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