Item 2.01. Completion of Acquisition or Disposition of Assets.
Effective
Pursuant to the Merger Agreement, (i) on the Closing Date, Sterling merged with
and into Webster, with Webster continuing as the surviving corporation (the
"Merger"), and (ii) following the Merger, on
Pursuant to the Merger Agreement, at the effective time of the Merger (the
"Effective Time"), each share of the common stock, par value
Pursuant to the Merger Agreement, at the Effective Time, each outstanding Sterling equity award granted under Sterling's equity compensation plans, other than unvested Sterling restricted stock awards held by non-employee directors, was converted into a corresponding award with respect to Webster Common Stock, with the number of shares underlying such award (and, in the case of stock options, the applicable exercise price) adjusted based on the Exchange Ratio. Each such converted Webster equity award continues to be subject to the same terms and conditions as applied to the corresponding Sterling equity award immediately prior to the Effective Time, except that, in the case of Sterling performance awards, the number of shares underlying the converted Webster equity award was determined with any performance goals deemed satisfied at the higher of the target level of performance and actual performance through the latest practicable date prior to the Effective Time. At the Effective Time, each outstanding unvested restricted stock award held by a non-employee director of Sterling vested and was converted into the right to receive the Merger Consideration in respect of each share of Sterling Common Stock subject to such Sterling restricted stock award immediately prior to the Effective Time.
The foregoing description of the Merger and the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, a copy of which is filed as Exhibit 2.1 and incorporated herein by reference. . . .
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
In connection with the Merger, on the Closing Date, Webster assumed Sterling's
obligations with respect to: (i)
The supplemental indenture pursuant to which Webster assumed the Notes, as well as the original indentures pursuant to which the Notes were issued, have not been filed herewith pursuant to Item 601(b)(4)(v) of Regulation S-K under the Securities Act. Webster agrees to furnish a copy of such indentures to the Commission upon request.
Item 3.03. Material Modification to Rights of Security Holders.
In connection with the Merger, Webster filed a certificate of designations (the
"Certificate of Designations") with the Secretary of State of the
Webster Series G Preferred Stock ranks, with respect to the payment of dividends
and distributions upon liquidation, dissolution or winding-up, (i) on a parity
with Webster's 5.25% Series F Non-Cumulative Perpetual Preferred Stock, par
value
Under the terms of Webster Series G Preferred Stock, with certain limited
exceptions, unless full dividends for the most recently completed dividend
period have been declared and paid (or declared and a sum sufficient for the
payment thereof has been set aside) on all outstanding shares of Webster Series
G Preferred Stock and Webster is not in default on its obligation to redeem any
shares of Webster Series G Preferred Stock that have been called for redemption,
Webster may not (i) declare, pay or set aside dividends or distributions on, or
redeem, repurchase or acquire, Webster Common Stock or other
The foregoing descriptions of the terms of Webster Series G Preferred Stock and the Webster Depositary Shares are qualified in their entirety by reference to the full text of the Certificate of Designations, the Original Deposit Agreement, the First Amendment to the Deposit Agreement, the Second Amendment to the Deposit Agreement and the Form of Global Receipt, which are included as Exhibit 3.3, Exhibit 4.1, Exhibit 4.2, Exhibit 4.3 and Exhibit 4.4, respectively, and are incorporated herein by reference.
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Board of Directors
In accordance with the terms of the Merger Agreement and the Bylaw Amendment (as
defined below), as of the Effective Time, the size of the Webster Board of
Directors (the "Board") and the Board of Directors of
Resignation of Directors
In connection with the transactions contemplated by the Merger Agreement,
Continued Service of Directors; Election of Directors
The eight directors designated by Webster pursuant to the Merger Agreement and
the Bylaw Amendment, each of whom previously served, and continues to serve, as
a member of the Board and the Bank Board, in each case effective from and after
the Effective Time, are as follows:
The seven directors designated by Sterling pursuant to the Merger Agreement and
the Bylaw Amendment, each of whom previously served as a member of the board of
directors of Sterling and was appointed by the Board and the Bank Board, in each
case effective as of the Effective Time, are as follows:
In addition, the Board reconstituted the committees of the Board and formed a Technology Committee, in each case effective as of the appointment of the New Directors to the Board, as follows:
Executive Audit Compensation Nominating Risk Technology and Corporate Governance Jack L. E. Carol Laurence C. Richard L. Mark Pettie Mona Kopnisky Hayles Morse (Chair) O'Toole (Chair) Aboelnaga (Chair) (Chair) (Chair) Kanaan (Chair) Mona Linda H. William L. William L. Mona E. Carol Aboelnaga Ianieri Atwell Atwell Aboelnaga Hayles Kanaan Kanaan William L. James J. John P. John P. James J. Maureen B. Atwell Landy Cahill Cahill Landy Mitchell John R. Maureen B. Karen R. Osar Linda H. Karen R. Osar Mark Pettie Ciulla Mitchell Ianieri E. Carol William E. Richard L. Laurence C. Lauren C. Lauren C. Hayles Whiston O'Toole Morse States States Laurence C. William E. Morse Whiston Richard L. O'Toole Mark Pettie
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Pursuant to the Merger Agreement, the Bylaw Amendment and the Kopnisky Letter
Agreement (as defined below), effective as of the Effective Time,
Other than the Merger Agreement and, with respect to
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
In connection with the completion of the Merger and in accordance with the
Merger Agreement, Webster's certificate of incorporation was amended to increase
the number of authorized shares of Webster Common Stock from 200,000,000 shares
to 400,000,000 shares (the "Charter Amendment"), effective as of
In connection with the completion of the Merger and in accordance with the
Merger Agreement, Webster filed the Certificate of Designations with the
In addition, in connection with the completion of the Merger and in accordance with the Merger Agreement, the bylaws of Webster were amended to provide for certain governance arrangements for the combined company and the combined bank (such amendment, the "Bylaw Amendment"), effective as of the Effective Time.
The Bylaw Amendment provides that from and after the Effective Time and until
the date of Webster's 2024 annual meeting of stockholders (the "Expiration
Date"), the number of directors that comprises the entire Board and Bank Board
will be 15 and no vacancy on the Board or Bank Board created by the cessation of
service of a director will be filled by the Board or Bank Board, respectively,
and the Board and Bank Board, as applicable, may not nominate any individual to
fill such vacancy, unless (i) such individual would be an independent director
of Webster or
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The Bylaw Amendment also provides that as of the Effective Time,
Item 8.01 Other Events
On
Item 9.01 Financial Statements and Exhibits.
(a) Financial statements of businesses acquired.
The financial information required by this Item 9.01(a) of Form 8-K will be filed by an amendment to this Current Report on Form 8-K no later than 71 calendar days after the date on which this Current Report on Form 8-K was required to be filed.
(b) Pro forma financial information.
The pro forma financial information required by this Item 9.01(b) of Form 8-K will be filed by an amendment to this Current Report on Form 8-K no later than 71 calendar days after the date on which this Current Report on Form 8-K was required to be filed.
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(d) Exhibits.
Exhibit No. Description
2.1 Agreement and Plan of Merger, dated as ofApril 18, 2021 , by and between Sterling Bancorp andWebster Financial Corporation (incorporated by reference to Exhibit 2.1 toWebster Financial Corporation's Form 8-K filed with the Commission onApril 23, 2021 ). 3.1 Fourth Amended and Restated Certificate of Incorporation ofWebster Financial Corporation (incorporated by reference to Exhibit 3.1 toWebster Financial Corporation's Form 8-K filed with the Commission onApril 29, 2016 ). 3.2 Certificate of Amendment to Fourth Amended and Restated Certificate of Incorporation ofWebster Financial Corporation , effective as ofJanuary 31, 2022 . 3.3 Certificate of Designations of 6.50% Series G Non-Cumulative Perpetual Preferred Stock ofWebster Financial Corporation , effective as ofJanuary 31, 2022 . 3.4 Bylaws ofWebster Financial Corporation (incorporated by reference to Exhibit 3.1 toWebster Financial Corporation's Form 8-K filed with the Commission onMarch 17, 2020 ). 3.5 Amendment to Bylaws ofWebster Financial Corporation , effective as ofJanuary 31, 2022 . 4.1 Deposit Agreement, dated as ofMarch 19, 2013 , by and amongAstoria Financial Corporation ,Computershare Shareholder Services, LLC , as depositary, and the holders from time to time of the depositary receipts described therein (incorporated by reference to Exhibit 4.3 to Sterling Bancorp's Form S-4 filed with the Commission onApril 5, 2017 (Commission File No. 333-217153)). 4.2 First Amendment to the Deposit Agreement, effective as ofOctober 2, 2017 , by and between Sterling Bancorp (as successor in interest toAstoria Financial Corporation ) andComputershare Inc. (as successor in interest toComputershare Shareowner Services LLC ) (incorporated by reference to Exhibit 4.4 to Sterling Bancorp's Form 10-Q filed with the Commission onNovember 3, 2017 (Commission File No. 001-35385)). 4.3 Second Amendment to Deposit Agreement, dated as ofJanuary 31, 2022 , by and amongWebster Financial Corporation , Sterling Bancorp, Computershare Inc. andBroadridge Corporate Issuer Solutions, Inc. 4.4 Form of Global Receipt (included as Exhibit A of Exhibit 4.3). 10.1 Retention Agreement, dated as ofApril 18, 2021 , by and betweenWebster Financial Corporation andJohn R. Ciulla . 10.2 Retention Agreement, dated as ofApril 18, 2021 , by and betweenWebster Financial Corporation andGlenn I. MacInnes . 10.3 Letter Agreement, dated as ofApril 18, 2021 , by and betweenWebster Financial Corporation andJack L. Kopnisky . 10.4 Retention Agreement, dated as ofApril 18, 2021 , by and betweenWebster Financial Corporation andLuis Massiani . 99.1 Joint Press Release, datedFebruary 1, 2022 . 104 Cover Page Interactive Data File (formatted as inline XBRL document)
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