Named Executive Officer Compensation Schedule for 2008 – East West Bancorp, Inc.
This document outlines the 2008 compensation adjustments for the CEO and other executive officers of East West Bancorp, Inc. It details base salary increases effective March 1, 2008, cash bonuses for 2007 work paid in March 2008, and grants of stock options and restricted stock under the company's 1998 Stock Incentive Plan. Vesting schedules and performance criteria for stock awards are specified. The CEO's bonus is tied to performance goals based on earnings per share and return on equity, with awards ranging from 0% to 250% of base salary.
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Exhibit 10.13
NAMED EXECUTIVE OFFICER COMPENSATION
The following are adjustments to base salary, cash bonus payments for 2007 work, and grants of incentive stock were approved for the Company's CEO and the persons expected to be named executive officers in its Proxy Statement for the 2008 Annual Meeting of Shareholders. Adjustments to salary are effective as of March 1, 2008. Cash bonuses are paid on or about March 5, 2008.
| Executive Officer | Title | 2008 Salary | 2007 Cash Bonus | Shares of Non-Qualified Stock Options | Restricted Stock Award | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dominic Ng | Chairman of the Board, President and Chief Executive Officer | $ | 800,000 | $ | 1,208,000 | 174,964 | 54,676 | (1) | |||||
| Julia Gouw | Executive Vice President and Chief Financial Officer | $ | 306,748 | $ | 320,000 | 18,966 | 4,742 | ||||||
| Wellington Chen | Executive Vice President and Director of Corporate Banking | $ | 245,705 | $ | 162,000 | 13,276 | 3,319 | ||||||
| Doug Krause | Executive Vice President, Chief Risk Officer, General Counsel, and Secretary | $ | 231,509 | $ | 225,000 | 14,225 | 3,556 | ||||||
| Donald Chow | President of Desert Community Bank | $ | 224,957 | $ | 142,000 | 8,535 | 2,134 | ||||||
- (1)
- Performance restricted stock vesting in 2 years. Number of shares that will vest depends on meeting performance criteria. The restricted share awards represent the maximum number of shares that will be granted if pre-established earnings per share performance goals are met.
Stock options are all non-qualified options issued under the 1998 Stock Incentive Plan of the Company; the restricted stock is also issued under the 1998 Stock Incentive Plan of the Company. Options vest over 4 years as follows: 1/3 after 2 years, 1/3 after 3 years, and 1/3 after 4 years. The restricted stock of the named officers other than the CEO vests 50% after 4 years and 50% after 5 years.
The Company also approved performance goals for the CEO. The CEO's goals are set under the Performance-Based Bonus Plan approved by shareholders in 2002 and are based on earnings per share and return on equity; the bonus award will range from 0% to 250% of base salary.
The Company will provide additional information regarding the compensation paid to the named executive officers for the 2007 fiscal year in its Proxy Statement for the 2008 Annual Meeting of Shareholders.
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- Exhibit 10.13
