1.The election of four Class C Directors to three-year terms. 2.Advisory approval of our 2021 executive compensation (“Say on Pay”). 3.Approval of the Arrow Financial Corporation 2022 Long Term Incentive Plan to replace the existing similar plan. 4.Ratification of the selection of KPMG LLP as our independent auditor for 2022. 5.Any other business that may properly come before the 2022 Annual Meeting, or any adjournment or postponement thereof. |
Board Diversity Matrix as of March 10, 2022 | ||||||||||||||
Total Number of Directors | 12 | |||||||||||||
Female | Male | Non-Binary | Did Not Disclose Gender | |||||||||||
Part I: Gender Identity | ||||||||||||||
Directors | 2 | 10 | — | — | ||||||||||
Part II: Demographic Background | ||||||||||||||
African American or Black | — | 1 | — | — | ||||||||||
Alaskan Native or Native American | — | — | — | — | ||||||||||
Asian | — | — | — | — | ||||||||||
Hispanic or Latinx | — | — | — | — | ||||||||||
Native Hawaiian or Pacific Islander | — | — | — | — | ||||||||||
White | 2 | 9 | — | — | ||||||||||
Two or More Races or Ethnicities | — | — | — | — | ||||||||||
LGBTQ+ | — | |||||||||||||
Did Not Disclose Demographic Background | — |
Tenée R. Casaccio, AIA Ms. Casaccio, age 56, has been a Director of the Company since January 2014, a Director of the Company's subsidiary bank Glens Falls National Bank and Trust Company ("GFNB") since 2010 and this year became a Director of another Company subsidiary, Upstate Agency. Ms. Casaccio has served as President of JMZ Architects and Planners, PC, a nationally-certified Women Owned Business Enterprise located in Glens Falls, since 2009. She earned a Bachelor of Architecture degree from Virginia Tech and holds licenses to practice architecture in New York and several other states. Ms. Casaccio has been with JMZ Architects since 1993. She has significant executive experience and a strong understanding of the New York State business climate. |
Gary C. Dake Mr. Dake, age 61, has been a Director of the Company since 2003 and a Director of Saratoga National Bank and Trust Company ("SNB") since 2001. Mr. Dake is President of Stewart’s Shops Corp., a large, privately owned, vertically integrated, multi-state convenience store chain, and of Stewart’s Processing Corp., an affiliated dairy manufacturing and processing company. Mr. Dake holds a bachelor’s degree from St. Lawrence University. He has experience with large business operations as a result of his management of Stewart’s, which also gives him a unique and broad understanding of the many communities the Company serves. |
Thomas L. Hoy Mr. Hoy, age 73, has been a Director of the Company since 1996, Chairman since 2004, a Director of GFNB since 1994 and Chairman of GFNB since 2004. He was President of the Company from 1996 to 2012, and CEO from 1997 until his retirement at the end of 2012. In addition, Mr. Hoy was President of GFNB from 1995 to 2011. Mr. Hoy’s more than four-decade career with our organization started in 1974 as a Management Trainee and included various roles in GFNB’s Trust and Investment Division. He also has served on the Federal Home Loan Bank of New York Board of Directors since 2011. Mr. Hoy holds a bachelor’s degree from Cornell University. His expertise in the banking, investment and financial services industries is of great value to the Company. |
Colin L. Read, PhD Mr. Read, age 62, has been a Director of the Company since 2013 and a Director of GFNB since 2010. Dr. Read teaches banking and finance as a tenured full professor in the State University of New York system. He was elected Mayor of Plattsburgh in 2016, serving from January 1, 2017 to January 1, 2021, after three years of service on the Clinton County Legislature. He is a published author, with various contributions to print, online and television media, as well as 12 books on global finance. Dr. Read has a PhD in Economics from Queen’s University, an MBA from the University of Alaska, a law degree from the University of Connecticut, and a master’s degree in Taxation from the University of Tulsa. His expertise in economics and understanding of the Plattsburgh area are key strengths. |
Mark L. Behan Mr. Behan, age 61, has been a Director of the Company since January 1, 2017 and a Director of GFNB since 2015. Mr. Behan founded Behan Communications Inc., in 1988; the company is a public affairs and strategic communications firm serving national and regional clients and is an adviser to chief executives in major businesses and non-profit organizations in the Capital Region of New York State. Mr. Behan is a director or trustee of several non-profit organizations. Mr. Behan is also a former newspaper executive with extensive knowledge of the economic, political and community issues of the Capital Region and the Adirondacks. He is a graduate of Colgate University. |
Gregory J. Champion Mr. Champion, age 67, has been a Director of the Company since May 5, 2021 and a Director of GFNB since April 2018. Mr. Champion brings over 28 years of legal experience, including advising both privately-held and publicly-traded companies on corporate governance matters and serving as corporate secretary of both privately-held and publicly-traded companies. Mr. Champion has a B.A. from St. Lawrence University and a J.D. (summa cum laude) from Syracuse University College of Law. Mr. Champion serves as Executive Vice President, Legal, for Syncromune, Inc., a startup company seeking to develop intratumoral immunotherapy treatment for metastatic cancer patients. |
Elizabeth A. Miller Ms. Miller, age 68, became a Director of the Company on January 1, 2017; she has been a Director of GFNB since 2015. Ms. Miller is President and CEO of Miller Mechanical Services, Inc., in Glens Falls and Chair of Doty Machine Works in Fort Edward. She holds bachelor’s and master’s degrees from the College of Saint Rose. Ms. Miller has a strong understanding of the community and its business base, particularly local manufacturing. |
William L. Owens, Esq. Mr. Owens, age 73, has been a Director of the Company and GFNB since 2015. Mr. Owens is a former U.S. Congressman who represented New York’s 21st District from 2009 to 2014. Prior to his election to Congress, he was a managing partner at Stafford, Owens, Piller, Murnane, Kelleher & Trombley, PLLC, a Plattsburgh, New York law firm, where he practiced business and tax law for more than 30 years. In 2015, he rejoined the firm as a partner and resumed his role as Managing Partner in 2016. He also serves as Senior Advisor for Dentons (formerly McKenna Long & Aldridge, LLP), an international law firm. Mr. Owens holds a bachelor’s degree from Manhattan College and a law degree from Fordham University. He has a unique understanding of the North Country, and specifically the Plattsburgh market, and is a leading authority on U.S.-Canada trade issues. |
David G. Kruczlnicki Mr. Kruczlnicki, age 69, has been a Director of the Company since 1989 and a Director of SNB since 2015. He previously served 26 years as a Director of GFNB. Mr. Kruczlnicki is President of a consulting firm that advises nonprofits on business planning and teaches at Siena College, Clarkson University Graduate School, and UNC/Chapel Hill. He was President and CEO of Glens Falls Hospital, a large regional medical center, from 1989 until his retirement in 2013. Mr. Kruczlnicki received a bachelor’s degree from Siena College and a master’s degree from Rensselaer Polytechnic Institute. He also served on the boards of directors of several affiliates of Glens Falls Hospital, numerous other health-related organizations, and Pruyn & Company, a local, privately owned paper company. As a former health care executive, Mr. Kruczlnicki has significant experience overseeing finance and human resources as well as directorship experience from his service as a director of numerous private and regional organizations. |
Thomas J. Murphy Mr. Murphy, age 63, has been a Director of the Company since 2012 and a Director of GFNB since 2011. He has been CEO of the Company and GFNB since 2013. He became President of the Company and GFNB in 2012 and President of GFNB in 2011, and continues to serve in those positions. Mr. Murphy joined GFNB in 2004 as Manager of the Personal Trust Department after 16 years as a founding partner in CMJ, LLP, a Glens Falls certified public accounting firm. He served in a variety of banking, trust and corporate capacities prior to being appointed Presdient and CEO of the Company and GFNB. Mr. Murphy holds a bachelor’s degree in Business Administration from Siena College. In January 2021, Mr. Murphy was elected as a Class A Director of the Federal Reserve Bank of New York, one of three Directors representing member banks in the Second District of the Federal Reserve System. His 24 years of public accounting experience, more than 17 years in various management positions with the Company and its subsidiaries and his service on the Board of the Federal Reserve Bank of New York provide valuable experience and expertise. |
Raymond F. O’Conor Mr. O'Conor, age 66, has been a Director of the Company since January 1, 2017, a Director of SNB since 1996 and Chairman of the SNB Board since 2001. He was a Senior Vice President of the Company from 2009 until his retirement in 2012 and also served as President and CEO of SNB from 1995 until his retirement at the end of 2012. Mr. O’Conor is also a published author and CEO of Saratoga County Capital Resource Corporation, a community development agency. He has extensive knowledge of community banking, and, more specifically, the Company, as a former member of the executive management team. |
2021 Director Compensation Table | |||||
Annual Retainer | Position | ||||
$ | 25,000 | Arrow Director | |||
$ | 25,000 | GFNB Director | |||
$ | 22,500 | SNB Director | |||
$ | 3,000 | Member, Audit Committee | |||
$ | 2,000 | Member, Compensation Committee | |||
$ | 2,000 | Member, Governance Committee | |||
$ | 2,000 | Member, NCIA Board and Wealth Management Committee | |||
$ | 2,500 | Manager, Upstate Agency | |||
$ | 10,000 | Chair, Audit Committee | |||
$ | 7,500 | Chair, Compensation Committee | |||
$ | 7,500 | Chair, Governance Committee | |||
$ | 7,500 | Chair, Wealth Management Committee/NCIA | |||
$ | 10,000 | Chair, Arrow Board | |||
$ | 10,000 | Chair, GFNB Board | |||
$ | 10,000 | Chair, SNB Board | |||
BASIC ANNUAL RETAINER FEES | |||||||||
2019 | Company | GFNB | SNB | ||||||
Basic Annual Retainer (a) | $ | 22,000 | $ | 16,000 | $ | 14,000 | |||
Chair of Board | 9,000 | 9,000 | 9,000 | ||||||
Chair of Audit Committee | 7,500 | N/A | N/A | ||||||
Chair of Compensation Committee | 5,000 | N/A | N/A | ||||||
Chair of Governance Committee | 5,000 | N/A | N/A | ||||||
Chair of Wealth Management Committee | N/A | 5,000 | N/A | ||||||
MEETING FEES | |||||||||
Board of Directors (b) | 700 | 500 | 500 | ||||||
Committee of the Board (b) | 550 | 400 | 400 |
2022 Director Compensation Table | |||||
Annual Retainer | Position | ||||
$ | 27,000 | Arrow Director | |||
$ | 27,000 | GFNB Director | |||
$ | 25,000 | SNB Director | |||
Member, Audit Committee | |||||
$ | 2,500 | Member, Compensation Committee | |||
$ | 2,500 | Member, Governance Committee | |||
$ | 2,500 | Member, NCIA Board and |
$ | 2,500 | Manager, Upstate Agency | |||
Chair, Audit Committee | |||||
$ | 10,000 | Chair, Compensation Committee | |||
$ | 10,000 | Chair, Governance Committee | |||
$ | 7,500 | Chair, Wealth Management Committee/NCIA | |||
$ | 5,000 | Lead Director | |||
$ | 10,000 | Chair, Arrow Board | |||
$ | 10,000 | Chair, GFNB Board | |||
$ | 10,000 | Chair, SNB Board |
Director | Fees Earned or Paid in Cash (a) | Stock Awards (b) | Option Awards (c) | Change in Pension Value/ Nonqualified Deferred Compensation Earnings | All Other Compensation | 2021 Director Compensation Total | ||||||||||||||||||||||||||
Mark L. Behan | $ | 27,000 | $ | 27,000 | $ | 4,850 | $ | — | $ | — | $ | 58,850 | ||||||||||||||||||||
Tenée R. Casaccio | 29,750 | 29,750 | 4,850 | — | — | 64,350 | ||||||||||||||||||||||||||
Gregory J. Champion | 22,835 | 22,835 | 2,425 | 48,095 | ||||||||||||||||||||||||||||
Michael B. Clarke (e) | 27,500 | 27,500 | 4,850 | — | — | 59,850 | ||||||||||||||||||||||||||
Gary C. Dake | 28,500 | 28,500 | 4,850 | — | — | 61,850 | ||||||||||||||||||||||||||
Thomas L. Hoy | 35,000 | 35,000 | 4,850 | — | — | 74,850 | ||||||||||||||||||||||||||
David G. Kruczlnicki | 29,000 | 29,000 | 4,850 | — | 2,299 | (d) | 65,149 | |||||||||||||||||||||||||
Elizabeth A. Miller | 27,500 | 27,500 | 4,850 | — | — | 59,850 | ||||||||||||||||||||||||||
Raymond F. O'Conor | 28,750 | 28,750 | 4,850 | — | — | 62,350 | ||||||||||||||||||||||||||
William L. Owens | 27,000 | 27,000 | 4,850 | — | — | 58,850 | ||||||||||||||||||||||||||
Colin L. Read | 31,000 | 31,000 | 4,850 | — | — | 66,850 | ||||||||||||||||||||||||||
Richard J. Reisman (f) | 8,959 | 8,959 | 4,850 | — | 3,552 | (d) | 26,320 |
Director | Fees Earned or Paid in Cash | Stock Awards (a) | Option Awards (b) | Change in Pension Value/ Nonqualified Deferred Compensation Earnings | All Other Compensation | 2019 Director Compensation Total | ||||||||||||||
Mark L. Behan | $ | 31,200 | $ | 19,000 | $ | 5,748 | $ | — | $ | — | $ | 55,948 | ||||||||
Tenée R. Casaccio | 31,200 | 19,000 | 5,748 | — | — | 55,948 | ||||||||||||||
Michael B. Clarke | 39,850 | 19,000 | 5,748 | — | — | 64,598 | ||||||||||||||
Gary C. Dake | 34,200 | 18,000 | 5,748 | — | — | 57,948 | ||||||||||||||
Thomas L. Hoy | 46,500 | 19,000 | 5,748 | — | — | 71,248 | ||||||||||||||
David G. Kruczlnicki | 36,350 | 18,000 | 5,748 | — | 2,925 | (c) | 63,023 | |||||||||||||
Elizabeth A. Miller | 31,250 | 19,000 | 5,748 | — | — | 55,998 | ||||||||||||||
Raymond F. O'Conor | 38,100 | 18,000 | 5,748 | — | — | 61,848 | ||||||||||||||
William L. Owens | 30,700 | 19,000 | 5,748 | — | — | 55,448 | ||||||||||||||
Colin L. Read | 32,350 | 19,000 | 5,748 | — | — | 57,098 | ||||||||||||||
Richard J. Reisman | 37,850 | 19,000 | 5,748 | — | 5,431 | (c) | 68,029 |
Fiscal Year Ended December 31, | 2017 | 2018 | 2019 | |||
Stock options granted | 59,009 | 55,070 | 53,560 | |||
Time-based RSUs granted | — | 3,478 | 4,018 | |||
Basic average shares outstanding | 14,739,000 | 14,840,000 | 14,940,000 |
Categories of Service | 2021 | 2020 | ||||||
Audit Fees | $ | 545,500 | $ | 617,870 | ||||
Audit-Related Fees | — | — | ||||||
Tax Fees | 96,700 | 104,100 | ||||||
All Other Fees | — | — | ||||||
Total Fees | $ | 642,200 | $ | 721,970 |
Categories of Service | 2019 | 2018 | ||||
Audit Fees | $ | 585,620 | $ | 446,500 | ||
Audit-Related Fees | — | — | ||||
Tax Fees | 81,600 | 95,040 | ||||
All Other Fees | — | — | ||||
Total Fees | 667,220 | 541,540 |
Director | Audit Committee | Compensation Committee | Governance Committee | |||||||||
Mark L. Behan | X | |||||||||||
Gregory J. Champion | X | |||||||||||
X | ||||||||||||
Michael B. Clarke | X | X | ||||||||||
Gary C. Dake | X | Chair | ||||||||||
David G. Kruczlnicki | X | Chair | ||||||||||
Elizabeth A. Miller | X | X | ||||||||||
William L. Owens | X | X | ||||||||||
Colin L. Read | X | |||||||||||
Name | Number of Shares Owned (a) | Options Exercisable Within 60 Days | Total Beneficial Ownership of Company Common Stock | Percent of Shares Outstanding (b) | |||||||||||||
Mark L. Behan | 4,616 | 2,732 | 7,348 | * | |||||||||||||
Edward J. Campanella | 1,133 | 10,289 | 11,422 | * | |||||||||||||
Tenée R. Casaccio | 15,749 | 6,304 | 22,053 | * | |||||||||||||
Gregory J. Champion | 3,141 | 128 | 3,269 | * | |||||||||||||
Michael B. Clarke | 14,712 | (c) | 3,892 | 18,604 | * | ||||||||||||
Gary C. Dake | 38,795 | 3,892 | 42,687 | * | |||||||||||||
David S. DeMarco | 32,417 | 19,459 | 51,876 | * | |||||||||||||
Thomas L. Hoy | 210,417 | (d) | 7,545 | 217,962 | 1.36% | ||||||||||||
David D. Kaiser | 19,626 | (e) | 28,478 | 48,104 | * | ||||||||||||
David G. Kruczlnicki | 48,011 | 1,077 | 49,088 | * | |||||||||||||
Elizabeth A. Miller | 29,548 | (f) | 2,626 | 32,174 | * | ||||||||||||
Thomas J. Murphy | 62,525 | 10,774 | 73,299 | * | |||||||||||||
Raymond F. O’Conor | 45,283 | 2,732 | 48,015 | * | |||||||||||||
William L. Owens | 11,171 | 2,477 | 13,648 | * | |||||||||||||
Colin L. Read | 15,179 | 3,057 | 18,236 | * | |||||||||||||
Andrew J. Wise | 3,921 | 8,988 | 12,909 | * | |||||||||||||
Total Shares of Directors, Director Nominee and Executive Officers as a Group (16 people) | 556,244 | 114,450 | 670,694 | 4.19% |
Name | Number of Shares Owned (a) | Options Exercisable Within 60 Days | Total Beneficial Ownership of Company Common Stock | Percent of Shares Outstanding (b) | ||||
Mark L. Behan | 2,855 | 787 | 3,642 | * | ||||
Edward J. Campanella | 199 | 2,348 | 2,547 | * | ||||
Tenée R. Casaccio | 11,865 | 3,880 | 15,745 | * | ||||
Michael B. Clarke | 13,250 | (c) | 4,479 | 17,729 | * | |||
Gary C. Dake | 31,544 | 1,888 | 33,432 | * | ||||
David S. DeMarco | 28,359 | 19,404 | 47,763 | * | ||||
Thomas L. Hoy | 199,616 | (d) | 5,050 | 204,666 | 1.37% | |||
David D. Kaiser | 14,071 | (e) | 25,649 | 39,720 | * | |||
David G. Kruczlnicki | 40,399 | 2,184 | 42,583 | * | ||||
Elizabeth A. Miller | 25,472 | (f) | 787 | 26,259 | * | |||
Thomas J. Murphy | 50,033 | 18,887 | 68,920 | * | ||||
Raymond F. O’Conor | 44,049 | 787 | 44,836 | * | ||||
William L. Owens | 7,320 | 1,840 | 9,160 | * | ||||
Colin L. Read | 12,892 | 819 | 13,711 | * | ||||
Richard J. Reisman | 15,536 | 8,647 | 24,183 | * | ||||
Andrew J. Wise | 825 | 3,022 | 3,847 | * | ||||
Total Shares of Directors and Executive Officers as a Group (16 people) | 498,285 | 100,458 | 598,743 | 4.00% |
Name | Shares Owned | Percent | ||||
BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | 1,104,280 | (a) | 7.37 | % | (b) |
Name | Shares Owned | Percent | ||||||||||||
BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | 1,120,558 | (a) | 7.00 | % | (b) |
A 3% stock dividend was distributed to shareholders during Cash dividends paid effectively increased Return on average equity (ROE) Return on average assets (ROA) | Total assets increased to a record high of The loan portfolio increased Total deposit balances grew | Allowance for net loan losses represented |
Bar Harbor Bankshares Bryn Mawr Bank Corporation Camden National CNB Financial Codorus Valley Bancorp, Inc. | Enterprise Bancorp, Inc. Financial Institutions, Inc. First Community | HarborOne Bancorp, Inc. Orrstown Financial Services, Inc. | Peapack-Gladstone Financial | Peoples Bancorp Inc. Peoples Financial Services Corp. Univest Financial Corporation Western New England Bancorp, Inc. |
Named Executive Officer | 2018 Salary | January 2019 Raise | 2019 Salary | Nature of Increase | Named Executive Officer | 2020 Salary | January 2021 Raise | 2021 Salary | Nature of Increase | |||||||||||||||||||
% of Base Salary | Amount | % of Base Salary | Amount | |||||||||||||||||||||||||
Thomas J. Murphy | $ | 490,000 | 10.20% | $ | 50,000 | $ | 540,000 | Merit and Market-Based | Thomas J. Murphy | $ | 560,000 | 7.14 | $ | 40,000 | $ | 600,000 | Merit and Market-Based | |||||||||||
Edward J. Campanella | 235,000 | 10.64% | 25,000 | 260,000 | Merit and Market-Based | Edward J. Campanella | 275,000 | 9.09 | 25,000 | 300,000 | Merit and Market-Based | |||||||||||||||||
David S. DeMarco | 290,000 | 12.07% | 35,000 | 325,000 | Merit and Additional Responsibilities | David S. DeMarco | 340,000 | 7.35 | 25,000 | 365,000 | Merit and Additional Responsibilities | |||||||||||||||||
David D. Kaiser | 235,000 | 8.51% | 20,000 | 255,000 | Merit and Market-Based | David D. Kaiser | 275,000 | 9.09 | 25,000 | 300,000 | Merit and Additional Responsibilities | |||||||||||||||||
Andrew J. Wise | 195,000 | 12.82% | 25,000 | 220,000 | Merit and Additional Responsibilities | Andrew J. Wise | 250,000 | 20.00 | 50,000 | 300,000 | Merit and Market-Based |
1.Determining the Individual NEO STIP Funding Maximums: To determine individual NEO STIP maximum bonus payouts for the year, the Compensation Committee uses Internal Net Operating Earnings (“Internal NOE”), which is different from U.S. Generally Accepted Accounting Principles |
Company Performance Measure | Threshold Goal | Target Goal | Maximum Goal | Results | Company Performance Measure | Threshold Goal | Target Goal | Maximum Goal | Results | |||||||||
Internal NOE ($M) | $35.1 | $39.0 | $42.9 | $37.6 | Internal NOE ($M) | 41.36 | 45.96 | 50.56 | 49.99 | |||||||||
Resulting Maximum STIP Funding (% of Target) | 50% | 100% | 150% | 82.02% | Resulting Maximum STIP Funding (% of Target) | 50 | 100 | 150 | 143.8 |
Named Executive Officer | Base Salary | Target STIP % | Target STIP Amount | Maximum STIP Payouts | Named Executive Officer | Base Salary | Target STIP % | Target STIP Amount | Maximum STIP Payout Opportunity | |||||||||||||||
Thomas J. Murphy | $ | 540,000 | 50% | $ | 270,000 | $ | 221,445 | Thomas J. Murphy | $ | 600,000 | 50 | $ | 300,000 | $ | 431,391 | |||||||||
Edward J. Campanella | 260,000 | 30% | 78,000 | 63,973 | Edward J. Campanella | 300,000 | 30 | 90,000 | 129,417 | |||||||||||||||
David S. DeMarco | 325,000 | 30% | 97,500 | 79,966 | David S. DeMarco | 365,000 | 30 | 109,500 | 157,458 | |||||||||||||||
David D. Kaiser | 255,000 | 30% | 76,500 | 62,743 | David D. Kaiser | 300,000 | 30 | 90,000 | 129,417 | |||||||||||||||
Andrew J. Wise | 220,000 | 30% | 66,000 | 54,131 | Andrew J. Wise | 300,000 | 30 | 90,000 | 129,417 |
Company Performance Measure | Weighting for Goals (CEO) | Weighting for Goals (Other NEOs) | Target Goal | Actual Achieved | % Funded (CEO) | % Funded (Other NEOs) |
Internal NOE ($M) | 60% | 80% | $39.00 | $37.60 | 57.8% | 77.1% |
ROE (using Internal NOE) | 10% | 5% | 13.90% | 12.97% | 9.3% | 4.7% |
Efficiency Ratio | 10% | 5% | 57.00% | 58.07% | 9.8% | 4.9% |
Non-Performing Loans | 10% | 5% | 0.50% | 0.18% | 10.0% | 5.0% |
Net Charge-Offs | 10% | 5% | 0.15% | 0.05% | 10.0% | 5.0% |
Total | 100% | 100% | 97.0% | 96.7% |
Company Performance Measure | Weighting for Goals (CEO) | Weighting for Goals (Other NEOs) | Target Goal | Actual Achieved | % Funded (CEO) | % Funded (Other NEOs) | ||||||||||||||
Internal NOE ($M) | 60% | 80% | $45.96 | $49.99 | 60.00 | 80.00 | ||||||||||||||
ROE (using Internal NOE) | 10% | 5% | 13.09% | 14.13% | 10.00 | 5.00 | ||||||||||||||
Efficiency Ratio | 10% | 5% | 53.07% | 54.05% | 9.73 | 4.87 | ||||||||||||||
Non-Performing Loans | 10% | 5% | 0.50% | 0.44% | 10.00 | 5.00 | ||||||||||||||
Net Charge-Offs | 10% | 5% | 0.15% | 0.03% | 10.00 | 5.00 | ||||||||||||||
Total | 100% | 100% | 99.73 | 99.87 |
3.Individual Performance: The Compensation Committee also performs an overall assessment of each NEO's performance (excluding the CEO for purposes of STIP measurement, since the CEO's goal is weighted 100% to Company performance). The Compensation Committee relies on input from the CEO for assessment of the other NEOs. Based on the CEO's assessment, the Committee approved individual achievement against individual performance goals for each NEO (excluding the CEO) equivalent to the 143.8% maximum funding level, as adjusted for the Financial Performance Assessment. 4.Application of Corporate and Individual Goal Weighting: The next step in determining the NEO’s STIP awards is the application of the relative weighting assigned to Company performance versus individual performance for that NEO. Typically, the relative weighting for NEOs is based on their position with the Company. |
Named Executive Officer | Bonus Weighting | Named Executive Officer | Bonus Weighting | |||||||
% Company | % Individual | % Company | % Individual | |||||||
Thomas J. Murphy | 100% | -- | Thomas J. Murphy | 100 | 0 | |||||
Edward J. Campanella | 50% | Edward J. Campanella | 50 | 50 | ||||||
David S. DeMarco | 50% | David S. DeMarco | 50 | 50 | ||||||
David D. Kaiser | 50% | David D. Kaiser | 50 | 50 | ||||||
Andrew J. Wise | 50% | Andrew J. Wise | 50 | 50 |
NEO | Maximum STIP Amount | Company | Individual | Combined Achieve- ment | STIP Funding | NEO | Maximum STIP Amount | Company | Individual | Combined Achieve- ment % | STIP Funding Amount | |||||||||||||||||||||||||||||||
Achieve-ment | Weighting | Weighted Achieve- ment | Achieve-ment | Weighting | Weighted Achieve- ment | Achieve-ment % | Weighting % | Weighted Achieve- ment % | Achieve-ment % | Weighting % | Weighted Achieve- ment % | |||||||||||||||||||||||||||||||
Thomas J. Murphy | $ | 221,445 | 97.0% | 100% | 97.0% | — | 97.0% | $ | 208,294 | Thomas J. Murphy | 431,391 | 143 | 100 | 143 | -- | 143 | 430,229 | |||||||||||||||||||||||||
Edward J. Campanella | 63,973 | 96.7% | 50% | 48.4% | 100% | 50% | 50.0% | 98.4% | 61,000 | Edward J. Campanella | 129,417 | 144 | 50 | 72 | 144 | 50 | 72 | 144 | 129,243 | |||||||||||||||||||||||
David S. DeMarco | 79,966 | 96.7% | 50% | 48.4% | 100% | 50% | 50.0% | 98.4% | 76,000 | David S. DeMarco | 157,458 | 144 | 50 | 72 | 144 | 50 | 72 | 144 | 157,246 | |||||||||||||||||||||||
David D. Kaiser | 62,743 | 96.7% | 50% | 48.4% | 100% | 50% | 50.0% | 98.4% | 59,500 | David D. Kaiser | 129,417 | 144 | 50 | 72 | 144 | 50 | 72 | 144 | 129,243 | |||||||||||||||||||||||
Andrew J. Wise | 54,131 | 96.7% | 50% | 48.4% | 100% | 50% | 50.0% | 98.4% | 51,500 | Andrew J. Wise | 129,417 | 144 | 50 | 72 | 144 | 50 | 72 | 144 | 129,243 |
Named Executive Officer | 2019 Annual Incentive Actual Awards | Named Executive Officer | 2021 Annual Incentive Actual Awards | ||||||||||||
Amount | % of Base Salary | Amount | % of Base Salary | ||||||||||||
Thomas J. Murphy | $ | 208,294 | 38.6% | Thomas J. Murphy | 430,229 | 71.7 | |||||||||
Edward J. Campanella | 61,000 | 23.5% | Edward J. Campanella | 129,243 | 43.1 | ||||||||||
David S. DeMarco | 76,000 | 23.4% | David S. DeMarco | 157,246 | 43.1 | ||||||||||
David D. Kaiser | 59,500 | 23.3% | David D. Kaiser | 129,243 | 43.1 | ||||||||||
Andrew J. Wise | 51,500 | 23.4% | Andrew J. Wise | 129,243 | 43.1 |
Named Executive Officer | Stock Option Grants in January 2019 (# shares) | Grant Date Fair Value of January 2019 Option Awards | Named Executive Officer | Stock Option Grants in January 2021 (# shares) | Grant Date Fair Value of January 2021 Option Awards | |||||||
Thomas J. Murphy | 10,000 | $ | 57,500 | Thomas J. Murphy | 10,000 | $ | 48,500 | |||||
Edward J. Campanella | 5,000 | 28,750 | Edward J. Campanella | 5,000 | 24,250 | |||||||
David S. DeMarco | 5,000 | 28,750 | David S. DeMarco | 5,000 | 24,250 | |||||||
David D. Kaiser | 5,000 | 28,750 | David D. Kaiser | 5,000 | 24,250 | |||||||
Andrew J. Wise | 5,000 | 28,750 | Andrew J. Wise | 5,000 | 24,250 |
Name and Principal Position | Year | Salary | Stock Awards (a) | Option Awards (b) | Non-Equity Incentive Plan Compensation (c) | Change in Pension Value and Non-qualified Deferred Compensation Earnings (d) | All Other Compensation (e) | Total | ||||||||||||||||||||||||
Thomas J. Murphy President and CEO | 2021 | $ | 600,000 | $ | 139,297 | $ | 48,500 | $ | 430,229 | $ | 908,942 | $ | 19,121 | $ | 2,146,089 | |||||||||||||||||
2020 | 560,000 | 135,017 | 49,900 | 300,960 | 614,685 | 31,697 | 1,692,259 | |||||||||||||||||||||||||
2019 | 540,000 | 123,701 | 57,500 | 208,294 | 468,470 | 30,746 | 1,428,711 | |||||||||||||||||||||||||
Edward J. Campanella Senior Executive Vice President, Treasurer and CFO | 2021 | 300,000 | — | 24,250 | 129,243 | 23,484 | 37,052 | 514,029 | ||||||||||||||||||||||||
2020 | 275,000 | — | 24,950 | 88,787 | 27,601 | 19,511 | 435,849 | |||||||||||||||||||||||||
2019 | 260,000 | — | 28,750 | 61,000 | 9,963 | 19,788 | 379,501 | |||||||||||||||||||||||||
David S. DeMarco Senior Executive Vice President and CBO | 2021 | 365,000 | — | 24,250 | 157,246 | 84,891 | 32,522 | 663,909 | ||||||||||||||||||||||||
2020 | 340,000 | — | 24,950 | 109,773 | 89,043 | 31,568 | 595,334 | |||||||||||||||||||||||||
2019 | 325,000 | — | 28,750 | 76,000 | 73,293 | 29,532 | 532,575 | |||||||||||||||||||||||||
David D. Kaiser Senior Executive Vice President and CCO | 2021 | 300,000 | — | 24,250 | 129,243 | 54,844 | 30,354 | 538,691 | ||||||||||||||||||||||||
2020 | 275,000 | — | 24,950 | 88,787 | 59,202 | 32,138 | 480,077 | |||||||||||||||||||||||||
2019 | 255,000 | — | 28,750 | 59,500 | 54,957 | 29,422 | 427,629 | |||||||||||||||||||||||||
Andrew J. Wise Senior Executive Vice President and COO | 2021 | 300,000 | — | 24,250 | 129,243 | 21,178 | 37,363 | 512,034 | ||||||||||||||||||||||||
2020 | 250,000 | — | 24,950 | 80,715 | 24,093 | 34,638 | 414,396 | |||||||||||||||||||||||||
2019 | 220,000 | — | 28,750 | 51,500 | 18,417 | 30,922 | 349,589 | |||||||||||||||||||||||||
Name and Principal Position | Year | Salary | Stock Awards (c) | Option Awards (d) | Non-Equity Incentive Plan Compensation (e) | Change in Pension Value and Non-qualified Deferred Compensation Earnings (f) | All Other Compensation (g) | Total | |||||||||||||||
Thomas J. Murphy President and CEO | 2019 | $ | 540,000 | $ | 123,701 | $ | 57,500 | $ | 208,294 | $ | 468,470 | $ | 30,746 | $ | 1,428,711 | ||||||||
2018 | 490,000 | 110,010 | 57,600 | 244,588 | 415,879 | 17,467 | 1,335,544 | ||||||||||||||||
2017 | 440,000 | — | 64,400 | 207,000 | 87,800 | 16,646 | 815,846 | ||||||||||||||||
Edward J. Campanella Senior Vice President, Treasurer and CFO | 2019 | 260,000 | — | 28,750 | 61,000 | 9,963 | 19,788 | 379,501 | |||||||||||||||
2018 | 235,000 | — | 11,520 | 88,000 | 2,764 | 6,066 | 343,350 | ||||||||||||||||
2017 | 69,235 | (a) | — | — | 26,500 | — | 324 | 96,059 | |||||||||||||||
David S. DeMarco Senior Vice President and CBO | 2019 | 325,000 | — | 28,750 | 76,000 | 73,293 | 29,532 | 532,575 | |||||||||||||||
2018 | 290,000 | — | 28,800 | 108,500 | 69,059 | 27,960 | 524,319 | ||||||||||||||||
2017 | 265,000 | — | 32,200 | 93,500 | 69,456 | 16,172 | 476,328 | ||||||||||||||||
David D. Kaiser Senior Vice President and CCO | 2019 | 255,000 | — | 28,750 | 59,500 | 54,957 | 29,422 | 427,629 | |||||||||||||||
2018 | 235,000 | — | 28,800 | 88,000 | 46,681 | 28,204 | 426,685 | ||||||||||||||||
2017 | 225,000 | — | 32,200 | 80,000 | 49,165 | 28,493 | 414,858 | ||||||||||||||||
Andrew J. Wise Senior Vice President and COO (b) | 2019 | 220,000 | — | 28,750 | 51,500 | 18,417 | 30,922 | 349,589 | |||||||||||||||
2018 | 195,000 | — | 14,400 | 71,000 | 5,849 | 26,929 | 313,178 |
Name | Company Contribution to ESOP | Life Insurance & Long Term Disability Premiums Paid by Company for Benefit of NEO | Dollar Value of Discount in Share Price for Company Common Stock Purchased Under Employees' Stock Purchase Plan | Perquisites Received Greater than $10,000 | Total Other Compensation | |||||||||||||||
Thomas J. Murphy | $ | 17,400 | $ | 1,089 | $ | 632 | $ | — | (a) | $ | 19,121 | |||||||||
Edward J. Campanella | 17,400 | 1,089 | — | 18,563 | (a) | 37,052 | ||||||||||||||
David S. DeMarco | 17,400 | 1,089 | 158 | 13,875 | (a) | 32,522 | ||||||||||||||
David D. Kaiser | 17,400 | 1,089 | 32 | 11,833 | (a) | 30,354 | ||||||||||||||
Andrew J. Wise | 17,400 | 1,089 | 632 | 18,242 | (a) | 37,363 |
Name | Company Contribution to ESOP | Life Insurance & Long Term Disability Premiums Paid by Company for Benefit of NEO | Dollar Value of Discount in Share Price for Company Common Stock Purchased Under Employees' Stock Purchase Plan | Perquisites Received Greater than $10,000 | Total Other Compensation | |||||||||||
Thomas J. Murphy | $ | 16,800 | $ | 1,089 | $ | 632 | $ | 12,225 | (b) | $ | 30,746 | |||||
Edward J. Campanella | 16,800 | 2,988 | — | — | (a) (b) | 19,788 | ||||||||||
David S. DeMarco | 16,800 | 1,089 | 158 | 11,485 | (b) | 29,532 | ||||||||||
David D. Kaiser | 16,800 | 1,041 | 32 | 11,549 | (b) | 29,422 | ||||||||||
Andrew J. Wise | 16,800 | 2,855 | 63 | 11,204 | (b) | 30,922 |
Name | Grant Date | Estimated Future Payouts Under Non-Equity Incentive Plan | Estimated Future Payouts Under Equity Incentive Plan | 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 ($/Share) | Grant Date Fair Value of Stock and Option Awards | Name | Grant Date | Estimated Future Payouts Under Non-Equity Incentive Plan | Estimated Future Payouts Under Equity Incentive Plan | All Other Stock Awards: Number of Shares of Stock or Units | All Other Option Awards: Number of Securities Underlying Options | Exercise or Base Price of Option Awards ($/Share) | Grant Date Fair Value of Stock and Option Awards | ||||||||||||||||||||||||||||||||||||||||
Threshold (a) | Target | Max | Threshold | Target | Max | Threshold (a) | Target | Max | Threshold | Target | Max | ||||||||||||||||||||||||||||||||||||||||||||
Thomas J. Murphy | Thomas J. Murphy | $ | 150,000 | $ | 300,000 | $ | 450,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 135,000 | $ | 270,000 | $ | 405,000 | — | — | — | — | 1/27/2021 | 10,000 | td9.55 | $ | 48,500 | |||||||||||||||||||||||||||||||||||||||||
1/30/2019 | 3,901 | 10,000 | $31.71 | $ | 57,500 | 1/29/2021 | 4,738 | $ | 139,297 | ||||||||||||||||||||||||||||||||||||||||||||||
Edward J. Campanella | 39,000 | 78,000 | 117,000 | — | — | — | — | Edward J. Campanella | 45,000 | 90,000 | 135,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
1/30/2019 | 5,000 | 31.71 | 28,750 | 1/27/2021 | 5,000 | 29.55 | 24,250 | ||||||||||||||||||||||||||||||||||||||||||||||||
David S. DeMarco | 48,750 | 97,500 | 146,250 | — | — | — | — | David S. DeMarco | 54,750 | 109,500 | 164,250 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
1/30/2019 | 5,000 | 31.71 | 28,750 | 1/27/2021 | 5,000 | 29.55 | 24,250 | ||||||||||||||||||||||||||||||||||||||||||||||||
David D. Kaiser | 38,250 | 76,500 | 114,750 | — | — | — | — | David D. Kaiser | 45,000 | 90,000 | 135,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
1/30/2019 | 5,000 | 31.71 | 28,750 | 1/27/2021 | 5,000 | 29.55 | 24,250 | ||||||||||||||||||||||||||||||||||||||||||||||||
Andrew J. Wise | 33,000 | 66,000 | 99,000 | — | — | — | — | Andrew J. Wise | 45,000 | 90,000 | 135,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
1/30/2019 | 5,000 | 31.71 | 28,750 | 1/27/2021 | 5,000 | 29.55 | 24,250 |
Name | Securities Underlying Unexercised Options (Exercisable) | Securities Underlying Unexercised Options (Unexercisable) (a) | Equity Incentive Plan Awards: Securities Underlying Unexercised Unearned Options | Option Exercise Price | Option Expiration Date | Shares or Units of Stock Not Vested (b) | Market Value of Shares or Units of Stock Not Vested | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights Not Vested | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights Not Vested | ||||||||||||||||||||
Thomas J. Murphy | — | 2,813 | — | $29.14 | 1/31/2028 | — | — | — | — | ||||||||||||||||||||
— | 5,465 | — | $29.02 | 1/30/2029 | — | — | — | — | |||||||||||||||||||||
— | 7,957 | — | $33.25 | 1/29/2030 | — | — | — | — | |||||||||||||||||||||
— | 10,300 | — | $28.69 | 1/27/2031 | — | — | — | — | |||||||||||||||||||||
— | — | — | — | — | 13,203 | 465,142 | — | — | |||||||||||||||||||||
Edward J. Campanella | 1,689 | 563 | — | $29.14 | 1/31/2028 | — | — | — | — | ||||||||||||||||||||
2,732 | 2,732 | — | $29.02 | 1/30/2029 | — | — | — | — | |||||||||||||||||||||
1,326 | 3,979 | — | $33.25 | 1/29/2030 | — | — | — | — | |||||||||||||||||||||
— | 5,150 | — | $28.69 | 1/27/2031 | — | — | — | — | |||||||||||||||||||||
David S. DeMarco | 5,796 | — | — | $32.10 | 1/25/2027 | — | — | — | — | ||||||||||||||||||||
4,221 | 1,406 | — | $29.14 | 1/31/2028 | — | — | — | — | |||||||||||||||||||||
2,732 | 2,731 | — | $29.02 | 1/30/2029 | — | — | — | — | |||||||||||||||||||||
1,327 | 3,977 | — | $33.25 | 1/29/2030 | — | — | — | — | |||||||||||||||||||||
— | 5,150 | — | $28.69 | 1/27/2031 | — | — | — | — | |||||||||||||||||||||
David D. Kaiser | 3,046 | — | — | $21.21 | 1/28/2025 | — | — | — | — | ||||||||||||||||||||
5,971 | — | — | $21.65 | 1/27/2026 | — | — | — | — | |||||||||||||||||||||
5,797 | — | — | $32.10 | 1/25/2027 | — | — | — | — | |||||||||||||||||||||
4,220 | 1,408 | — | $29.14 | 1/31/2028 | — | — | — | — | |||||||||||||||||||||
2,732 | 2,732 | — | $29.02 | 1/30/2029 | — | — | — | — | |||||||||||||||||||||
1,327 | 3,977 | — | $33.25 | 1/29/2030 | — | — | — | — | |||||||||||||||||||||
— | 5,150 | — | $28.69 | 1/27/2031 | — | — | — | — | |||||||||||||||||||||
Andrew J. Wise | 579 | — | — | $32.10 | 1/25/2027 | — | — | — | — | ||||||||||||||||||||
389 | 704 | — | $29.14 | 1/31/2028 | — | — | — | — | |||||||||||||||||||||
2,011 | 2,732 | — | $29.02 | 1/30/2029 | — | — | — | — | |||||||||||||||||||||
1,326 | 3,978 | — | $33.25 | 1/29/2030 | — | — | — | — | |||||||||||||||||||||
— | 5,150 | — | $28.69 | 1/27/2031 | — | — | — | — |
Name | Securities Underlying Unexercised Options (Exercisable) | Securities Underlying Unexercised Options (Unexercisable) (a) | Equity Incentive Plan Awards: Securities Underlying Unexercised Unearned Options | Option Exercise Price | Option Expiration Date | Shares or Units of Stock Not Vested (b) | Market Value of Shares or Units of Stock Not Vested | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights Not Vested | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights Not Vested | ||
Thomas J. Murphy | — | 2,813 | — | $22.97 | 1/27/2026 | — | — | — | — | ||
5,464 | 5,464 | — | $34.05 | 1/25/2027 | — | — | — | — | |||
2,652 | 7,957 | — | $30.91 | 1/31/2028 | — | — | — | — | |||
— | 10,300 | — | $30.79 | 1/30/2029 | — | — | — | — | |||
— | — | — | — | — | 7,496 | $283,349 | — | — | |||
Edward J. Campanella | 530 | 1,592 | — | $30.91 | 1/31/2028 | — | — | — | — | ||
— | 5,150 | — | $30.79 | 1/30/2029 | — | — | — | — | |||
David S. DeMarco | 5,740 | — | — | $22.51 | 1/28/2025 | — | — | — | — | ||
4,221 | 1,407 | — | $22.97 | 1/27/2026 | — | — | — | — | |||
2,732 | 2,731 | — | $34.05 | 1/25/2027 | — | — | — | — | |||
1,327 | 3,977 | — | $30.91 | 1/31/2028 | — | — | — | — | |||
— | 5,150 | — | $30.79 | 1/30/2029 | — | — | — | — | |||
David D. Kaiser | 3,139 | — | — | $20.29 | 1/26/2021 | — | — | — | — | ||
3,046 | — | — | $20.87 | 1/25/2022 | — | — | — | — | |||
2,927 | — | — | $21.35 | 1/29/2024 | — | — | — | — | |||
2,871 | — | — | $22.51 | 1/28/2025 | — | — | — | — | |||
4,221 | 1,407 | — | $22.97 | 1/27/2026 | — | — | — | — | |||
2,731 | 2,733 | — | $34.05 | 1/25/2027 | — | — | — | — | |||
1,327 | 3,978 | — | $30.91 | 1/31/2028 | — | — | — | — | |||
— | 5,150 | — | $30.79 | 1/30/2029 | — | — | — | — | |||
Andrew J. Wise | 273 | 273 | — | $34.05 | 1/25/2027 | — | — | — | — | ||
663 | 1,989 | — | $30.91 | 1/31/2028 | — | — | — | — | |||
— | 5,150 | — | $30.79 | 1/30/2029 | — | — | — | — |
Name | Option Awards | Name | Option Awards | Stock Awards | |||||||||||||||||||||
Number Shares Acquired on Exercise (a) | Value Realized on Exercise (b) | Number Shares Acquired on Exercise (a) | Value Realized on Exercise (b) | Number Shares Acquired on Vesting (c) | Value Realized on Vesting (d) | ||||||||||||||||||||
Thomas J. Murphy | 5,684 | $ | 46,337 | Thomas J. Murphy | 28,151 | $ | 106,890 | 3,689 | (e) | $ | 104,902 | (e) | |||||||||||||
Edward J. Campanella | — | — | Edward J. Campanella | — | — | — | — | ||||||||||||||||||
David S. DeMarco | 5,856 | 61,898 | David S. DeMarco | 5,971 | 78,817 | — | — | ||||||||||||||||||
David D. Kaiser | 3,230 | 55,491 | David D. Kaiser | 6,336 | 99,793 | — | — | ||||||||||||||||||
Andrew J. Wise | — | — | Andrew J. Wise | 2,442 | 15,370 | — | — |
Name | Plan Name | Years of Credited Service | Value of Accumulated Benefit as of 12/31/19 | Payments During Last Fiscal Year | Name | Plan Name | Years of Credited Service | Value of Accumulated Benefit as of 12/31/21 | Payments During Last Fiscal Year | |||||||||||||
Thomas J. Murphy | Retirement Plan | 15.00 | $ | 400,481 | — | Thomas J. Murphy | Retirement Plan | 17.00 | $ | 579,589 | — | |||||||||||
SERP | 7.00 | 832,182 | — | SERP | 9.00 | 2,176,701 | — | |||||||||||||||
Edward J. Campanella | Retirement Plan | 2.00 | 12,727 | — | Edward J. Campanella | Retirement Plan | 4.00 | 52,118 | — | |||||||||||||
SERP | — | — | — | SERP | 3.00 | 11,694 | — | |||||||||||||||
David S. DeMarco | Retirement Plan | 32.08 | 559,040 | — | David S. DeMarco | Retirement Plan | 34.08 | 669,860 | — | |||||||||||||
SERP | 7.00 | 62,435 | — | SERP | 9.00 | 125,549 | — | |||||||||||||||
David D. Kaiser | Retirement Plan | 19.00 | 391,429 | — | David D. Kaiser | Retirement Plan | 21.00 | 484,906 | — | |||||||||||||
SERP | 3.00 | 14,683 | — | SERP | 5.00 | 35,252 | — | |||||||||||||||
Andrew J. Wise | Retirement Plan | 3.00 | 30,477 | — | Andrew J. Wise | Retirement Plan | 5.00 | 70,418 | — | |||||||||||||
SERP | — | — | — | SERP | 3.00 | 5,330 | — |
Name and Principal Position | Type of Payment | Involuntary Termination Without Cause or Voluntary Termination with Good Reason | Change of Control (a) | Retirement | Death or Disability | ||||||||||||||||||
Thomas J. Murphy President and CEO | Cash Compensation | $ | 1,250,000 | (b) | $ | 1,813,315 | (g) | — | — | ||||||||||||||
Stock Options (c) | — | 134,186 | — | 134,186 | |||||||||||||||||||
RSUs (d) | — | 465,142 | — | 465,142 | |||||||||||||||||||
SERP – Pension & ESOP (e) | 2,227,657 | 2,227,657 | 2,227,657 | 2,227,657 | |||||||||||||||||||
Health and Welfare Benefits (f) | 21,307 | — | — | ||||||||||||||||||||
Total | 3,477,657 | 4,661,607 | 2,227,657 | 2,826,985 | |||||||||||||||||||
Edward J. Campanella Senior Executive Vice President, Treasurer and CFO | Cash Compensation | 325,000 | (b) | 613,458 | (g) | — | — | ||||||||||||||||
Stock Options (c) | — | 61,954 | — | 61,954 | |||||||||||||||||||
RSUs | — | — | — | — | |||||||||||||||||||
SERP – Pension & ESOP (e) | 18,581 | 18,581 | 18,581 | 18,581 | |||||||||||||||||||
Health and Welfare Benefits (f) | — | 612 | — | — | |||||||||||||||||||
Total | 343,581 | 694,605 | 18,581 | 80,535 | |||||||||||||||||||
David S. DeMarco Senior Executive Vice President and CBO | Cash Compensation | 395,417 | (b) | 784,930 | (g) | — | — | ||||||||||||||||
Stock Options (c) | — | 67,078 | — | 67,078 | |||||||||||||||||||
RSUs | — | — | — | — | |||||||||||||||||||
SERP – Pension & ESOP (e) | 142,951 | 142,951 | 142,951 | 142,951 | |||||||||||||||||||
Health and Welfare Benefits (f) | — | 28,669 | — | — | |||||||||||||||||||
Total | 538,368 | 1,023,628 | 142,951 | 210,029 | |||||||||||||||||||
David D. Kaiser Senior Executive Vice President and CCO | Cash Compensation | 325,000 | (b) | 627,116 | (g) | — | — | ||||||||||||||||
Stock Options (c) | — | 67,096 | — | 67,096 | |||||||||||||||||||
RSUs | — | — | — | — | |||||||||||||||||||
SERP – Pension & ESOP (e) | 42,330 | 42,330 | 42,330 | 42,330 | |||||||||||||||||||
Health and Welfare Benefits (f) | — | 28,669 | — | — | |||||||||||||||||||
Total | 367,330 | 765,211 | 42,330 | 109,426 | |||||||||||||||||||
Andrew J. Wise, Senior Executive Vice President and COO | Cash Compensation | 325,000 | (b) | 542,173 | (g) | — | — | ||||||||||||||||
Stock Options (c) | — | 62,811 | — | 62,811 | |||||||||||||||||||
RSUs | — | — | — | — | |||||||||||||||||||
SERP – Pension & ESOP (e) | 11,859 | 11,859 | 11,859 | 11,859 | |||||||||||||||||||
Health and Welfare Benefits (f) | — | 28,669 | — | — | |||||||||||||||||||
Total | 336,859 | 645,512 | 11,859 | 74,670 |
Name and Principal Position | Type of Payment | Involuntary Termination Without Cause or Voluntary Termination with Good Reason | Change of Control (a) | Retirement | Death or Disability | ||||||||
Thomas J. Murphy President and CEO | Cash Compensation | $ | 1,125,000 | (b) | $ | 1,408,946 | (g) | — | — | ||||
Stock Options (c) | — | 189,234 | — | 189,234 | |||||||||
RSUs (d) | — | 283,349 | — | 283,349 | |||||||||
SERP – Pension & ESOP (e) | 972,794 | 972,794 | 972,794 | 972,794 | |||||||||
Health and Welfare Benefits (f) | — | 18,474 | — | — | |||||||||
Total | 2,097,794 | 2,872,797 | 972,794 | 1,445,377 | |||||||||
Edward J. Campanella Senior Vice President, Treasurer and CFO | Cash Compensation | 281,667 | (b) | 549,930 | (g) | — | — | ||||||
Stock Options (c) | — | 47,070 | — | 47,070 | |||||||||
RSUs | — | — | — | — | |||||||||
SERP – Pension & ESOP (e) | 4,887 | 4,887 | 4,887 | 4,887 | |||||||||
Health and Welfare Benefits (f) | — | 21,625 | — | — | |||||||||
Total | 286,554 | 587,240 | — | 51,957 | |||||||||
David S. DeMarco Senior Vice President and CBO | Cash Compensation | 352,083 | (b) | 627,390 | (g) | — | — | ||||||
Stock Options (c) | — | 94,610 | — | 94,610 | |||||||||
RSUs | — | — | — | — | |||||||||
SERP – Pension & ESOP (e) | 97,375 | 97,375 | 97,375 | 97,375 | |||||||||
Health and Welfare Benefits (f) | — | 24,831 | — | — | |||||||||
Total | 449,458 | 844,206 | 97,375 | 191,985 | |||||||||
David D. Kaiser Senior Vice President and CCO | Cash Compensation | 276,250 | (b) | 498,376 | (g) | — | — | ||||||
Stock Options (c) | — | 94,624 | — | 94,624 | |||||||||
RSUs | — | — | — | — | |||||||||
SERP – Pension & ESOP (e) | 21,621 | 21,621 | 21,621 | 21,621 | |||||||||
Health and Welfare Benefits (f) | — | 24,831 | — | — | |||||||||
Total | 297,871 | 639,452 | 21,621 | 116,245 | |||||||||
Andrew J. Wise, Senior Vice President and COO | Cash Compensation | 238,333 | (b) | 412,921 | (g) | — | — | ||||||
Stock Options (c) | — | 50,829 | — | 50,829 | |||||||||
RSUs | — | — | — | — | |||||||||
SERP – Pension & ESOP (e) | 757 | 757 | 757 | 757 | |||||||||
Health and Welfare Benefits (f) | — | 28,701 | — | — | |||||||||
Total | 239,090 | 493,208 | 757 | 51,586 |
circumstances will Messrs. Murphy, Campanella, DeMarco, Kaiser and Wise receive payments under the employment agreements if such payments would constitute an “excess parachute payment” under the tax laws. (b)Messrs. Murphy, Campanella, DeMarco, Kaiser and Wise will each receive a lump-sum payment equal to the greater |