Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers;
Compensatory Arrangements of
Certain Officers.
On January 21, 2021, the Compensation Committee (the "Committee") of the Board
of Directors of HomeTrust Bancshares, Inc. (the "Company") approved, for the
fiscal year ending June 30, 2021, targeted incentive award opportunities and
performance measures and weightings under the Company's Strategic Operating
Committee Incentive Program (the "SOC Incentive Program"). For fiscal 2021, the
targeted incentive award opportunities for the following executive officers
(each of whom was a named executive officer in the Company's most recent annual
meeting proxy statement) were established: Dana L. Stonestreet, Chairman,
President and Chief Executive Officer, 55% of annual base salary; C. Hunter
Westbrook, Senior Executive Vice President and Chief Operating Officer, 40% of
annual base salary; Tony J. VunCannon, Executive Vice President, Chief Financial
Officer, Corporate Secretary and Treasurer, 30% of annual base salary; and Marty
T. Caywood, Executive Vice President and Chief Information Officer, 30% of
annual base salary. For Mr. Stonestreet, the SOC Incentive Program performance
measures and weightings will be as follows: pretax, pre-provision income (40%
weighting); noninterest income (20% weighting); efficiency ratio (10%
weighting); total loans, excluding purchased home equity lines of credit
("HELOCs") and Paycheck Protection Program ("PPP") loans (10% weighting); and
functional team goals (20% weighting). For each of the other named executive
officers, the SOC Incentive Program performance measures and weightings will be
as follows: pretax, pre-provision income (35% weighting); noninterest income
(20% weighting); efficiency ratio (10% weighting); total loans, excluding
purchased HELOCs and PPP loans (10% weighting); and functional team goals (25%
weighting).
The Committee also amended the SOC Incentive Program to provide that executive
officers will receive a payout of 25% to 50% of their targeted incentive award
opportunity if actual performance under a performance goal is at the threshold
(minimum) level of performance, 100% of their targeted incentive award
opportunity if actual performance is at the target level of performance, and
130% of their targeted incentive award opportunity if actual performance is at
or above the stretch (maximum) level of performance. Prior to this amendment,
the payout percentages for performance at the threshold, target and stretch
levels of performance were 50%, 100% and 150%, respectively.
For the fiscal year ending June 30, 2021, the respective threshold, target and
maximum payout percentages for the corporate performance measures listed above
will be as follows: pre-tax, pre-provision income: 25%, 100% and 130%;
noninterest income: 50%, 100% and 150%; total loans, excluding HELOCs and PPP
loans: 50%, 100% and 130%; and efficiency ratio: 25%, 100% and N/A.
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