Pacific Premier Bancorp Inc. is seeking shareholder approval of an amendment to the certificate of incorporation to increase the company's authorized common shares to 150.0 million from 100.0 million.
The board also urged shareholders to approve proposals to remove the prohibition against stockholder action by written consent; to remove the limitation that only the company's board may call special meetings of stockholders; to permit the adoption, amendment or repeal of the company's amended and restated bylaws upon the affirmative vote of holders of at least a majority of the outstanding shares of capital stock entitled to vote; and to eliminate the requirement that a supermajority vote of holders of the outstanding shares of capital stock entitled to vote be required to amend or repeal certain provisions of the certificate of incorporation.
The Irvine, Calif.-based company will hold its annual meeting of stockholders on May 14.
The company also reported a 2017 CEO pay ratio of 45 to 1. It had paid President and CEO Steven Gardner $4.1 million in total compensation that year; the median employee earned $92,675.