Summary of Compensation Arrangements for Named Executive Officers of Tompkins Financial Corporation
Tompkins Financial Corporation has established a compensation program for its Named Executive Officers, which includes base salary, annual cash bonuses, and long-term equity-based incentive awards. The annual bonuses for 2014, approved by the Board of Directors in January 2015, are based on individual and company performance factors such as achievement of goals, business unit results, and financial metrics like net income and stock performance. The bonuses will be paid in the first quarter of 2015. Details on base salary and equity awards are available in the company's proxy statement.
Tompkins Financial Corporation 10-K
EXHIBIT 10.11
Summary of Compensation Arrangements for Named Executive Officers of Tompkins Financial Corporation
The three major components of the Company’s executive officer compensation are (i) base salary, (ii) annual bonus and (iii) long-term, equity based incentive awards. Following is a description of the compensation arrangements that were approved by the Independent Directors at the January 27, 2015 meeting of the Company’s Board of Directors, upon recommendation of the Compensation Committee for the Company’s Named Executive Officers, which officers were determined by reference to the Company’s Proxy Statement on Schedule 14-A filed April 4, 2014.
Annual Bonus
Upon recommendation of the Compensation Committee, the Board of Directors approved on January 27, 2015, the following cash award bonus payments for performance in fiscal 2014:
| Stephen S. Romaine | $ | 188,000 | ||
| James W. Fulmer | $ | 90,000 | ||
| Francis M. Fetsko | $ | 83,000 | ||
| David S. Boyce | $ | 74,500 | ||
| Robert D. Davis | N/A |
The foregoing bonuses will be paid during the first quarter of fiscal 2015. The Compensation Committee considers a number of quantitative and qualitative performance factors to evaluate the performance of its Named Executive Officers. These performance factors include, but are not limited to: (i) achievement of individual goals; (ii) contribution to business unit results; and (iii) contribution to corporate results measured by (a) the Company’s net income as compared to the Company’s internal targets, (b) increases in earnings per share of the Company’s common stock for the latest 12 months, (c) the Company’s return on assets, as ranked in the Federal Reserve Bank Holding Company Performance Report (Peer Group Percentile), (d) increases in the Company’s stock price over 12 months, and (e) the Company’s return on equity, as ranked in the Federal Reserve Bank Holding Company Performance Report (Peer Group percentile). Base salary and equity based incentive awards for the Named Executive Officers are described in the Company’s definitive Proxy Statement relating to its 2015 Annual Meeting of Stockholders.
