non-employee awards averaged $175,817. Stockholders alleged that the awards were too excessive.
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