☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
20212020☐
(Title of each class) | Trading Symbol | (Name of each exchange on which registered) | ||
Common Stock, $0.01 par value per share | PBCT | NASDAQ Global Select Market | ||
Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series A, $0.01 par value per share | PBCTP | NASDAQ Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
The Company expected to hold its 2021 Annual Meeting of Shareholders in May 2021.
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Ms. Chwick was also the
company.
expert and as a “risk expert” on the Enterprise Risk Committee, as required for bank holding companies with assets over $50 billion under the Dodd-Frank Act, as amended.
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expert
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Mr. Richards is a resident of southern Vermont and an active member of the greater Vermont/New Hampshire community. Mr. Richards brings an element of geographic diversity to his service on the board and is able to provide insight and counsel to the entire board with respect to this portion of the Bank’s market area.
Prior to joining Sovereign,CPAs. Mr. Walters was Executive Vice Presidentis also actively involved in several philanthropic activities among which are AngelFlight and Chief Financial Officer of Chittenden Corporation from 1996 to 2008. From 1989 to 1995, he held a series of executive positions at Northeast Federal Corporation in Hartford, Connecticut, including Chairman, President and Chief Executive Officer. From 1984 to 1989,ImproveCareNow. Mr. Walters worked for CalFed, Inc.holds a Bachelor of Science in a varietyAccounting from the University of financial positions, including Senior Vice President and Controller. Before joining CalFed, he worked in the corporate finance group at Atlantic Richfield Corp. from 1981 to 1984.
Southern California.
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62,63, is Executive Vice President, Chief Marketing Officer. He is responsible for the strategic positioning of the Company and overseeing enterprise-wide marketing, digital and social media, customer research, data analytics, our website www.peoples.com and corporate communications. Mr. Herron has over 30 years of experience in marketing positions. He joined People’s United Bank in 2016 from BB&T Corporation, in Winston-Salem, NC where he last served as Executive Vice President, Enterprise Sales Manager. At BB&T, he was chiefly responsible for sales and service processes, marketing analytics and marketing automation. Mr. Herron received a B.S. in Business Administration, Marketing from East Carolina University.
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• John P. Barnes • Lee C. Powlus • R. David Rosato | • Jeffrey J. Tengel • Kirk W. Walters |
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Higher revenues and continued emphasis on controlling costs improved the efficiency ratio 160 basis points to 54.2 percent
(1) | With respect to Non-GAAP financial measures, please see the section at page 26 of our 2021 Annual Report on Form10-K (Non-GAAP Financial Measures and Reconciliation to GAAP). |
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Operationally, this included effective implementation of the Company’s disaster recovery protocol, successfully avoiding significant disruptions to internal and external functions and ensuring business continuity. Several actions were taken including:
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The Company estimates that the negative impact of COVID-19 on 2020 operating EPS was approximately $0.15—$0.17. While PPP fees and lower expenses (in the form of reduced costs associated with delayed projects, health care, travel limits) did aid profitability, lower interest rates, reduced consumer activity caused by shelter-in-place and social distancing requirements and application of the current expected credit losses (CECL) standard had a significant negative impact. The additional $0.15—$0.17 of operating EPS would have resulted in an above target payout for the 2020 STIP.
Further, the execution of the sale of People’s United Insurance Agency resulted in the successful monetization of a legacy business and value creation for shareholders. While the sale was treated as non-operating in nature and, thus, did not count toward the reported achievement, it resulted in a positive outcome for the Company’s shareholders.
The Committee evaluated these factors and agreed to consider such achievements for purposes of determining the STIP pool. Upon consideration of these factors, the STIP funding was established at 100%. For more information on this and the STIP decisions for the Named Executive Officers, please refer to section
Awards
2020 STIP Funding Range | ||||||||||||||||||||||||||||||||||||
Performance Metric for Plan Funding | Level of Achievement | EPS | Funding Payout(1) | Actual Result | Funding | Adjusted Funding | Determining NEO Incentive Payout | Range of NEO Incentive | Incentive Payouts as % of | |||||||||||||||||||||||||||
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| Opportunity | NEO Targets | ||||||||||||||||||||||||||||
Maximum | $ | 1.66 | 150 | % | 1) Plan funding | |||||||||||||||||||||||||||||||
2) Individual | ||||||||||||||||||||||||||||||||||||
Operating EPS | Target | $ | 1.38 | 100 | % | $ | 1.27 | 80 | % | 100 | % | | performance against goals | | 0 - 200 | % | 100 | % | ||||||||||||||||||
Threshold | $ | 1.10 | 50 | % |
2021 STIP Funding Range | ||||||||||||||||||||||||||||||||
Performance Metric for Plan Funding | Level of Achievement | EPS | Funding Payout(a) | Actual Result | Funding | Determining NEO Incentive Payout | Range of NEO Incentive Opportunity | Incentive Payouts as % of NEO Targets | ||||||||||||||||||||||||
Maximum | $ | 1.40 | 150 | % | 1) Plan funding | |||||||||||||||||||||||||||
2) Individual | ||||||||||||||||||||||||||||||||
Operating EPS | Target | $ | 1.17 | 100 | % | $ | 1.48 | 150 | % | | performance against goals | 0 - 200 | % | 150 | % | |||||||||||||||||
Threshold | $ | 0.93 | 50 | % |
(1) | With respect to Non-GAAP financial measures, please see the section at page 26 of our 2021 Annual Report on Form10-K (Non-GAAP Financial Measures and Reconciliation to GAAP). |
(a) | For achievement between threshold and target and target and maximum, funding payout is determined based on linear interpolation. |
2021.
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2018-2020 Performance Share Funding Range | ||||||||||||||||||||||||||||
Performance Metric for Plan Funding | Level of Achievement | Scale | Funding Payout(1) | Actual Result | Funding | Weighting | Payout Result | |||||||||||||||||||||
Net Income | | Maximum Target Threshold |
| | 16% 13% 10% |
| | 150% 100% 50% |
| 17% | 150% | 33 | 1/3% | |||||||||||||||
ROATCE | | Maximum Target Threshold |
| | 14% 12% 10% |
| | 150% 100% 50% |
| 14% | 150% | 33 | 1/3% | 120% | ||||||||||||||
Relative TSR | | Maximum Target Threshold |
| | 80th 50th 20th |
| | 150% 100% 50% |
| | 26th percentile |
| 60% | 33 | 1/3% |
2019-2021 Performance Share Funding Range | ||||||||||||||||||||||||||||
Performance Metric for Plan Funding | Level of Achievement | Scale | Funding Payout (1) | Actual Result | Funding | Weighting | Payout Result | |||||||||||||||||||||
Net Income | | Maximum Target Threshold | | | 7% 6% 5% | | | 150 100 50 | % % % | 11% | 150 | % | 33 | 1 /3 % | ||||||||||||||
ROATCE | | Maximum Target Threshold | | | 14% 11% 8% | | | 150 100 50 | % % % | 14% | 150 | % | 33 | 1 /3 % | 123 | % | ||||||||||||
Relative TSR | | Maximum Target Threshold | | | 80th 50th 20th | | | 150 100 50 | % % % | | 31st percentile | | 68 | % | 33 | 1 /3 % |
(1) | For achievement between threshold and target and target and maximum, funding payout is determined based on linear interpolation. |
See “Committee Actions Affecting 2020 Compensation – Rating Past Performance” for more information regarding 2020 STIP payouts to our NEOs, including individual goals for each executive.
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2021.
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2022.
Chief Executive Officer | • Regularly participates in the Committee’s compensation-setting process • Provides information about individual performance assessments for the other named executive officers • Expresses to the Committee his view on the appropriate levels of compensation for the other named executive officers for the ensuing year • Makes recommendations, but does not have a vote in the Committee’s decision-making process • Does not attend those portions of Committee meetings during which his performance is evaluated (except to present his self-evaluation to the Committee) or his compensation is being determined |
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Chief Human Resources Officer | • Attends the Committee meetings to provide insight into the organization’s executive compensation programs and incentive plans • Provides updates on the organization’s benefit and retirement programs, as well as other Human Resources policies | |
Chief Financial Officer | • May participate to a limited extent in connection with the establishment of financially-driven performance goals | |
Chief Risk Officer | • Participates in at least one meeting annually to discuss the assessment of risk in the design and execution of the compensation programs | |
Senior EVP, Corporate Development and Strategic Planning | • Participates in at least one meeting annually to discuss the Company’s peer group |
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The Compensation Committee understands that the absence of this deduction will increase the effective cost of such compensation. The Committee believes this represents an additional cost of doing business that should be borne by the organization as a result of non-tax decisions regarding the appropriate level and mix of compensation for each named executive officer.
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The Committee will generally make
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20202021 annual meeting, our shareholders approved the compensation of our named executive officers as presented in the proxy statement for that meeting, with approximately 85%88% of the votes cast in favor of approval. The Committee will continue to monitor and review our compensation policies in light of evolving corporate governance standards and the results of periodic “say on pay” votes by shareholders. It will consider revisions to compensation policies when, in the Compensation Committee’s judgment, doing so would be consistent with the achievement of long-term success and the enhancement of shareholder value.
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20202021:
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Total Direct Compensation | % change | |||||||
Mr. Barnes | $ | 5,318,779 | 4.7 | % | ||||
Mr. Powlus | $ | 1,502,960 | 2.5 | % | ||||
Mr. Rosato | $ | 1,490,647 | 2.5 | % | ||||
Mr. Tengel | $ | 1,906,500 | 2.5 | % | ||||
Mr. Walters | $ | 1,526,309 | 2.5 | % |
Total Direct Compensation | % change | |||||||
Mr. Barnes | $ | 5,545,110 | 4.3 | % | ||||
Mr. Powlus | $ | 1,540,534 | 2.5 | % | ||||
Mr. Rosato | $ | 1,527,913 | 2.5 | % | ||||
Mr. Tengel | $ | 1,954,163 | 2.5 | % | ||||
Mr. Walters | $ | 1,564,466 | 2.5 | % |
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Base Salary | % change | STIP Bonus Target | % change | Long-Term Incentive Target | % Change | |||||||||||||||||||
Mr. Barnes | $ | 1,131,655 | 2.5 | % | $ | 1,244,821 | 12.7 | % | $ | 2,942,303 | 2.5 | % | ||||||||||||
Mr. Powlus | $ | 518,262 | 2.5 | % | $ | 414,610 | 2.5 | % | $ | 570,088 | 2.5 | % | ||||||||||||
Mr. Rosato | $ | 514,016 | 2.5 | % | $ | 411,213 | 2.5 | % | $ | 565,418 | 2.5 | % | ||||||||||||
Mr. Tengel | $ | 615,000 | 2.5 | % | $ | 553,500 | 2.5 | % | $ | 738,000 | 2.5 | % | ||||||||||||
Mr. Walters | $ | 526,313 | 2.5 | % | $ | 473,682 | 2.5 | % | $ | 526,313 | 2.5 | % |
Base Salary | % change | STIP Bonus Target | % change | Long-Term Incentive Target | % Change | |||||||||||||||||||
Mr. Barnes | $ | 1,131,655 | 0 | % | $ | 1,357,986 | 9.1 | % | $ | 3,055,469 | 3.8 | % | ||||||||||||
Mr. Powlus | $ | 531,219 | 2.5 | % | $ | 424,975 | 2.5 | % | $ | 584,340 | 2.5 | % | ||||||||||||
Mr. Rosato | $ | 526,867 | 2.5 | % | $ | 421,493 | 2.5 | % | $ | 579,553 | 2.5 | % | ||||||||||||
Mr. Tengel | $ | 630,375 | 2.5 | % | $ | 567,338 | 2.5 | % | $ | 756,450 | 2.5 | % | ||||||||||||
Mr. Walters | $ | 539,471 | 2.5 | % | $ | 485,524 | 2.5 | % | $ | 539,471 | 2.5 | % |
Base Salary | STIP Bonus Target | Long- Term Incentive Target | ||||||||||
Mr. Barnes | 21.3 | % | 23.4 | % | 55.3 | % | ||||||
Mr. Powlus | 34.5 | % | 27.6 | % | 37.9 | % | ||||||
Mr. Rosato | 34.5 | % | 27.6 | % | 37.9 | % | ||||||
Mr. Tengel | 32.3 | % | 29.0 | % | 38.7 | % | ||||||
Mr. Walters | 34.5 | % | 31.0 | % | 34.5 | % |
Base Salary | STIP Bonus Target | Long- Term Incentive Target | ||||||||||
Mr. Barnes | 20.4 | % | 24.5 | % | 55.1 | % | ||||||
Mr. Powlus | 34.5 | % | 27.6 | % | 37.9 | % | ||||||
Mr. Rosato | 34.5 | % | 27.6 | % | 37.9 | % | ||||||
Mr. Tengel | 32.3 | % | 29.0 | % | 38.7 | % | ||||||
Mr. Walters | 34.5 | % | 31.0 | % | 34.5 | % |
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Performance Shares | Restricted Shares | Optioned Shares | ||||||||||
Mr. Barnes | 90,407 | 45,204 | 443,118 | |||||||||
Mr. Powlus | 17,517 | 8,758 | 85,857 | |||||||||
Mr. Rosato | 17,373 | 8,687 | 85,153 | |||||||||
Mr. Tengel | 22,676 | 11,338 | 111,145 | |||||||||
Mr. Walters | 16,172 | 8,086 | 79,264 |
Performance Shares | Restricted Shares | Optioned Shares | ||||||||||
Mr. Barnes | 101,091 | 50,545 | 281,870 | |||||||||
Mr. Powlus | 19,333 | 9,667 | 53,906 | |||||||||
Mr. Rosato | 19,175 | 9,587 | 53,464 | |||||||||
Mr. Tengel | 25,027 | 12,514 | 69,783 | |||||||||
Mr. Walters | 17,849 | 8,924 | 49,767 |
2021.
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executive officer depend on their respective areas of responsibility. Objectives for executive officers in charge of a business line are focused on attainment of specified revenue, profitability and cost-containment goals. Objectives for executive officers in charge of staff functions include cost containment measures and also focus on process improvement and business integration goals. The level of accomplishment is weighed across all goals to arrive at an overall rating of performance for incentive compensation purposes. Incentive compensation payout ratios for a named executive officer may range from zero to 200% of the target payout for that officer, depending on the level of funding available for the overall incentive compensation pool and the overall performance rating for the individual officer.
Summary of 2020 Objectives and Results
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The Compensation Committee evaluated the performance of each of the named executive officers relative to their respective performance measures. Based on those evaluations, the Committee determined that each of the named executive officers met or exceeded expectations with respect to their individual goals. The Committee also considered the leadership behaviors exhibited by each of the named executive officers during the year. As a result of the Compensation Committee’s evaluation and its recommendations to the full Board, the Board authorized STIP Bonus payouts to the named executive officers at 100%150% of target within the overall opportunity range of zero to 200%.
Payout Amount | Payout as Percentage of STIP Bonus Target | |||||||
Mr. Barnes | $ | 1,244,821 | 100 | % | ||||
Mr. Powlus | $ | 414,610 | 100 | % | ||||
Mr. Rosato | $ | 411,213 | 100 | % | ||||
Mr. Tengel | $ | 553,500 | 100 | % | ||||
Mr. Walters | $ | 473,682 | 100 | % |
Payout Amount | Payout as Percentage of STIP Bonus Target | |||||||
Mr. Barnes | $ | 2,036,979 | 150 | % | ||||
Mr. Powlus | $ | 637,462 | 150 | % | ||||
Mr. Rosato | $ | 632,240 | 150 | % | ||||
Mr. Tengel | $ | 851,006 | 150 | % | ||||
Mr. Walters | $ | 728,286 | 150 | % |
Performance Shares Awarded in 2018 | Payout Percentage | Number of Performance Shares Vested | ||||||||||
Mr. Barnes | 71,885 | 120 | % | 86,262 | ||||||||
Mr. Powlus | 14,485 | 120 | % | 17,382 | ||||||||
Mr. Rosato | 14,367 | 120 | % | 17,240 | ||||||||
Mr. Tengel | 16,168 | 120 | % | 19,402 | ||||||||
Mr. Walters | 13,373 | 120 | % | 16,048 |
Other Board2022.
Performance Shares Awarded in 2019 | Payout Percentage | Number of Performance Shares Vested | ||||||||||
Mr. Barnes | 83,519 | 123 | % | 102,728 | ||||||||
Mr. Powlus | 16,182 | 123 | % | 19,904 | ||||||||
Mr. Rosato | 16,050 | 123 | % | 19,742 | ||||||||
Mr. Tengel | 20,949 | 123 | % | 25,767 | ||||||||
Mr. Walters | 14,940 | 123 | % | 18,376 |
Peer Group UpdateNon-Solicitation Agreements with each of Mr. Barnes and Mr. Walters (each such agreement, a “Restrictive Covenant Agreement”), to be effective from and after the closing of the merger transaction and for 2021. In October 2020,the benefit of the surviving entity following the closing. Each Restrictive Covenant Agreement includes: (i) a covenant by the applicable executive not to compete with the Company, updatedM&T or their respective subsidiaries for the compositionthree-year period following the closing of the CEO peer groupmerger transaction (the “Restricted Period”); (ii) an extension of the existing non-solicitation restrictions applicable to be usedthe executive such that they apply during the duration of the restricted period; and (iii) an expansion of the existing non-solicitation covenant such that it will include restrictions on solicitation of customers and employees of M&T and its subsidiaries during the restricted period. Messrs. Barnes and Walters are not currently subject to any post-termination non-competition covenant and are only subject to a one-year post-termination non-solicitation covenant. In consideration of the foregoing covenants, we, or M&T, as our successor, will pay Messrs. Barnes and Walters a lump-sum payment equal to $18 million and $6 million, respectively, within 30 days following the closing. The Restrictive Covenant Agreements contain a claw-back provision providing that we or M&T, as our successor, may, in 2021 for benchmarkingour sole discretion, require the CEO’s compensation package. This same peer group, with certain modifications, will also be used as a comparison reference in developingapplicable
Banks headquartered inevent of any breach of the United States
Total assets between $20 billionforegoing covenants. The Restrictive Covenant Agreements will not become effective, and $180 billion
Banksno payments will be due thereunder, unless and until the closing of the merger transaction occurs. In the event that were dissimilar from People’s United were then removed from consideration
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From that list, banks were removed from consideration if they were too large or small, had significant insider ownership, had different business models, or operated in unique geographies. Using these criteria and objectives, in October 2020, the Committee approved the following changesMerger Agreement terminates prior to the CEO peer group to be used in 2021:
closing, the Restrictive Covenant Agreements will automatically terminate.
2021.
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Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($) | Total ($) | |||||||||||||||||||||||||||
John P. Barnes | 2020 | $ | 1,126,878 | $ | 248,964 | $ | 2,332,184 | $ | 740,007 | $ | 995,856 | $ | 170,167 | $ | 284,054 | $ | 5,898,111 | |||||||||||||||||||
Chief Executive Officer | 2019 | 1,099,393 | — | 2,229,979 | 750,757 | $ | 1,214,459 | 109,618 | 395,879 | 5,800,085 | ||||||||||||||||||||||||||
2018 | 1,073,471 | — | 2,123,356 | 733,538 | $ | 1,238,695 | 30,371 | 500,854 | 5,700,284 | |||||||||||||||||||||||||||
Lee C. Powlus | 2020 | $ | 516,074 | $ | 82,922 | $ | 454,922 | $ | 143,381 | $ | 331,688 | $ | 61,450 | $ | 130,214 | $ | 1,720,651 | |||||||||||||||||||
Sr. Executive Vice President | 2019 | 503,487 | — | 435,474 | 145,464 | 444,497 | 39,233 | 186,982 | 1,755,587 | |||||||||||||||||||||||||||
(Chief Administrative Officer) | 2018 | 489,613 | — | 432,381 | 147,835 | 422,256 | 10,483 | 209,486 | 1,712,054 | |||||||||||||||||||||||||||
R. David Rosato | 2020 | $ | 511,846 | $ | 82,243 | $ | 451,230 | $ | 142,206 | $ | 328,970 | $ | 36,806 | $ | 97,843 | $ | 1,651,144 | |||||||||||||||||||
Sr. Executive Vice President | 2019 | 499,362 | — | 431,956 | 144,271 | 421,243 | 20,573 | 103,216 | 1,620,621 | |||||||||||||||||||||||||||
(Chief Financial Officer) | 2018 | 485,602 | — | 428,885 | 146,602 | 410,968 | 4,574 | 98,420 | 1,575,050 | |||||||||||||||||||||||||||
Jeffrey J. Tengel | 2020 | $ | 612,404 | $ | 110,700 | $ | 587,798 | $ | 185,612 | $ | 442,800 | $ | 17,921 | $ | 98,348 | $ | 2,055,583 | |||||||||||||||||||
President | 2019 | 583,509 | 562,504 | 188,308 | 594,000 | 10,135 | 95,680 | 2,034,137 | ||||||||||||||||||||||||||||
2018 | 500,958 | — | 481,951 | 164,987 | 444,153 | 2,323 | 78,812 | 1,673,184 | ||||||||||||||||||||||||||||
Kirk W. Walters | 2020 | $ | 524,092 | $ | 94,736 | $ | 420,291 | $ | 132,371 | $ | 378,946 | $ | 22,931 | $ | 125,087 | $ | 1,698,453 | |||||||||||||||||||
Sr. Executive Vice President | 2019 | 511,309 | — | 402,375 | 134,293 | 563,797 | 13,238 | 159,166 | 1,784,178 | |||||||||||||||||||||||||||
(Corporate Development and Strategic Planning) | 2018 | 495,280 | — | 399,622 | 136,463 | 482,417 | 3,021 | 159,358 | 1,676,162 |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($) | Total ($) | |||||||||||||||||||||||||||
John P. Barnes | 2021 | $ | 1,131,655 | — | $ | 2,407,259 | $ | 769,505 | $ | 2,036,979 | $ | 93,935 | $ | 323,120 | $ | 6,762,452 | ||||||||||||||||||||
Chief Executive Officer | 2020 | 1,126,878 | $ | 248,964 | $ | 2,332,184 | $ | 740,007 | $ | 995,856 | $ | 170,167 | $ | 284,054 | $ | 5,898,111 | ||||||||||||||||||||
2019 | 1,099,393 | — | 2,229,979 | 750,757 | $ | 1,214,459 | 109,618 | 395,879 | 5,800,085 | |||||||||||||||||||||||||||
Lee C. Powlus | 2021 | $ | 528,976 | — | $ | 462,864 | $ | 147,163 | $ | 637,462 | $ | 34,210 | $ | 177,392 | $ | 1,988,068 | ||||||||||||||||||||
Sr. Executive Vice President | 2020 | 516,074 | $ | 82,922 | 454,922 | 143,381 | 331,688 | 61,450 | 130,214 | 1,720,651 | ||||||||||||||||||||||||||
(Chief Administrative Officer) | 2019 | 503,487 | — | 435,474 | 145,464 | 444,497 | 39,233 | 186,982 | 1,755,587 | |||||||||||||||||||||||||||
R. David Rosato | 2021 | $ | 524,643 | — | $ | 459,091 | $ | 145,957 | $ | 632,240 | $ | 22,687 | $ | 116,916 | $ | 1,901,533 | ||||||||||||||||||||
Sr. Executive Vice President | 2020 | 511,846 | $ | 82,243 | 451,230 | 142,206 | 328,970 | 36,806 | 97,843 | 1,651,144 | ||||||||||||||||||||||||||
(Chief Financial Officer) | 2019 | 499,362 | — | 431,956 | 144,271 | 421,243 | 20,573 | 103,216 | 1,620,621 | |||||||||||||||||||||||||||
Jeffrey J. Tengel | 2021 | $ | 627,714 | — | $ | 598,282 | $ | 190,508 | $ | 851,006 | $ | 11,061 | $ | 98,385 | $ | 2,376,956 | ||||||||||||||||||||
President | 2020 | 612,404 | $ | 110,700 | 587,798 | 185,612 | 442,800 | 17,921 | 98,348 | 2,055,583 | ||||||||||||||||||||||||||
2019 | 583,509 | — | 562,504 | 188,308 | 594,000 | 10,135 | 95,680 | 2,034,137 | ||||||||||||||||||||||||||||
Kirk W. Walters | 2021 | $ | 537,194 | — | $ | 427,556 | $ | 135,864 | $ | 728,286 | $ | 13,708 | $ | 112,700 | $ | 1,955,307 | ||||||||||||||||||||
Sr. Executive Vice President | 2020 | 524,092 | $ | 94,736 | 420,291 | 132,371 | 378,946 | 22,931 | 125,087 | 1,698,453 | ||||||||||||||||||||||||||
(Corporate Development and Strategic Planning) | 2019 | 511,309 | — | 402,375 | 134,293 | 563,797 | 13,238 | 159,166 | 1,784,178 |
2020.
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Amounts shown in the “Option Awards” column reflect the aggregate grant date fair value of the awards for 2021, 2020 2019 and 2018,2019, computed in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification FASB ASC Topic 718 without taking into account estimated forfeitures. The assumptions made when calculating the amounts are also found in Note 1920 (Stock-Based Compensation Plans) to our Consolidated Financial Statements in our Annual Report on Form2020.2021. The terms of the 20202021 option awards are summarized under “Compensation Discussion and Analysis—Compensation Program Changes for 2020”2021” above. All options granted were granted pursuant to the 2014 Long-Term Incentive Plan.
Black-Scholes Assumptions | ||||||||||||||||||||||||
Option Grant Date | Option Value | Exercise Price | Dividend Yield | Expected Volatility Rate | Risk- free Interest Rate | Expected Term (Years) | ||||||||||||||||||
February 20, 2020 | $ | 1.67 | $ | 16.22 | 4.38 | % | 20.85 | % | 1.42 | % | 4.58 |
Black-Scholes Assumptions | ||||||||||||||||||||||||
Option Grant Date | Option Value | Exercise Price | Dividend Yield | Expected Volatility Rate | Risk- free Interest Rate | Expected Term (Years) | ||||||||||||||||||
February 18, 2021 | $ | 2.73 | $ | 15.29 | 4.7105 | % | 33.36 | % | 0.72 | % | 5.38 |
2021.
Change in Pension Value(a) | Nonqualified Deferred Compensation Earnings(b) | |||||||
John P. Barnes | $ | 7,200 | $ | 162,967 | ||||
Lee C. Powlus | $ | 1,600 | $ | 59,850 | ||||
R. David Rosato | $ | — | $ | 36,806 | ||||
Jeffrey J. Tengel | $ | — | $ | 17,921 | ||||
Kirk W. Walters | $ | — | $ | 22,931 |
Change in Pension Value (a) | Nonqualified Deferred Compensation Earnings (b) | |||||||
John P. Barnes | $ | 2,200 | $ | 91,735 | ||||
Lee C. Powlus | $ | 500 | $ | 33,710 | ||||
R. David Rosato | $ | — | $ | 22,687 | ||||
Jeffrey J. Tengel | $ | — | $ | 11,061 | ||||
Kirk W. Walters | $ | — | $ | 13,708 |
(a) | Messrs. Rosato, Tengel and Walters do not participate in any of our defined benefit plans. |
(b) | Represents above-market earnings on compensation deferred by the named executive officer under the Non-Qualified Savings and Retirement Plan and, in the case of Messrs. Barnes and Powlus, previously deferred under the Chittenden Corporation Supplemental Executive Savings Plan. Information about how these earnings are calculated is shown in the table headed “Non-Qualified Deferred Compensation |
29
Additional items shown as “All Other Compensation” for 20202021 include: employer matching contributions and credits to the 401(k) Employee Savings Plan and the$93,654;$95,059; Mr. Powlus, $38,441;$37,743; Mr. Rosato, $37,324;$37,434; Mr. Tengel, $24,496;$25,109; and Mr. Walters, $43,516)$40,435); employer retirement contributions and credits to the 401(k) Employee Savings Plan and the$70,240;$71,294; Mr. Powlus, $28,831;$28,308; Mr. Rosato, $27,993;$47,043; Mr. Tengel, $36,192;$35,436; and Mr. Walters, $32,637)$30,326); life insurance premiums ($551 for each named executive officer); the employer-paid portion of medical and/or dental insurance premiums ($14,72912,643 for Mr. Barnes; $8,757$8,845 for Mr. Powlus; $15,449$15,617 for Mr. Rosato; $12,541$12,669 for Mr. Tengel; and $12,541$12,643 for Mr. Walters); and for Mr. Powlus, tax$10,379$5,305 with respect to the local housing expenses paid on his behalf.
Grant
2021
Estimated Future Payouts Under Non-Equity Incentive Plan Awards(2) | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | All Other Stock Awards; Number of Shares of Stock or | All Other Option Awards; Number of Securities Underlying | Exercise or Base Price of Option | Closing Market Price on Grant | Grant Date Fair Value of Stock and Option | ||||||||||||||||||||||||||||||||||||||
Name and Grant Date(1) | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | Units (#) | Options (#) | Awards ($/Sh)(3) | Date ($)(3) | Awards ($) | |||||||||||||||||||||||||||||||||
John P. Barnes | ||||||||||||||||||||||||||||||||||||||||||||
Jan. 28, 2020(4) | 239 | $ | 15.85 | $ | 3,789 | |||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(5) | $ | 622,411 | $ | 1,244,821 | $ | 2,489,642 | ||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 15,068 | 90,407 | 135,611 | 1,595,412 | ||||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 45,204 | 16.35 | 732,983 | |||||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 443,118 | $ | 16.22 | 16.35 | 740,007 | |||||||||||||||||||||||||||||||||||||||
Lee C. Powlus | ||||||||||||||||||||||||||||||||||||||||||||
Jan. 28, 2020(4) | 239 | $ | 15.85 | $ | 3,789 | |||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(5) | $ | 207,305 | $ | 414,610 | $ | 829,220 | ||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 2,920 | 17,517 | 26,276 | 309,122 | ||||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 8,758 | 16.35 | 142,011 | |||||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 85,857 | $ | 16.22 | 16.35 | 143,381 | |||||||||||||||||||||||||||||||||||||||
R. David Rosato | ||||||||||||||||||||||||||||||||||||||||||||
Jan. 28, 2020(4) | 239 | $ | 15.85 | $ | 3,789 | |||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(5) | $ | 205,607 | $ | 411,213 | $ | 822,426 | ||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 2,896 | 17,373 | 26,060 | 306,581 | ||||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 8,687 | 16.35 | 140,860 | |||||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 85,153 | $ | 16.22 | 16.35 | 142,206 | |||||||||||||||||||||||||||||||||||||||
Jeffrey J. Tengel | ||||||||||||||||||||||||||||||||||||||||||||
Jan. 28, 2020(4) | 239 | $ | 15.85 | $ | 3,789 | |||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(5) | $ | 276,750 | $ | 553,500 | $ | 1,107,000 | ||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 3,779 | 22,676 | 34,014 | 400,163 | ||||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 11,338 | 16.35 | 183,846 | |||||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 111,145 | $ | 16.22 | 16.35 | 185,612 | |||||||||||||||||||||||||||||||||||||||
Kirk W. Walters | ||||||||||||||||||||||||||||||||||||||||||||
Jan. 28, 2020(4) | 239 | $ | 15.85 | $ | 3,789 | |||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(5) | $ | 236,841 | $ | 473,682 | $ | 947,364 | ||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 2,695 | 16,172 | 24,258 | 285,387 | ||||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 8,086 | 16.35 | 131,114 | |||||||||||||||||||||||||||||||||||||||||
Feb. 20, 2020(6) | 79,264 | $ | 16.22 | 16.35 | 132,371 |
Estimated Future Payouts Under Non-Equity Incentive Plan Awards (2) | Estimated Future Payouts Under Equity Incentive Plan Awards (2) | All Other Stock Awards; Number of Shares of Stock or Units (#) | All Other Option Awards; Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Sh) (3) | Closing Market Price on Grant Date ($) (3) | Grant Date Fair Value of Stock and Option Awards ($) | ||||||||||||||||||||||||||||||||||||||
Name and Grant Date (1) | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | ||||||||||||||||||||||||||||||||||||||
John P. Barnes | ||||||||||||||||||||||||||||||||||||||||||||
Jan. 22, 2021 (4) | 219 | $ | 14.04 | $ | 3,069 | |||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (5) | $ | 678,993 | $ | 1,357,986 | $ | 2,715,972 | ||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 16,849 | 101,091 | 151,637 | 1,631,609 | ||||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 50,545 | 15.33 | 772,580 | |||||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 281,870 | $ | 15.29 | 15.33 | 769,505 | |||||||||||||||||||||||||||||||||||||||
Lee C. Powlus | ||||||||||||||||||||||||||||||||||||||||||||
Jan. 22, 2021 (4) | 219 | $ | 14.04 | $ | 3,069 | |||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (5) | $ | 212,487 | $ | 424,975 | $ | 849,950 | ||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 3,222 | 19,333 | 29,000 | 312,035 | ||||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 9,667 | 15.33 | 147,760 | |||||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 53,906 | $ | 15.29 | 15.33 | 147,163 | |||||||||||||||||||||||||||||||||||||||
R. David Rosato | ||||||||||||||||||||||||||||||||||||||||||||
Jan. 22, 2021 (4) | 219 | $ | 14.04 | $ | 3,069 | |||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (5) | $ | 210,747 | $ | 421,493 | $ | 842,987 | ||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 3,196 | 19,175 | 28,763 | 309,485 | ||||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 9,587 | 15.33 | 146,537 | |||||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 53,464 | $ | 15.29 | 15.33 | 145,957 | |||||||||||||||||||||||||||||||||||||||
Jeffrey J. Tengel | ||||||||||||||||||||||||||||||||||||||||||||
Jan. 22, 2021 (4) | 219 | $ | 14.04 | $ | 3,069 | |||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (5) | $ | 283,669 | $ | 567,338 | $ | 1,134,675 | ||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 4,171 | 25,027 | 37,541 | 403,936 | ||||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 12,514 | 15.33 | 191,276 | |||||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 69,783 | $ | 15.29 | 15.33 | 190,508 | |||||||||||||||||||||||||||||||||||||||
Kirk W. Walters | ||||||||||||||||||||||||||||||||||||||||||||
Jan. 22, 2021 (4) | 219 | $ | 14.04 | $ | 3,069 | |||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (5) | $ | 242,762 | $ | 485,524 | $ | 971,048 | ||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 2,975 | 17,849 | 26,774 | 288,083 | ||||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 8,924 | 15.33 | 136,403 | |||||||||||||||||||||||||||||||||||||||||
Feb. 18, 2021 (6) | 49,767 | $ | 15.29 | 15.33 | 135,864 |
(1) | For equity grants other than those made pursuant to the ESOP, this is the date grants were approved by the independent members of the board of directors. Share allocations made pursuant to the ESOP are made as soon as administratively practicable following the date shares are released by the ESOP trustee from the ESOP’s loan repayment account in accordance with the terms of the plan. |
(2) | The threshold payment for a STIP Bonus (Non-Equity Incentive Plan Awards) is shown as 50% of the target amount. Zero payouts are also possible. The maximum payout with respect to a STIP Bonus award is 200% of the target amount. The threshold for an award of performance shares (Equity Incentive Plan Awards) assumes that threshold performance is achieved with respect to one of the three performance metrics and performance is below threshold with respect to the other two performance metrics. Zero payouts are also possible. The maximum payout with respect to a performance share award is 150% of the target amount. As discussed in the “Compensation Discussion and Analysis” section, these awards are the number of performance shares that a named executive officer may earn for the three-year performance period starting January 1, |
30
(3) | Exercise price is equal to “fair market value” which we define as the average of the high and low stock price on the grant date. This will usually differ from the closing price on the grant date. The fair value of shares allocated to each executive pursuant to the ESOP is based on the closing price on the date the allocation is made. |
(4) | Allocated pursuant to ESOP. |
(5) | STIP Bonus award for |
(6) | All awards made pursuant to 2014 Long-Term Incentive Plan as amended and restated in 2017. |
Source of Grant (Plan Name) | Grant Date(s) | Vesting Schedule | ||
2014 Long-Term Incentive Plan | Feb. | Stock and option awards: 33 | ||
Feb. | Performance share awards: 100% on Mar. 1 following the third anniversary of the grant date subject to continued employment on the applicable vesting date and achievement of the relevant performance metrics |
31
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||
John P. Barnes | 108,591 | — | 13.42 | Feb. 17, 2021 | 11,981 | (a) | $ | 154,914 | 111,359 | (e) | $ | 1,439,872 | ||||||||||||||||||||
106,006 | — | 12.94 | Feb. 21, 2023 | 27,840 | (b) | 359,971 | 75,339 | (f) | 974,133 | |||||||||||||||||||||||
474,684 | — | 13.90 | Feb. 20, 2024 | 45,204 | (c) | 584,488 | ||||||||||||||||||||||||||
625,685 | — | 14.85 | Feb. 19, 2025 | 95,847 | (d) | 1,239,302 | ||||||||||||||||||||||||||
413,712 | — | 14.57 | Feb. 18, 2026 | |||||||||||||||||||||||||||||
312,991 | — | 19.17 | Feb. 16, 2027 | |||||||||||||||||||||||||||||
211,699 | 105,850 | (a) | 19.71 | Feb. 15, 2028 | ||||||||||||||||||||||||||||
122,672 | 245,346 | (b) | 17.63 | Feb. 21, 2029 | ||||||||||||||||||||||||||||
— | 443,118 | (c) | 16.22 | Feb. 20, 2030 | ||||||||||||||||||||||||||||
Lee C. Powlus | 29,537 | — | 13.42 | Feb. 17, 2021 | 2,415 | (a) | $ | 31,226 | 21,576 | (e) | $ | 278,978 | ||||||||||||||||||||
7,253 | — | 13.55 | Jul. 21, 2021 | 5,394 | (b) | 69,744 | 14,598 | (f) | 188,752 | |||||||||||||||||||||||
26,442 | — | 12.65 | Feb. 16, 2022 | 8,758 | (c) | 113,241 | ||||||||||||||||||||||||||
101,344 | — | 12.94 | Feb. 21, 2023 | 19,313 | (d) | 249,717 | ||||||||||||||||||||||||||
154,095 | — | 13.90 | Feb. 20, 2024 | |||||||||||||||||||||||||||||
169,261 | — | 14.85 | Feb. 19, 2025 | |||||||||||||||||||||||||||||
99,238 | — | 14.57 | Feb. 18, 2026 | |||||||||||||||||||||||||||||
66,914 | — | 19.17 | Feb. 16, 2027 | |||||||||||||||||||||||||||||
42,658 | 21,330 | (a) | 19.71 | Feb. 15, 2028 | ||||||||||||||||||||||||||||
23,768 | 47,538 | (b) | 17.63 | Feb. 21, 2029 | ||||||||||||||||||||||||||||
— | 85,857 | (c) | 16.22 | Feb. 20, 2030 | ||||||||||||||||||||||||||||
R. David Rosato | 12,432 | — | $ | 13.42 | Feb. 17, 2021 | 2,395 | (a) | $ | 30,967 | 21,400 | (e) | $ | 276,702 | |||||||||||||||||||
15,209 | — | 12.65 | Feb. 16, 2022 | 5,350 | (b) | 69,176 | 14,478 | (f) | 187,201 | |||||||||||||||||||||||
29,218 | — | 12.94 | Feb. 21, 2023 | 8,687 | (c) | 112,323 | ||||||||||||||||||||||||||
43,359 | — | 13.90 | Feb. 20, 2024 | 19,156 | (d) | 247,687 | ||||||||||||||||||||||||||
80,157 | — | 14.12 | May 15, 2024 | |||||||||||||||||||||||||||||
169,521 | — | 14.85 | Feb. 19, 2025 | |||||||||||||||||||||||||||||
99,390 | — | 14.57 | Feb. 18, 2026 | |||||||||||||||||||||||||||||
66,366 | — | 19.17 | Feb. 16, 2027 | |||||||||||||||||||||||||||||
42,309 | 21,155 | (a) | 19.71 | Feb. 15, 2028 | ||||||||||||||||||||||||||||
25,573 | 47,148 | (b) | 17.63 | Feb. 21, 2029 | ||||||||||||||||||||||||||||
— | 85,153 | (c) | 16.22 | Feb. 20, 2030 | ||||||||||||||||||||||||||||
Jeffrey J. Tengel | 61,075 | — | $ | 12.65 | Feb. 16, 2022 | 2,695 | (a) | $ | 34,846 | 27,932 | (e) | $ | 361,161 | |||||||||||||||||||
190,780 | — | 14.85 | Feb. 19, 2025 | 6,983 | (b) | 90,290 | 18,897 | (f) | 244,338 | |||||||||||||||||||||||
111,854 | — | 14.57 | Feb. 18, 2026 | 11,338 | (c) | 146,600 | ||||||||||||||||||||||||||
74,688 | — | 19.17 | Feb. 16, 2027 | 21,557 | (d) | 278,732 | ||||||||||||||||||||||||||
47,615 | 23,808 | (a) | 19.71 | Feb. 15, 2028 | ||||||||||||||||||||||||||||
30,679 | 61,539 | (b) | 17.63 | Feb. 21, 2029 | ||||||||||||||||||||||||||||
— | 111,145 | (c) | 16.22 | Feb. 20, 2030 | ||||||||||||||||||||||||||||
Kirk W. Walters | 50,000 | — | $ | 12.30 | Mar. 17, 2021 | 2,229 | (a) | $ | 28,821 | 19,920 | (e) | $ | 257,566 | |||||||||||||||||||
86,433 | — | 12.65 | Feb. 16, 2022 | 4,980 | (b) | 64,391 | 13,477 | (f) | 174,258 | |||||||||||||||||||||||
165,637 | — | 12.94 | Feb. 21, 2023 | 8,086 | (c) | 104,552 | ||||||||||||||||||||||||||
245,799 | — | 13.90 | Feb. 20, 2024 | 17,831 | (d) | 230,555 | ||||||||||||||||||||||||||
154,110 | — | 14.85 | Feb. 19, 2025 | |||||||||||||||||||||||||||||
90,354 | — | 14.57 | Feb. 18, 2026 | |||||||||||||||||||||||||||||
60,332 | — | 19.17 | Feb. 16, 2027 | |||||||||||||||||||||||||||||
39,383 | 19,692 | (a) | 19.71 | Feb. 15, 2028 | ||||||||||||||||||||||||||||
21,943 | 43,887 | (b) | 17.63 | Feb. 21, 2029 | ||||||||||||||||||||||||||||
— | 79,264 | (c) | 16.22 | Feb. 20, 2030 |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||
John P. Barnes | 106,006 | — | 12.94 | Feb. 21, 2023 | 13,920 | (a) | $ | 248,054 | 120,543 | (e) | $ | 2,148,076 | ||||||||||||||||||||
474,684 | — | 13.90 | Feb. 20, 2024 | 30,136 | (b) | 537,024 | 134,788 | (f) | 2,401,922 | |||||||||||||||||||||||
625,685 | — | 14.85 | Feb. 19, 2025 | 50,545 | (c) | 900,712 | ||||||||||||||||||||||||||
413,712 | — | 14.57 | Feb. 18, 2026 | 111,359 | (d) | 1,984,417 | ||||||||||||||||||||||||||
312,911 | — | 19.17 | Feb. 16, 2027 | |||||||||||||||||||||||||||||
317,549 | — | 19.71 | Feb. 15, 2028 | |||||||||||||||||||||||||||||
245,345 | 122,673 | (a) | 17.63 | Feb. 21, 2029 | ||||||||||||||||||||||||||||
147,706 | 295,412 | (b) | 16.22 | Feb. 20, 2030 | ||||||||||||||||||||||||||||
— | 281,870 | (c) | 15.29 | Feb. 18, 2031 | ||||||||||||||||||||||||||||
Lee C. Powlus | 26,442 | — | 12.65 | Feb. 16, 2022 | 2,697 | (a) | $ | 48,061 | 23,356 | (e) | $ | 416,204 | ||||||||||||||||||||
101,344 | — | 12.94 | Feb. 21, 2023 | 5,839 | (b) | 104,051 | 25,777 | (f) | 459,346 | |||||||||||||||||||||||
154,095 | — | 13.90 | Feb. 20, 2024 | 9,667 | (c) | 172,266 | ||||||||||||||||||||||||||
169,261 | — | 14.85 | Feb. 19, 2025 | 21,576 | (d) | 384,484 | ||||||||||||||||||||||||||
99,234 | — | 14.57 | Feb. 18, 2026 | |||||||||||||||||||||||||||||
66,914 | — | 19.17 | Feb. 16, 2027 | |||||||||||||||||||||||||||||
63,988 | — | 19.71 | Feb. 15, 2028 | |||||||||||||||||||||||||||||
47,537 | 23,769 | (a) | 17.63 | Feb. 21, 2029 | ||||||||||||||||||||||||||||
28,619 | 57,238 | (b) | 16.22 | Feb. 20, 2030 | ||||||||||||||||||||||||||||
— | 53,906 | (c) | 15.29 | Feb. 18, 2031 | ||||||||||||||||||||||||||||
R. David Rosato | 29,218 | — | 12.94 | Feb. 21, 2023 | 2,675 | (a) | $ | 47,699 | 23,164 | (e) | $ | 412,782 | ||||||||||||||||||||
43,359 | — | 13.90 | Feb. 20, 2024 | 5,792 | (b) | 103,213 | 25,567 | (f) | 455,604 | |||||||||||||||||||||||
80,157 | — | 14.12 | May 15, 2024 | 9,587 | (c) | 170,840 | ||||||||||||||||||||||||||
169,521 | — | 14.85 | Feb. 19, 2025 | 21,400 | (d) | 381,348 | ||||||||||||||||||||||||||
99,390 | — | 14.57 | Feb. 18, 2026 | |||||||||||||||||||||||||||||
66,366 | — | 19.17 | Feb. 16, 2027 | |||||||||||||||||||||||||||||
63,464 | — | 19.71 | Feb. 15, 2028 | |||||||||||||||||||||||||||||
47,147 | 23,574 | (a) | 17.63 | Feb. 21, 2029 | ||||||||||||||||||||||||||||
28,384 | 56,769 | (b) | 16.22 | Feb. 20, 2030 | ||||||||||||||||||||||||||||
— | 53,464 | (c) | 15.29 | Feb. 18, 2031 | ||||||||||||||||||||||||||||
Jeffrey J. Tengel | 190,780 | — | 14.85 | Feb. 19, 2025 | 3,492 | (a) | $ | 62,227 | 30,235 | (e) | $ | 538,788 | ||||||||||||||||||||
111,854 | — | 14.57 | Feb. 18, 2026 | 7,559 | (b) | 134,701 | 33,369 | (f) | 594,636 | |||||||||||||||||||||||
74,688 | — | 19.17 | Feb. 16, 2027 | 12,514 | (c) | 222,999 | ||||||||||||||||||||||||||
71,423 | — | 19.71 | Feb. 15, 2028 | 27,932 | (d) | 497,748 | ||||||||||||||||||||||||||
61,538 | 30,770 | (a) | 17.63 | Feb. 21, 2029 | ||||||||||||||||||||||||||||
37,048 | 74,097 | (b) | 16.22 | Feb. 20, 2030 | ||||||||||||||||||||||||||||
— | 69,783 | (c) | 15.29 | Feb. 18, 2031 |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||
Kirk W. Walters | 165,637 | — | 12.94 | Feb. 21, 2023 | 2,490 | (a) | $ | 44,372 | 21,563 | (e) | $384,253 | |||||||||||||||||||||
245,799 | — | 13.90 | Feb. 20, 2024 | 5,391 | (b) | 96,068 | 23,799 | (f) | 424,098 | |||||||||||||||||||||||
154,110 | — | 14.85 | Feb. 19, 2025 | 8,924 | (c) | 159,026 | ||||||||||||||||||||||||||
90,354 | — | 14.57 | Feb. 18, 2026 | 19,920 | (d) | 354,974 | ||||||||||||||||||||||||||
60,332 | — | 19.17 | Feb. 16, 2027 | |||||||||||||||||||||||||||||
59,075 | — | 19.71 | Feb. 15, 2028 | |||||||||||||||||||||||||||||
43,886 | 21,944 | (a) | 17.63 | Feb. 21, 2029 | ||||||||||||||||||||||||||||
26,421 | 52,843 | (b) | 16.22 | Feb. 20, 2030 | ||||||||||||||||||||||||||||
— | 49,767 | (c) | 15.29 | Feb. 18, 2031 |
(a) | 100% on Mar. 1, |
(b) | 50% on Mar. 1, |
(c) |
|
(d) | Vested on Mar. 1, Compensation Discussion and Analysis—Payout of |
(e) |
|
100% on Mar. 1, 2023 subject to the performance measures during the three-year performance period starting January 1, 2020 and ending December 31, 2022 |
(f) | 100% on Mar. 1, 2024 subject to the performance measures during the three-year performance period starting January 1, 2021 and ending December 31, 2023 |
2021.
Performance shares granted on February 21, 2019 will vest, if at all, based on the Company’s achievement with respect to each equally-weighted performance measure (Net Income, ROATCE and TSR) over the three-year performance period starting January 1, 2019 and ending on December 31, 2021. In the table, the number and market value of shares with respect to Net Income and ROATCE reflect maximum performance because actual performance on those performance measures through December 31, 20202021 was above maximum and at maximum.maximum, respectively. The number and market value of shares with respect to TSR reflect target performance because actual performance on that performance measure through December 31, 20202021 was between threshold and target. The actual numbershares vested on March 1, 2022 in accordance with the funding level disclosed in the section Compensation Discussion and Analysis—Payout of shares2019 Performance Share Awards. The funding level was based on the Company’s achievement for each of the equally-weighted performance measures over the three-year performance period that will veststarted on January 1, 2019 and be distributed with respect to the 2019 performance share awards is not yet determinable.
ended on December 31, 2021.
32
Stock Awards | ||||||||
Name | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | ||||||
John P. Barnes | 239 | $ | 3,789 | |||||
36,679 | 513,139 | |||||||
76,962 | 1,076,698 | |||||||
Lee C. Powlus | 239 | $ | 3,789 | |||||
7,416 | 103,750 | |||||||
16,453 | 230,177 | |||||||
R. David Rosato | 239 | $ | 3,789 | |||||
7,355 | 102,896 | |||||||
16,318 | 228,289 | |||||||
Jeffrey J. Tengel | 239 | $ | 3,789 | |||||
8,758 | 122,524 | |||||||
18,365 | 256,926 | |||||||
Kirk W. Walters | 239 | $ | 3,789 | |||||
6,797 | 95,090 | |||||||
14,836 | 207,556 |
Option Awards | Stock Awards | |||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | ||||||||||||
John P. Barnes | 108,591 | $ | 112,663 | 219 | $ | 3,069 | ||||||||||
40,969 | 506,689 | |||||||||||||||
86,262 | 1,573,635 | |||||||||||||||
Lee C. Powlus | 29,537 | $ | 30,645 | 219 | $ | 3,069 | ||||||||||
7,253 | 39,872 | 8,031 | 146,506 | |||||||||||||
17,382 | 317,091 | |||||||||||||||
R. David Rosato | 12,432 | $ | 11,251 | 219 | $ | 3,069 | ||||||||||
15,209 | 103,730 | 7,965 | 145,302 | |||||||||||||
17,240 | 314,501 | |||||||||||||||
Jeffrey J. Tengel | 61,075 | $ | 338,985 | 219 | $ | 3,069 | ||||||||||
9,965 | 181,787 | |||||||||||||||
19,402 | 353,941 | |||||||||||||||
Kirk W. Walters | 25,000 | $ | 50,638 | 219 | $ | 3,069 | ||||||||||
25,000 | 53,290 | 7,414 | 101,987 | |||||||||||||
86,433 | 533,940 | 16,048 | 292,756 |
33
ESOP Shares Allocated on January | ||||
Mr. Barnes | ||||
Mr. Powlus | ||||
Mr. Rosato | ||||
Mr. Tengel | ||||
Mr. Walters |
Name | Plan Name | | Number of Years of Credited Service (#) |
| | Present Value of Accumulated Benefit ($)(1) |
| | Payments During Last Fiscal Year ($) |
| ||||
John P. Barnes | People’s United Bank, N.A. Employees’ Retirement Plan | 22.2 | $ | 345,200 | $ | — | ||||||||
Lee C. Powlus | People’s United Bank, N.A. Employees’ Retirement Plan | 13.0 | $ | 76,600 | $ | — |
Name | Plan Name | Number of Years of Credited Service (#) | Present Value of Accumulated Benefit ($) (1) | Payments During Last Fiscal Year ($) | ||||||||||
John P. Barnes | People’s United Bank, N.A. Employees’ Retirement Plan | 22.2 | $ | 347,700 | $ | — | ||||||||
Lee C. Powlus | People’s United Bank, N.A. Employees’ Retirement Plan | 13.0 | $ | 78,100 | $ | — |
(1) | Values are as of December 31, 10-K. |
34
35
2021.
2021.
36
The following table sets forth information regarding the
Name | Executive Contributions in Last FY ($) | Registrant Contributions in Last FY ($) | Aggregate Earnings in Last FY ($) | Aggregate Withdrawals/ Distributions ($) | Aggregate Balance at Last FYE ($) | |||||||||||||||
John P. Barnes, Non-Qualified Savings & Retirement Plan | $ | 166,521 | $ | 160,201 | $ | 250,288 | $ | — | $ | 6,856,235 | ||||||||||
John P. Barnes, Chittenden Corp. Supp. Exec. Savings Plan | $ | — | $ | — | $ | 3,472 | $ | — | $ | 92,994 | ||||||||||
Lee C. Powlus, Non-Qualified Savings & Retirement Plan | $ | 48,051 | $ | 52,338 | $ | 92,375 | $ | — | $ | 2,527,110 | ||||||||||
Lee C. Powlus, Chittenden Corp. Supp. Exec. Savings Plan | $ | — | $ | — | $ | 819 | $ | — | $ | 21,950 | ||||||||||
R. David Rosato | $ | 157,449 | $ | 48,393 | $ | 57,311 | $ | — | $ | 1,638,437 | ||||||||||
Jeffrey J. Tengel | $ | 61,240 | $ | 42,689 | $ | 27,906 | $ | — | $ | 801,960 | ||||||||||
Kirk W. Walters | $ | 43,515 | $ | 60,309 | $ | 35,706 | $ | — | $ | 1,012,840 |
2021
Name | Executive Contributions in Last FY ($) | Registrant Contributions in Last FY ($) | Aggregate Earnings in Last FY ($) | Aggregate Withdrawals/ Distributions ($) | Aggregate Balance at Last FYE ($) | |||||||||||||||
John P. Barnes, Non-Qualified Savings & Retirement Plan | $ | 95,059 | $ | 146,053 | $ | 239,081 | $ | — | $ | 7,320,224 | ||||||||||
John P. Barnes, Chittenden Corp. Supp. Exec. Savings Plan | $ | — | $ | — | $ | 3,195 | $ | — | $ | 96,188 | ||||||||||
Lee C. Powlus, Non-Qualified Savings & Retirement Plan | $ | 47,179 | $ | 45,751 | $ | 88,276 | $ | — | $ | 2,702,391 | ||||||||||
Lee C. Powlus, Chittenden Corp. Supp. Exec. Savings Plan | $ | — | $ | — | $ | 754 | $ | — | $ | 22,705 | ||||||||||
R. David Rosato | $ | 164,058 | $ | 64,177 | $ | 59,916 | $ | — | $ | 1,923,028 | ||||||||||
Jeffrey J. Tengel | $ | 62,771 | $ | 40,245 | $ | 29,212 | $ | — | $ | 927,024 | ||||||||||
Kirk W. Walters | $ | 40,435 | $ | 50,461 | $ | 36,204 | $ | — | $ | 1,133,159 |
37
Interest credits are made to participants’ accounts under the Chittenden Corporation Supplemental Executive Savings Plan in the same manner and at the same rate as under the
38
39
Benefit | For Cause | Retirement | Death | Disability | Without Cause | Change in Control | ||||||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,811,181 | ||||||||||||
Annual Cash Incentive | $ | — | $ | — | $ | 1,244,821 | $ | 1,244,821 | $ | — | $ | — | ||||||||||||
Equity | ||||||||||||||||||||||||
Performance Shares | $ | — | $ | 2,248,863 | $ | 2,248,863 | $ | 2,248,863 | $ | — | $ | 1,110,635 | ||||||||||||
Restricted Stock | $ | — | $ | 1,099,373 | $ | 1,099,373 | $ | 1,099,373 | $ | — | $ | 1,099,373 | ||||||||||||
Unexercisable Options | $ | — | $ | 0 | $ | 0 | $ | 0 | $ | — | $ | 0 | ||||||||||||
Total Equity | $ | — | $ | 3,348,236 | $ | 3,348,236 | $ | 3,348,236 | $ | — | $ | 2,210,009 | ||||||||||||
Retirement Benefits | ||||||||||||||||||||||||
Defined Benefit Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Defined Contribution Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 134,143 | ||||||||||||
Total Retirement Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 134,143 | ||||||||||||
Other Benefits | ||||||||||||||||||||||||
Health | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 46,290 | ||||||||||||
Outplacement | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,000 | ||||||||||||
Total Other Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 50,290 | ||||||||||||
Total Benefits | $ | — | $ | 3,348,236 | $ | 4,593,057 | $ | 4,593,057 | $ | — | $ | 10,205,622 |
40
Benefit | For Cause | Retirement | Death | Disability | Without Cause | Change in Control | ||||||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,374,247 | ||||||||||||
Annual Cash Incentive | $ | — | $ | — | $ | 1,357,986 | $ | 1,357,986 | $ | — | $ | — | ||||||||||||
Equity | ||||||||||||||||||||||||
Performance Shares | $ | — | $ | 3,412,494 | $ | 3,412,494 | $ | 3,412,494 | $ | — | $ | 1,674,516 | ||||||||||||
Restricted Stock | $ | — | $ | 900,712 | $ | 900,712 | $ | 900,712 | $ | — | $ | 900,712 | ||||||||||||
Unexercisable Options | $ | — | $ | 714,540 | $ | 714,540 | $ | 714,540 | $ | — | $ | 714,540 | ||||||||||||
Total Equity | $ | — | $ | 5,027,747 | $ | 5,027,747 | $ | 5,027,747 | $ | — | $ | 3,289,768 | ||||||||||||
Retirement Benefits | ||||||||||||||||||||||||
Defined Benefit Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Defined Contribution Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 149,378 | ||||||||||||
Total Retirement Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 149,378 | ||||||||||||
Other Benefits | ||||||||||||||||||||||||
Health | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 39,557 | ||||||||||||
Outplacement | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,000 | ||||||||||||
Total Other Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 44,557 | ||||||||||||
Total Benefits | $ | — | $ | 5,027,747 | $ | 6,385,733 | $ | 6,385,733 | $ | — | $ | 11,857,951 |
Benefit | Voluntary | For Cause | Death | Disability | Without Cause | Change in Control | ||||||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,172,775 | ||||||||||||
Annual Cash Incentive | $ | — | $ | — | $ | 414,610 | $ | 414,610 | $ | — | $ | — | ||||||||||||
Equity | ||||||||||||||||||||||||
Performance Shares | $ | — | $ | — | $ | 435,728 | $ | 435,728 | $ | — | $ | 215,194 | ||||||||||||
Restricted Stock | $ | — | $ | — | $ | 214,211 | $ | 214,211 | $ | — | $ | 214,211 | ||||||||||||
Unexercisable Options | $ | — | $ | — | $ | 0 | $ | 0 | $ | — | $ | 0 | ||||||||||||
Total Equity | $ | — | $ | — | $ | 649,939 | $ | 649,939 | $ | — | $ | 429,405 | ||||||||||||
Retirement Benefits | ||||||||||||||||||||||||
Defined Benefit Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Defined Contribution Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 55,366 | ||||||||||||
Total Retirement Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 55,366 | ||||||||||||
Other Benefits | ||||||||||||||||||||||||
Health | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 26,725 | ||||||||||||
Outplacement | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,000 | ||||||||||||
Total Other Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 30,725 | ||||||||||||
Total Benefits | $ | — | $ | — | $ | 1,064,549 | $ | 1,064,549 | $ | — | $ | 3,688,271 |
Benefit | Voluntary | For Cause | Death | Disability | Without Cause | Change in Control | ||||||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,252,095 | ||||||||||||
Annual Cash Incentive | $ | — | $ | — | $ | 424,975 | $ | 424,975 | $ | — | $ | — | ||||||||||||
Equity | ||||||||||||||||||||||||
Performance Shares | $ | — | $ | — | $ | 656,667 | $ | 656,667 | $ | — | $ | 322,940 | ||||||||||||
Restricted Stock | $ | — | $ | — | $ | 324,372 | $ | 324,372 | $ | — | $ | 324,372 | ||||||||||||
Unexercisable Options | $ | — | $ | — | $ | 233,094 | $ | 233,094 | $ | — | $ | 233,094 | ||||||||||||
Total Equity | $ | — | $ | — | $ | 1,214,133 | $ | 1,214,133 | $ | — | $ | 880,406 | ||||||||||||
Retirement Benefits | ||||||||||||||||||||||||
Defined Benefit Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Defined Contribution Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 57,372 | ||||||||||||
Total Retirement Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 57,372 | ||||||||||||
Other Benefits | ||||||||||||||||||||||||
Health | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 27,015 | ||||||||||||
Outplacement | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,000 | ||||||||||||
Total Other Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 32,015 | ||||||||||||
Total Benefits | $ | — | $ | — | $ | 1,639,108 | $ | 1,639,108 | $ | — | $ | 4,221,888 |
Benefit | Voluntary | For Cause | Death | Disability | Without Cause | Change in Control | ||||||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,086,937 | ||||||||||||
Annual Cash Incentive | $ | — | $ | — | $ | 411,213 | $ | 411,213 | $ | — | $ | — | ||||||||||||
Equity | ||||||||||||||||||||||||
Performance Shares | $ | — | $ | — | $ | 432,159 | $ | 432,159 | $ | — | $ | 213,436 | ||||||||||||
Restricted Stock | $ | — | $ | — | $ | 212,466 | $ | 212,466 | $ | — | $ | 212,466 | ||||||||||||
Unexercisable Options | $ | — | $ | — | $ | 0 | $ | 0 | $ | — | $ | 0 | ||||||||||||
Total Equity | $ | — | $ | — | $ | 644,625 | $ | 644,625 | $ | — | $ | 425,901 | ||||||||||||
Retirement Benefits | ||||||||||||||||||||||||
Defined Benefit Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Defined Contribution Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 54,912 | ||||||||||||
Total Retirement Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 54,912 | ||||||||||||
Other Benefits | ||||||||||||||||||||||||
Health | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 45,537 | ||||||||||||
Outplacement | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,000 | ||||||||||||
Total Other Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 49,537 | ||||||||||||
Total Benefits | $ | — | $ | — | $ | 1,005,838 | $ | 1,005,838 | $ | — | $ | 3,604,995 |
41
Benefit | Voluntary | For Cause | Death | Disability | Without Cause | Change in Control | ||||||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,225,452 | ||||||||||||
Annual Cash Incentive | $ | — | $ | — | $ | 421,494 | $ | 421,494 | $ | — | $ | — | ||||||||||||
Equity | ||||||||||||||||||||||||
Performance Shares | $ | — | $ | — | $ | 651,285 | $ | 651,285 | $ | — | $ | 320,291 | ||||||||||||
Restricted Stock | $ | — | $ | — | $ | 321,710 | $ | 321,710 | $ | — | $ | 321,710 | ||||||||||||
Unexercisable Options | $ | — | $ | — | $ | 231,183 | $ | 231,183 | $ | — | $ | 231,183 | ||||||||||||
Total Equity | $ | — | $ | — | $ | 1,204,179 | $ | 1,204,179 | $ | — | $ | 1,204,179 | ||||||||||||
Retirement Benefits | ||||||||||||||||||||||||
Defined Benefit Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Defined Contribution Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 56,902 | ||||||||||||
Total Retirement Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 56,902 | ||||||||||||
Other Benefits | ||||||||||||||||||||||||
Health | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 46,023 | ||||||||||||
Outplacement | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,000 | ||||||||||||
Total Other Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 51,023 | ||||||||||||
Total Benefits | $ | — | $ | — | $ | 1,625,672 | $ | 1,625,672 | $ | — | $ | 4,206,561 |
Benefit | Voluntary | For Cause | Death | Disability | Without Cause | Change in Control | ||||||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,005,000 | ||||||||||||
Annual Cash Incentive | $ | — | $ | — | $ | 553,500 | $ | 553,500 | $ | — | $ | — | ||||||||||||
Equity | ||||||||||||||||||||||||
Performance Shares | $ | — | $ | — | $ | 564,071 | $ | 564,071 | $ | — | $ | 278,590 | ||||||||||||
Restricted Stock | $ | — | $ | — | $ | 271,737 | $ | 271,737 | $ | — | $ | 271,737 | ||||||||||||
Unexercisable Options | $ | — | $ | — | $ | 0 | $ | 0 | $ | — | $ | 0 | ||||||||||||
Total Equity | $ | — | $ | — | $ | 835,808 | $ | 835,808 | $ | — | $ | 550,327 | ||||||||||||
Retirement Benefits | ||||||||||||||||||||||||
Defined Benefit Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Defined Contribution Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 69,300 | ||||||||||||
Total Retirement Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 69,300 | ||||||||||||
Other Benefits | ||||||||||||||||||||||||
Health | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 39,186 | ||||||||||||
Outplacement | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,000 | ||||||||||||
Total Other Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 43,186 | ||||||||||||
Total Benefits | $ | — | $ | — | $ | 1,389,308 | $ | 1,389,308 | $ | — | $ | 4,667,813 |
Benefit | Voluntary | For Cause | Death | Disability | Without Cause | Change in Control | ||||||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,105,125 | ||||||||||||
Annual Cash Incentive | $ | — | $ | — | $ | 567,338 | $ | 567,338 | $ | — | $ | — | ||||||||||||
Equity | ||||||||||||||||||||||||
Performance Shares | $ | — | $ | — | $ | 850,067 | $ | 850,067 | $ | — | $ | 418,051 | ||||||||||||
Restricted Stock | $ | — | $ | — | $ | 419,910 | $ | 419,910 | $ | — | $ | 419,910 | ||||||||||||
Unexercisable Options | $ | — | $ | — | $ | 301,748 | $ | 301,748 | $ | — | $ | 301,748 | ||||||||||||
Total Equity | $ | — | $ | — | $ | 1,571,726 | $ | 1,571,726 | $ | — | $ | 1,139,710 | ||||||||||||
Retirement Benefits | ||||||||||||||||||||||||
Defined Benefit Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Defined Contribution Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 71,863 | ||||||||||||
Total Retirement Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 71,863 | ||||||||||||
Other Benefits | ||||||||||||||||||||||||
Health | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 39,609 | ||||||||||||
Outplacement | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,000 | ||||||||||||
Total Other Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 44,609 | ||||||||||||
Total Benefits | $ | — | $ | — | $ | 2,139,064 | $ | 2,139,064 | $ | — | $ | 5,361,307 |
Benefit | For Cause | Retirement | Death | Disability | Without Cause | Change in Control | ||||||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,427,455 | ||||||||||||
Annual Cash Incentive | $ | — | $ | — | $ | 473,682 | $ | 473,682 | $ | — | $ | — | ||||||||||||
Equity | ||||||||||||||||||||||||
Performance Shares | $ | — | $ | 402,278 | $ | 402,278 | $ | 402,278 | $ | — | $ | 198,682 | ||||||||||||
Restricted Stock | $ | — | $ | 197,764 | $ | 197,764 | $ | 197,764 | $ | — | $ | 197,764 | ||||||||||||
Unexercisable Options | $ | — | $ | 0 | $ | 0 | $ | 0 | $ | — | $ | 0 | ||||||||||||
Total Equity | $ | — | $ | 600,043 | $ | 600,043 | $ | 600,043 | $ | — | $ | 396,447 | ||||||||||||
Retirement Benefits | ||||||||||||||||||||||||
Defined Benefit Plans | $ | ��� | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Defined Contribution Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 59,307 | ||||||||||||
Total Retirement Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 59,307 | ||||||||||||
Other Benefits | ||||||||||||||||||||||||
Health | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 38,926 | ||||||||||||
Outplacement | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,000 | ||||||||||||
Total Other Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 42,926 | ||||||||||||
Total Benefits | $ | — | $ | 600,043 | $ | 1,073,725 | $ | 1,073,725 | $ | — | $ | 3,926,134 |
Benefit | For Cause | Retirement | Death | Disability | Without Cause | Change in Control | ||||||||||||||||||
Cash Severance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,513,141 | ||||||||||||
Annual Cash Incentive | $ | — | $ | — | $ | 485,524 | $ | 485,524 | $ | — | $ | — | ||||||||||||
Equity | ||||||||||||||||||||||||
Performance Shares | $ | — | $ | 606,254 | $ | 606,254 | $ | 606,254 | $ | — | $ | 298,146 | ||||||||||||
Restricted Stock | $ | — | $ | 159,026 | $ | 159,026 | $ | 159,026 | $ | — | $ | 159,026 | ||||||||||||
Unexercisable Options | $ | — | $ | 126,159 | $ | 126,159 | $ | 126,159 | $ | — | $ | 126,159 | ||||||||||||
Total Equity | $ | — | $ | 891,439 | $ | 891,439 | $ | 891,439 | $ | — | $ | 583,331 | ||||||||||||
Retirement Benefits | ||||||||||||||||||||||||
Defined Benefit Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Defined Contribution Plans | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 61,500 | ||||||||||||
Total Retirement Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 61,500 | ||||||||||||
Other Benefits | ||||||||||||||||||||||||
Health | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 39,288 | ||||||||||||
Outplacement | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,000 | ||||||||||||
Total Other Benefits | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 44,288 | ||||||||||||
Total Benefits | $ | — | $ | 891,439 | $ | 1,376,963 | $ | 1,376,963 | $ | — | $ | 4,202,261 |
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Annual Compensation: Board, Lead Director and Committee Chairs: | Annual Retainers: | |||
Directors’ Cash Retainer (all members) | $ | 94,000 | ||
Directors’ Annual Equity Compensation (all members) | 95,000 | |||
Additional Lead Director Compensation | 165,000 | |||
Additional Committee Chairperson Compensation: | ||||
Audit Committee | $ | 20,000 | ||
Enterprise Risk Committee | 20,000 | |||
Compensation Committee | 20,000 |
Annual Compensation: Board, Lead Director and Committee Chairs: | Annual Retainers: | |||
Directors’ Cash Retainer (all members) | $ 94,000 | |||
Directors’ Annual Equity Compensation (all members) | 95,000 | |||
Additional Lead Director Compensation | 165,000 | |||
Additional Committee Chairperson Compensation: | ||||
Audit Committee | $ 20,000 | |||
Enterprise Risk Committee | 20,000 | |||
Compensation Committee | 20,000 |
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Fees Earned or Paid in Cash ($)(2) | Stock Awards ($)(3) | Total ($) | ||||||||||
Collin P. Baron | $ | 94,000 | $ | 94,460 | $ | 188,460 | ||||||
Kevin T. Bottomley(4) | 39,166 | — | 39,166 | |||||||||
George P. Carter | 259,000 | 94,460 | 353,460 | |||||||||
Jane Chwick | 94,000 | 94,460 | 188,460 | |||||||||
William F. Cruger, Jr. | 114,000 | 94,460 | 208,460 | |||||||||
John K. Dwight | 114,000 | 94,460 | 208,460 | |||||||||
Jerry Franklin | 94,000 | 94,460 | 188,460 | |||||||||
Janet M. Hansen | 94,000 | 94,460 | 188,460 | |||||||||
Nancy McAllister | 94,000 | 94,460 | 188,460 | |||||||||
Mark W. Richards | 114,000 | 94,460 | 208,460 |
Fees Earned or Paid in Cash ($) (2) | Stock Awards ($) (3) | Total ($) | ||||||||||
Collin P. Baron | 94,000 | 95,212 | 189,212 | |||||||||
George P. Carter | 259,000 | 95,212 | 354,212 | |||||||||
Jane Chwick | 94,000 | 95,212 | 189,212 | |||||||||
William F. Cruger, Jr. | 114,000 | 95,212 | 209,212 | |||||||||
John K. Dwight | 114,000 | 95,212 | 209,212 | |||||||||
Jerry Franklin | 94,000 | 95,212 | 189,212 | |||||||||
Janet M. Hansen | 94,000 | 95,212 | 189,212 | |||||||||
Nancy McAllister | 94,000 | 95,212 | 189,212 | |||||||||
Mark W. Richards | 114,000 | 95,212 | 209,212 |
(1) | The columns disclosing option awards, non-equity incentive plan compensation, all other compensation and changes in pension value and nonqualified deferred compensation earnings have been omitted from the table because no director earned any compensation during |
(2) | Includes annual cash retainer and Committee chair retainer (if applicable). |
(3) | Reflects grant-date value ($ |
|
Unvested Shares Outstanding at Dec. 31, 2020 | ||||||||
Number | Aggregate Value | |||||||
Each non-employee director | 8,363 | $ | 108,134 |
Unvested Shares Outstanding at Dec. 31, 2021 | ||||||||
Number | Aggregate Value | |||||||
Each non-employee director | 4,918 | $ | 87,639 |
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Prior to 2008, Messrs. Dwight and Richards deferred a portion of their director compensation pursuant to a20202021 through December 31, 2020,2021, the value of Mr. Dwight’s and Mr. Richards’ accounts under this plan decreasedincreased by $216,953$404,203 and $609,930,$235,847, respectively. The change in value during the year reflects the effect of scheduled distributions made to Mr. Richards from the plan during 2020,2021, changes in the market price of our stock and the effect of the deemed reinvestment of dividends paid on an equivalent number of shares of our stock.
Security Ownership of Certain Beneficial Owners
Name and Address of Beneficial Owners | Number of Shares; Nature of Beneficial Ownership(1) | Percent of Common Stock Owned(2) | ||||||
BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | 31,290,463 | (3) | 7.3 | % | ||||
State Street Corporation State Street Financial Center One Lincoln Street Boston, MA 02111 | 60,777,069 | (4) | 14.3 | % | ||||
The Vanguard Group, Inc. 100 Vanguard Boulevard Malvern, PA 19355 | 46,802,201 | (5) | 11 | % |
Name and Address of Beneficial Owners | Number of Shares; Nature of Beneficial Ownership (1) | Percent of Common Stock Owned (2) | ||||||
BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | 36,268,451 | (3) | 8.4 | % | ||||
State Street Corporation State Street Financial Center One Lincoln Street Boston, MA 02111 | 49,905,774 | (4) | 11.6 | % | ||||
The Vanguard Group, Inc. 100 Vanguard Boulevard Malvern, PA 19355 | 47,460,371 | (5) | 11.0 | % |
(1) | Based on information in the most recent Schedule |
(2) | Shares reported as owned as of the date indicated on the Schedule as filed, expressed as a percentage of shares outstanding as of March 2, |
(3) | BlackRock, Inc. reports having sole voting power with respect to |
(4) | State Street Corporation reports having shared voting power with respect to |
(5) | The Vanguard Group, Inc. reports having sole voting power with respect to none of these shares, shared voting power with respect to |
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Common Stock | Series A Preferred Stock | |||||||||||||||
Amount and Nature of Beneficial Ownership(d) | Percent of Class | Amount and Nature of Beneficial Ownership(e) | Percent of Class | |||||||||||||
Directors and Nominees | ||||||||||||||||
John P. Barnes | 3,380,048 | .8 | % | — | — | |||||||||||
Collin P. Baron | 257,658 | * | — | — | ||||||||||||
George P. Carter | 203,685 | * | — | — | ||||||||||||
Jane Chwick | 19,365 | * | — | — | ||||||||||||
William F. Cruger, Jr. | 43,611 | * | — | — | ||||||||||||
John K. Dwight(a) | 213,832 | * | — | — | ||||||||||||
Jerry Franklin | 102,514 | * | — | — | ||||||||||||
Janet M. Hansen | 155,072 | * | — | — | ||||||||||||
Nancy McAllister | 51,520 | * | 8,000 | * | ||||||||||||
Mark W. Richards(a) | 240,169 | * | 8,000 | * | ||||||||||||
Kirk W. Walters(b) | 1,269,853 | * | 40,000 | * | ||||||||||||
Named Executive Officers Who Are Not Directors(c) | ||||||||||||||||
Lee C. Powlus | 920,229 | * | — | — | ||||||||||||
R. David Rosato | 771,553 | * | 3,232 | * | ||||||||||||
Jeffrey J. Tengel | 794,672 | * | — | — | ||||||||||||
All Directors and Executive Officers as a Group (21 persons) | 10,071,462 | 2.3 | % | 59,232 | 0.6 | % |
Common Stock | Series A Preferred Stock | |||||||||||||||
Amount and Nature of Beneficial Ownership (d) | Percent of Class | Amount and Nature of Beneficial Ownership (e) | Percent of Class | |||||||||||||
Directors | ||||||||||||||||
John P. Barnes | 3,966,743 | .9 | % | — | — | |||||||||||
Collin P. Baron | 262,576 | * | — | — | ||||||||||||
George P. Carter | 198,603 | * | — | — | ||||||||||||
Jane Chwick | 24,283 | * | — | — | ||||||||||||
William F. Cruger, Jr. | 48,529 | * | — | — | ||||||||||||
John K. Dwight (a) | 223,668 | * | — | — | ||||||||||||
Jerry Franklin | 100,432 | * | — | — | ||||||||||||
Janet M. Hansen | 159,990 | * | — | — | ||||||||||||
Nancy McAllister | 58,624 | * | 8,000 | * | ||||||||||||
Mark W. Richards (a) | 264,903 | * | 8,000 | * | ||||||||||||
Kirk W. Walters (b) | 1,303,628 | * | 40,000 | * | ||||||||||||
Named Executive Officers Who Are Not Directors (c) | ||||||||||||||||
Lee C. Powlus | 1,004,130 | * | — | — | ||||||||||||
R. David Rosato | 804,340 | * | 3,232 | * | ||||||||||||
Jeffrey J. Tengel | 572,356 | * | — | — | ||||||||||||
All Directors and Executive Officers as a Group (21 persons) | 10,799,647 | 2.5 | % | 59,232 | 0.6 | % |
* | Denotes beneficial ownership of less than one-half of one percent of the outstanding shares of common stock or preferred stock. |
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(a) | Does not include additional shares of common stock owned by a non-qualified benefit trust for the benefit of Messrs. Dwight |
(b) | Common stock total includes shares held in entities owned by trusts in which Mr. Walters is a trustee. |
(c) | The named executive officers consist of (1) the Chief Executive Officer (Mr. Barnes) and the Chief Financial Officer (Mr. Rosato), and (2) the three most highly compensated executive officers of the Company (Messrs. Powlus, Tengel and Walters) other than the Chief Executive Officer and Chief Financial Officer who were serving as executive officers at December 31, |
(d) | Does not include performance share awards granted in |
(e) | Applicable percentage ownership of preferred stock is based on 10,000,000 shares of Series A preferred stock outstanding as of March 2, |
A | B | C | ||||||||||
Directors: | ||||||||||||
John P. Barnes | 94,601 | 10,445 | 2,643,678 | |||||||||
Collin P. Baron | 8,363 | — | — | |||||||||
George P. Carter | 8,363 | — | — | |||||||||
Jane Chwick | 8,363 | — | — | |||||||||
William F. Cruger, Jr. | 8,363 | — | — | |||||||||
John K. Dwight | 8,363 | — | — | |||||||||
Jerry Franklin | 8,363 | — | — | |||||||||
Janet M. Hansen | 8,363 | — | — | |||||||||
Nancy McAllister | 8,363 | — | — | |||||||||
Mark W. Richards | 8,363 | — | — | |||||||||
Kirk W. Walters | 16,805 | 12,592 | 932,047 | |||||||||
Named Executive Officers Who Are Not Directors: | ||||||||||||
Lee C. Powlus | 18,203 | 7,488 | 764,691 | |||||||||
R. David Rosato | 18,054 | 4,897 | 642,215 | |||||||||
Jeffrey J. Tengel | 23,565 | 3,638 | 608,406 | |||||||||
All Directors and Executive Officers as a Group (21 persons) | 440,356 | 133,868 | 6,753,643 |
A | B | C | ||||||||||
Directors: | ||||||||||||
John P. Barnes | 160,326 | 10,996 | 3,008,013 | |||||||||
Collin P. Baron | 4,918 | — | — | |||||||||
George P. Carter | 4,918 | — | — | |||||||||
Jane Chwick | 4,918 | — | — | |||||||||
William F. Cruger, Jr. | 4,918 | — | — | |||||||||
John K. Dwight | 4,918 | — | — | |||||||||
Jerry Franklin | 4,918 | — | — | |||||||||
Janet M. Hansen | 4,918 | — | — | |||||||||
Nancy McAllister | 4,918 | — | — | |||||||||
Mark W. Richards | 4,918 | — | — | |||||||||
Kirk W. Walters | 28,343 | 13,209 | 910,568 | |||||||||
Named Executive Officers Who Are Not Directors: | ||||||||||||
Lee C. Powlus | 30,700 | 7,488 | 801,352 | |||||||||
R. David Rosato | 30,449 | 4,897 | 624,208 | |||||||||
Jeffrey J. Tengel | 39,742 | 3,980 | 335,776 | |||||||||
All Directors and Executive Officers as a Group (21 persons) | 550,781 | 140,088 | 6,908,391 |
47
considered and reviewed all information known to it (including information identified through annual directors’ questionnaires). In determining that Mr. Baron is independent, the board considered the fact that Mr. Baron is a principal at a law firm that does business with, and which leases office space from, the Bank, and determined that these relationships do not compromise Mr. Baron’s independence or ability to serve effectively as a director of the Company.
2020.
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2020.
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Designation | Description | |
32** | Section 1350 Certifications | |
101.1** | The following financial information from People’s United Financial, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, | |
104 | Cover page formatted in Inline XBRL and contained within Exhibit 101.1 |
* | This document has been identified as a management contract or compensatory plan or arrangement. |
** | Previously filed. |
53
PEOPLE’S UNITED FINANCIAL, INC. | ||||||
Date: March | By: | /s/ John P. Barnes | ||||
John P. Barnes | ||||||
Chairman and Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
Date: March | By: | /s/ R. David Rosato | ||||
R. David Rosato | ||||||
Senior Executive Vice President and | ||||||
Chief Financial Officer | ||||||
(Principal Financial Officer) |