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Business Organizations Keyed to Cox
In re Inv’rs Bancorp, Inc. Stockholder Litig.
Citation:
177 A.3d 1208 (2017)Facts
In 2014, Cummings, the Company’s President and CEO compensation totaled $2,778,700. At the end of 2014, the Committee met to review 2014 director compensation and set compensation for 2015. After setting the 2015 board compensation, the board proposed the 2015 Equity Incentive Plan, which was intended to provide additional incentives for the Company’s employees and directors to promote the Company’s growth. The Company’s committee held meetings that resulted in the committee approving awards of restricted stock options to all board members. The committee was advised by its outside counsel. The directors awarded themselves 7.8 million shares. Non-employee directors received 250,000 stock options. Cummings received 1,333,333 stock options. The stockholders of the company brought suit to challenge the committee’s approval.
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