Ohio | 31-1042001 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification number) |
Name and Principal Position | Base Salary ($)(1) | Short Term Incentive Plan Target Percentage (%)(2) | Long Term Incentive Percentage For Restricted Stock Grants ($)(3) | Annual Grant of Shares of Restricted Stock (#)(4) | Value of Shares of Annual Grant Restricted Stock ($)(5) | Number of Shares of Underlying Stock Options ($)(6) | |||||||||||
Claude E. Davis | 670,000 | 60% | 110% | 43,700 | $ | 737,656 | — | ||||||||||
President & CEO | |||||||||||||||||
C. Douglas Lefferson | 340,000 | 40% | 70% | 14,100 | $ | 238,008 | — | ||||||||||
EVP & Chief Banking Officer | |||||||||||||||||
J. Franklin Hall | 330,000 | 40% | 60% | 11,800 | $ | 199,184 | — | ||||||||||
EVP, CFO & COO | |||||||||||||||||
Gregory A. Gehlmann | 305,000 | 40% | 55% | 10,000 | $ | 168,800 | — | ||||||||||
EVP & General Counsel |
(1) | Base salaries were increased from 2011 as follows: Mr. Davis from $650,000 to $670,000, Mr. Lefferson from $320,000 to $340,000, Mr. Hall from $320,000 to $330,000, and Mr. Gehlmann from $295,000 to $305,000. |
(2) | Short term incentive target is a percentage of base salary. Other than for Mr. Davis, there were no changes from 2011 to 2012 in the target percentages for the NEOs. Mr. Davis' target percentage was increased from 50% to 60% from 2011 to 2012. With respect to senior executives, including the NEOs, payout is based on the Company's 3-year performance vs. peers relative to the following plan metrics: Financial Performance (70% weight): - return on assets - earnings per share growth - credit quality - total shareholder return Additional Measures (30% weight): - efficiency ratio - operating leverage Depending on performance of the Company, payout can be anywhere from 0x to 2x target and subject to clawback in certain circumstances. In addition, the Compensation Committee can adjust downward the payout based on enterprise risk management performance. Any payout to an NEO above 1x target can be paid in restricted stock subject to additional holding requirements. |
(3) | Long term incentive restricted stock grants are an approximate percentage of base salary. Other than for Mr. Lefferson, there were no changes from 2011 to 2012 in the Long Term Incentive Restricted Stock Grant percent of base salaries. Mr. Lefferson's percentage increased from 60% to 70% from 2011 to 2012. |
(4) | Restricted shares vest over a three-year period beginning February 27, 2013. Dividends are paid on unvested shares; however, they are held in escrow and are not paid to the executive until that portion of the grant vests. |
(5) | Based on the per share closing price of the Company common shares on February 27, 2012 ($16.88). |
(6) | No options were granted. |
By: /s/ J. Franklin Hall | ||
J. Franklin Hall | ||
Executive Vice President, Chief Financial Officer | ||
and Chief Operating Officer | ||
Date: | March 2, 2012 |