Business Context and Reporting Period
This Form 8-K Current Report was filed by MVB Financial Corp on January 3, 2013. The filing addresses Item 5.02 regarding the approval of stock option grants under the MVB Financial Corp 2003 Incentive Stock Plan to specific executive officers.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on executive compensation arrangements.
Material Changes and Executive Compensation
The Company approved the grant of stock options to six executive officers. The grants were effective on December 31, 2012, and January 1, 2013, with the following details:
- Exercise Price: $24.00 per share (fair market value on the grant date).
- Vesting Schedule: Options vest over a five-year period in equal annual amounts.
- Vesting Commencement: Grants effective 12-31-12 begin vesting on 12-31-13; grants effective 01-01-13 begin vesting on 01-01-14.
| Executive Officer | Options Granted |
|---|---|
| Roger J. Turner | 7,500 |
| John T. Schirripa | 7,500 |
| Donald T. Robinson | 7,500 |
| David Jones | 5,000 |
| Eric L. Tichenor | 5,000 |
| Larry F. Mazza | 25,000 |
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 options granted (57,500) and the specific allocation to each executive.
- Confirm the exercise price of $24.00 per share against the market price on the grant dates.
- Review the MVB Financial Corp 2003 Incentive Stock Plan documents to understand the full terms and conditions of the vesting schedule.
- Check subsequent filings for any changes to the vesting schedule or exercise price due to corporate actions.