Description of Named Executive Officers compensation
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Human Resources
- Compensation Agreements
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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