Business Context and Reporting Period
Company: Bank First Corporation (BFC)
Filing Type: Form 8-K (Current Report)
Date of Report: March 20, 2020
Event Date: March 17, 2020
Context: The filing reports the liquidation of the Bank First National Amended and Restated Nonqualified Deferred Compensation Plan. The Plan was terminated effective March 1, 2019, with liquidation occurring on or after March 2, 2020. Payments were made in the form of unrestricted, fully vested common stock.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on a specific corporate governance event regarding executive and director compensation.
Material Changes
The material change reported is the distribution of Company stock to directors and executive officers pursuant to the liquidation of the deferred compensation plan. The following individuals received shares:
- Katherine M. Reynolds (Director): 36,071 shares
- Donald R. Brisch (Director): 17,626 shares
- David R. Sachse (Director): 13,324 shares
- Robert D. Gregorski (Director): 10,739 shares
- Michael P. Dempsey (President, Bank First, N.A.): 11,086 shares
- Michael B. Molepske (CEO): 2,950 shares
- Michael G. Ansay (Chairman): 1,406 shares
- Peter J. Van Sistine (Director): 301 shares
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or discussion of risks and contingencies beyond the execution of the plan liquidation. The stock issued is noted as unrestricted and fully vested.
Investor Verification Checklist
- Verify the total number of shares issued (93,504 shares) against the company's current authorized share count.
- Confirm the market value of the shares distributed based on the stock price on March 17, 2020.
- Review the referenced exhibits (99.1 and 99.2) for the full terms of the deferred compensation plan and its amendment.
- Check subsequent filings for any impact on executive compensation disclosures in the next 10-K or 10-Q.