Description of Directors and Named Executive Officers compensation

Contract Categories: Human Resources - Compensation Agreements
EX-10.40 2 ex10-40.htm EXHIBIT 10.40 Exhibit 10.40
 
Exhibit 10.40

 

On March 21, 2006, the Board of Directors of Commerce Bancorp, Inc. (the “Company”) ratified the following items approved by the Company’s Compensation Committee:

·  
Board Compensation for Service on the Board and its Committees:
 
-  
Annual cash retainer of $35,000;
-  
Attendance per meeting $1,500;
-  
Grant of options to purchase 7,500 shares of the Company’s common stock1
-  
Annual retainer of $30,000 to the Chair of the Audit Committee;
-  
Annual retainer of $30,000 to the Chair of the Nominating and Governance Committee; and
-  
Annual retainer of $15,000 to the Chair of the Compensation Committee.

·  
2005 Bonuses for Certain Executive Officers:

Name
Title
Cash Bonus
Stock Option Grants 1
Vernon W. Hill, II
 
Chairman, President and Chief Executive Officer
 
$0
 
500,000
 
Robert D. Falese, Jr.
 
President, Commercial & Investment Banking
 
$0
 
150,000
 
Dennis M. DiFlorio
 
President, Retail/Support
 
$0
 
150,000
 
George E. Norcross, III
 
Chairman & Chief Executive Officer, Commerce Insurance Services, Inc.
 
$0
 
100,000
 
Peter M. Musumeci, Jr.
 
Executive Vice President, Credit/Loan Admin
 
$0
 
50,000
 

·  
2006 Base Salaries of Certain Executive Officers:

Name
Title
Base Salary
Vernon W. Hill, II
 
Chairman, President and Chief Executive Officer
 
$1,000,000
 
Robert D. Falese, Jr.
 
President, Commercial & Investment Banking
 
$900,000
 
Dennis M. DiFlorio
 
President, Retail/Support
 
$900,000
 
George E. Norcross, III
 
Chairman & Chief Executive Officer, Commerce Insurance Services, Inc.
 
$950,000
 
Peter M. Musumeci, Jr.
 
Executive Vice President, Credit/Loan Admin
 
$650,000
 


1 Grants made at exercise price of $36.37 per share, the market price on the date of grant.