Commerce Bancorp, Inc. 2006 Executive Bonus, Stock Option, and 2007 Base Salary Ratification

Summary

Commerce Bancorp, Inc.'s Board of Directors approved 2006 cash bonuses and stock option grants for its top executives, including the CEO, CFO, and other named officers. The Board also set their 2007 base salaries. Stock options were granted under the 2004 Employee Stock Option Plan at the market price on the grant date. This action formalizes executive compensation for the specified years and ensures transparency in pay and incentives for senior management.

EX-10.1 3 ex10-1.htm EXHIBIT 10.1 Exhibit 10.1
 
Exhibit 10.1
 
On March 20, 2007, the Board of Directors of Commerce Bancorp, Inc. (the “Company”) ratified the following items:
 
·  
2006 cash bonus and stock option grants for the Company’s Chief Executive Officer, Chief Financial Officer and Named Executive Officers:

 
Name
 
Title
 
Cash Bonus
 
Stock Option Grants1 
 
Vernon W. Hill, II
   
Chairman and Chief Executive Officer
 
$
1,500,000
   
200,000
 
                     
Douglas J. Pauls
   
Executive Vice President and Chief Financial Officer
 
$
150,000
   
30,000
 
                     
Dennis M. DiFlorio
   
President
 
$
500,000
   
125,000
 
                     
Robert D. Falese, Jr.
   
President, Commercial & Investment Banking
 
$
500,000
   
125,000
 
                     
George E. Norcross, III
   
Chairman & Chief Executive Officer, Commerce Banc Insurance Services, Inc.
 
$
500,000
   
125,000
 


·  
2007 Base Salaries for the Company’s Chief Executive Officer, Chief Financial Officer and Named Executive Officers:

 
Name
 
Title
 
Base Salary
 
Vernon W. Hill, II
 
   
Chairman and Chief Executive Officer
 
$
1,000,000
 
Douglas J. Pauls
 
   
Executive Vice President and Chief Financial Officer
 
$
600,000
 
Dennis M. DiFlorio
 
   
President
 
$
1,000,000
 
Robert D. Falese, Jr.
 
   
President, Commercial & Investment Banking
 
$
900,000
 
George E. Norcross, III
 
   
Chairman & Chief Executive Officer, Commerce Banc Insurance Services, Inc.
 
$
988,000
 
 
1 Grants made pursuant to the Company’s 2004 Employee Stock Option Plan at an exercise price of $33.12, the market price on the date of grant.
 
 
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