Form 8-K

 

 

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): May 17, 2011

 

 

The Charles Schwab Corporation

(Exact name of registrant as specified in its charter)

 

 

Commission File Number: 1-9700

 

Delaware   94-3025021

(State or other jurisdiction

of incorporation)

  

(I.R.S. Employer

Identification No.)

211 Main Street, San Francisco, CA 94105

(Address of principal executive offices, including zip code)

(415) 667-7000

(Registrant’s telephone number, including area code)

N/A

(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:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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

At the Annual Meeting of Stockholders of The Charles Schwab Corporation (CSC) held on May 17, 2011, stockholders approved the amended and restated 2004 Stock Incentive Plan. The amendments:

 

  •  

increase the share reserves available under the plan by an additional 45 million shares of common stock,

 

  •  

allow performance-based units denominated in cash and other cash awards of up to $10 million per person per year to be eligible to be deductible under section 162(m) of the Internal Revenue Code,

 

  •  

include additional business criteria that may be used for setting performance goals for performance-based awards,

 

  •  

clarify that the Compensation Committee will establish performance goals within the first 90 days of a performance period (or 25% of a performance period that is expected to be less than 12 months), and

 

  •  

specify acceptable adjustments to awards in the event of an extraordinary event.

In addition, the amendments incorporate various requirements under current tax law and contain other administrative clarifications.

A complete copy of the plan is attached as Exhibit 10.1.

 

Item 5.07 Submission of Matters to a Vote of Security Holders

 

  (a) The Annual Meeting of Stockholders of CSC was held on May 17, 2011.

 

  (b) All nominees for election as a director were elected, and each nominee received more “for” votes than “against” votes cast for his election. The proposals for ratification of CSC’s independent auditors, for approval of the amended 2004 Stock Incentive Plan, and for the advisory vote on named executive officer compensation were approved. Stockholders approved holding future advisory votes on named executive officer compensation every year. The stockholder proposal regarding political contributions was not approved. The stockholder proposal regarding declassification of the board was approved. The final voting results were as follows:

 

          For      Against      Abstain      Broker Non-Vote  
1   

Election of Directors

            
  

(a) Frank C. Herringer

      972,097,709         33,725,365         1,151,583         92,560,810   
  

(b) Stephen T. McLin

      924,350,213         81,442,676         1,181,768         92,560,810   
  

(c) Charles R. Schwab

      992,902,437         13,351,161         721,059         92,560,810   
  

(d) Roger O. Walther

      971,692,649         34,174,615         1,107,393         92,560,810   
  

(e) Robert N. Wilson

      973,658,104         32,155,335         1,161,218         92,560,810   
          For      Against      Abstain      Broker Non-Vote  
2   

Ratification of Independent Auditors

      1,085,012,464         13,450,088         1,072,915         —     
          For      Against      Abstain      Broker Non-Vote  
3   

Approval of Amended 2004 Stock Incentive Plan

      867,618,128         133,748,399         5,607,230         92,561,710   

          For      Against      Abstain      Broker Non-Vote  

4

    Advisory Vote on Named Executive Officer Compensation      811,710,764         192,434,765         2,823,645         92,566,293   

 

          One Year      Two Years      Three
Years		      Abstain      Broker Non-Vote  
5    Frequency of Advisory Vote on Named Executive Officer Compensation      952,056,814         8,226,427         43,863,130         2,828,581         92,560,515   

 

          For      Against      Abstain      Broker Non-Vote  
6    Stockholder Proposal on Political Contributions      259,391,700         577,896,950         169,683,819         92,562,998   
          For      Against      Abstain      Broker Non-Vote  
7    Stockholder Proposal Regarding Declassifying the Board      654,009,014         205,455,967         81,733,688         158,336,798   

 

  (d) In light of the stockholder voting results regarding the frequency of holding advisory votes on named executive officer compensation and in accordance with the policy adopted by the Board of Directors to submit the advisory vote in accordance with the option that receives a majority of votes cast, the Board of Directors will submit an advisory vote on named executive officer compensation every year until the next required advisory vote on the frequency of holding advisory votes on named executive officer compensation, which will occur no later than CSC’s Annual Meeting of Stockholders in 2017.

 

Item 9.01 Financial Statements and Exhibits

 

(d)  

Exhibit

10.1   2004 Stock Incentive Plan, as amended and restated

Signature(s)

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.

 

 

    THE CHARLES SCHWAB CORPORATION
Date: May 23, 2011   By:  

/s/ Joseph R. Martinetto

    Joseph R. Martinetto
    Executive Vice President and Chief Financial Officer

Exhibit Index

 

Exhibit No.

   

Description

Ex 10.1    2004 Stock Incentive Plan, as amended and restated