Company: UMBFO
Filing Date: 2025-02-03
Form Type: 8-K
Source: 0001193125-25-018885
Chunk: 11

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-03
Form: 8-K
Item: Item 5.02
Chunk 11
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Effective as of the Effective Time, the Compensation Committee of the Board (the “ Committee”) approved certain amendments to the performance share unit awards (“ PSUs”) granted to UMB’s named executive officers in 2023 and 2024 (the “2023 PSUs” and “2024 PSUs”, respectively). The 2023 PSUs and 2024 PSUs, as originally granted, were eligible to vest subject to achievement of certain earnings per share and average return on tangible common equity metrics. Following a review of the expected impact of the Merger on such metrics, the Committee determined that the applicable performance metrics were no longer appropriate. As a result, after discussions with the Committee’s independent compensation consultant, the Committee waived the continued applicability of the performance-based vesting conditions for the 2023 PSUs and 2024 PSUs and converted such PSUs into awards of restricted stock units (“ RSUs”) that vest at the same time as the service conditions that applied to such PSUs. The 2023 PSUs and 2024 PSUs were converted to RSUs assuming performance at 100% and 194.7% of target, respectively, which reflected the greater of target performance and actual performance through December 31, 2024.

Item 5.03. Amendments to Articles of Incorporation.

In connection with the completion of the Merger and in accordance with the Merger Agreement, UMB’s articles of incorporation were amended to increase the number of authorized shares of UMB Common Stock from 80,000,000 shares to 160,000,000 shares (the “ Articles Amendment” and the Company’s articles of incorporation, as amended in accordance with the Articles Amendment, the “ Articles of Incorporation”), effective as of the Closing Date.

The foregoing summary of the Articles Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Articles Amendment, a copy of which is filed hereto as Exhibit 3.1 and incorporated herein by reference.

On January 31, 2025, UMB filed a Certificate of Designation to its Articles of Incorporation with the Secretary of State of the State of Missouri, establishing the terms of the UMB Preferred Stock. A copy of the Certificate of Designation relating to the UMB Preferred Stock is filed as Exhibit 3.2 to this Current Report on Form8-Kand is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

As a result of the Merg