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Business Organizations Keyed to Allen
In re Investors Bancorp, Inc. Stockholder Litigation
Citation:
177 A.3d 1208 (Del. 2017).Facts
In March 2015, Bancorp’s board proposed an equity incentive plan (EIP) to “provide additional incentives to . . . officers, employees and directors to promote . . . growth and performance . . .” In anticipation of this plan, Bancorp reserved 30,881,296 common shares for restricted stock awards, restricted stock units, incentive stock options, and non-qualified stock options for 1,800 officers, employees, non-employee directors, and service providers. According to the proxy statement sent to stockholders, the awards were subject to the Compensation and Benefits Committee’s discretion and had not been determined. 96.25% of the voting shares approved the EIP. Thereafter, the Committee approved over $50 million awards with the board awarding itself 7.8 million shares totaling $21,594,00 and averaged $2,159,400.
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