West Bancorporation Reports Director Changes and Officer Compensation Updates
Ticker: WTBA · Form: 8-K · Filed: Apr 26, 2024 · CIK: 1166928
Sentiment: neutral
Topics: corporate-governance, director-changes, officer-compensation
Related Tickers: WTBA
TL;DR
Board shakeup and exec pay changes at West Bancorporation, filing details released 4/26.
AI Summary
West Bancorporation, Inc. filed an 8-K on April 26, 2024, reporting on several key events. These include the departure of a director, the election of new directors, and updates to compensatory arrangements for certain officers. The filing also covers the submission of matters to a vote of security holders and includes financial statements and exhibits.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — This filing primarily concerns corporate governance and routine reporting, with no immediate financial distress or significant operational changes indicated.
Key Players & Entities
- WEST BANCORPORATION, INC. (company) — Registrant
- April 25, 2024 (date) — Date of Earliest Event Reported
- April 26, 2024 (date) — Date of Report
- Iowa (location) — State of Incorporation
- 515-222-2300 (phone_number) — Registrant's telephone number
FAQ
Who has departed from the board of directors at West Bancorporation, Inc.?
The filing indicates the departure of a director, but the specific name is not provided in the provided text.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on April 25, 2024.
What is the principal executive office address for West Bancorporation, Inc.?
The principal executive offices are located at 3330 Westown Parkway, West Des Moines, Iowa 50266.
What is the SIC code for West Bancorporation, Inc.?
The Standard Industrial Classification (SIC) code is 6022 for Commercial Banks.
What items are covered in this Form 8-K filing?
This Form 8-K covers the departure of directors, election of directors, appointment of officers, compensatory arrangements, submission of matters to a vote of security holders, and financial statements and exhibits.
Filing Stats: 1,274 words · 5 min read · ~4 pages · Grade level 12.7 · Accepted 2024-04-26 16:06:29
Filing Documents
- wtba-20240425.htm (8-K) — 64KB
- 0001166928-24-000055.txt ( ) — 187KB
- wtba-20240425.xsd (EX-101.SCH) — 2KB
- wtba-20240425_lab.xml (EX-101.LAB) — 21KB
- wtba-20240425_pre.xml (EX-101.PRE) — 12KB
- wtba-20240425_htm.xml (XML) — 3KB
07. Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters to a Vote of Security Holders. The Company's Annual Meeting was held on April 25, 2024. The record date for determination of shareholders entitled to vote at the Annual Meeting was February 16, 2024. There were 16,725,094 shares of common stock outstanding as of that date, with each such share being entitled to one vote. At the Annual Meeting, the holders of 13,842,736 shares, or approximately 82.8 percent of the outstanding shares, were represented in person or by proxy, which constituted a quorum for the Annual Meeting. The following proposals were voted on at the Annual Meeting: Proposal 1 - Election of Directors Twelve directors were elected to serve for a one year term or until their successors are elected and qualified. The voting results to elect each director were as follows: For Withheld Broker Non-Votes Patrick J. Donovan 10,438,338 135,555 3,268,843 Lisa J. Elming 10,527,958 45,935 3,268,843 Steven K. Gaer 10,106,721 467,172 3,268,843 Douglas R. Gulling 10,427,399 146,494 3,268,843 Sean P. McMurray 10,121,796 452,097 3,268,843 George D. Milligan 9,953,279 620,614 3,268,843 David D. Nelson 10,435,018 138,875 3,268,843 James W. Noyce 9,971,804 602,089 3,268,843 Rosemary Parson 10,536,972 36,921 3,268,843 Steven T. Schuler 10,420,560 153,333 3,268,843 Therese M. Vaughan 10,347,605 226,288 3,268,843 Philip Jason Worth 10,434,117 139,776 3,268,843 Proposal 2 - Approval, on a nonbinding basis, of the 2023 executive compensation disclosed in the Company's definitive proxy statement, which was filed with the Securities and Exchange Commission on March 5, 2024. The voting results to approve the above proposal were as follows: For Against Abstain Broker Non-Votes Approval of 2023 executive compensation 10,004,713 394,531 174,649 3,268,843 Proposal 3 - Approval, on a nonbinding basis, the frequency (every one, two or three years) of the nonbinding vote to approve the compensation of the named executive of
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. Exhibit Number Description 10.1 West Bancorporation, Inc. 2021 Equity Incentive Plan (filed as Appendix A to West Bancorporation, Inc.'s Proxy Statement on Form DEF 14A filed with the Securities and Exchange Commission on March 1, 2021, and incorporated herein by reference) 10.2 First Amendment of the West Bancorporation, Inc. 2021 Equity Incentive Plan (filed as Appendix A to West Bancorporation, Inc.'s Proxy Statement on Form DEF 14A filed with the Securities and Exchange Commission on March 5, 2024, and incorporated herein by reference) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. West Bancorporation, Inc. April 26, 2024 By: /s/ Jane M. Funk Name: Jane M. Funk Title: Executive Vice President, Treasurer and Chief Financial Officer