Tompkins Financial Corp 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by Tompkins Financial Corporation on September 22, 2009, reporting events that occurred on September 17, 2009. The filing pertains to Item 5.02(e) regarding compensatory arrangements for certain officers.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive compensation grants.
Material Changes
On September 17, 2009, the Compensation Committee granted Stock Appreciation Rights (SARs) to five executives under the 2009 Equity Plan. The exercise price was set at $45.88 per share, matching the closing sale price on the NYSE Amex on the grant date.
- Stephen S. Romaine: 20,000 SARs
- James W. Fulmer, Francis M. Fetsko, Gerald J. Klein, Jr., and David S. Boyce: 10,000 SARs each
The SARs are stock-settled and expire ten years from the grant date. The vesting schedule is seven years: 0% in year one, 17% annually in years two through six, and 15% in year seven.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary on operations, risks, contingencies, or unusual items.
Investor Verification Checklist
- Verify the total number of SARs granted (50,000 total) and the specific allocation per executive.
- Confirm the exercise price of $45.88 per share against market data for September 17, 2009.
- Review the 2009 Equity Plan terms to ensure the vesting schedule (0%, 17%, 17%, 17%, 17%, 17%, 15%) aligns with plan provisions.
- Check subsequent filings for any modifications to these grants or changes in executive status.