SEC Filing Summary: B of I Holding, Inc. (8-K)
Business Context and Reporting Period
This Form 8-K was filed by B of I Holding, Inc. (BOFI) on November 23, 2007, reporting events that occurred on November 20, 2007. The filing details the entry into material definitive agreements regarding equity compensation for the Board of Directors and the Chief Executive Officer.
Key Financial Metrics
The filing does not provide financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed is the stock price used for valuation of the equity grants.
- Stock Price on Grant Date: $7.00 per share (Closing price on November 20, 2007).
Material Changes and Agreements
The Board of Directors approved two significant restricted stock unit (RSU) grants on November 20, 2007:
- Director RSU Grants: A total of 32,400 RSUs were granted to eight outside directors. The units vest over three years, with one-third vesting on each anniversary of the grant date.
- CEO RSU Grant: 83,000 RSUs were granted to Gregory Garrabrants, Chief Executive Officer, in connection with his employment agreement executed on October 22, 2007. These units vest ratably over four fiscal year ends.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, risk factors, or discussion of contingencies. The document is strictly a disclosure of the equity compensation agreements.
Key Facts for Investor Verification
- Total Equity Granted: 115,400 RSUs were granted in total (32,400 to directors and 83,000 to the CEO).
- Valuation Basis: All grants were valued at $7.00 per share, the closing market price on the grant date.
- Vesting Schedules: Director grants vest annually over three years; the CEO grant vests ratably over four fiscal years.
- Related Filings: The CEO's underlying employment agreement was previously disclosed in an 8-K filed on October 23, 2007.