SCHEDULE 14A INFORMATION | ||||||||||||||
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 | ||||||||||||||
Filed by the Registrant [X] | ||||||||||||||
Filed by a Party other than the Registrant [ ] | ||||||||||||||
Check the appropriate box: | ||||||||||||||
[ ] | Preliminary Proxy Statement | [ ] | Confidential, for Use of Commission | |||||||||||
[X] | Definitive Proxy Statement | Only (as permitted by Rule 14a-6(e)(2)) | ||||||||||||
[ ] | Definitive Additional Materials | |||||||||||||
[ ] | Soliciting Material Pursuant to par 240.14a-11(c) or par. 240.14a-12 | |||||||||||||
MidSouth Bancorp, Inc. | ||||||||||||||
(Name of ![]() | ||||||||||||||
(Name of Person(s) Filing Proxy Statement, if other than the Registrant) | ||||||||||||
Payment of Filing Fee (Check the appropriate box): | ||||||||||||
[ ] | $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), 14a-6(i)(2) or item 22(a)(2) of Schedule 14A. | |||||||||||
[ ] | $500 per each party to the controversy pursuant to Exchange Act Rule 14a-6(i)(3). | |||||||||||
[ ] | Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. | |||||||||||
1) | Title of each class of securities to which transaction applies: | |||||||||||
2) | Aggregate number of securities to which transaction applies: | |||||||||||
3) | Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined): | |||||||||||
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5) | ||||||||||||
[ ] | Fee paid previously with preliminary materials. | |||||||||||
[ ] | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. | |||||||||||
1) | ||||||||||||
2) | Form, Schedule or Registration Statement No.: | |||||||||||
3) | Filing Party: | |||||||||||
4) | Date Filed: | |||||||||||
BY ORDER OF THE BOARD OF DIRECTORS | |||
Karen L. Hail | |||
SEVP/Chief Operating Officer | |||
Secretary to the Board | |||
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Year First | ||||||||
Name | Age | Principal Occupation | Became Director | |||||
C. R. Cloutier | 58 | Our President and C.E.O., and President and C.E.O. of our subsidiary, MidSouth Bank | 1984 | |||||
J. B. Hargroder, M.D. | 75 | Physician, retired; Vice Chairman of our Board | 1984 | |||||
William M. Simmons | 72 | Investor | 1984 |
Name | Age | Principal Occupation | Year First Became Director | ||||
C. R. Cloutier | 62 | Our President and C.E.O., and President and C.E.O. of our subsidiary, MidSouth Bank, N.A. | 1984 | ||||
J. B. Hargroder, M.D. | 78 | Physician, retired; Vice Chairman of our Board | 1984 | ||||
Timothy J. Lemoine | 58 | Construction Consultant | 2007 | ||||
William M. Simmons | 75 | Investor | 1984 |
Year First | ||||||||
Name | Age | Principal Occupation | Became Director | |||||
Will G. Charbonnet, Sr. | 58 | Our Chairman of the Board; Executive Director, Lafayette Catholic Social Services (non-profit charity) | 1984 | |||||
Clayton Paul Hilliard | 80 | President/Owner of Badger Oil Corporation, Badger Oil & Gas Ltd., Convexx Oil and Gas, Inc., and Warlord Oil Corporation; Manager, Unigard, LLC | 1985 | |||||
Stephen C. May | 57 | Publisher -The Independent Weekly, Lafayette, LA | 2002 | |||||
Joseph V. Tortorice, Jr. | 56 | CEO, Deli Management, Inc.; Chairman of the Board of Lamar Bank, our wholly-owned subsidiary | 2004 |
Name | Age | Principal Occupation | Year First Became Director | ||||
Will Charbonnet, Sr. | 61 | Our Chairman of the Board; Treasurer and Managing Director of Crossroads Catholic Bookstore (non-profit corporation); Controller of Philadelphia Fresh Foods, L.L.C. | 1984 | ||||
Clayton Paul Hilliard | 83 | President of Badger Oil Corporation, Convexx Oil and Gas, Inc., and Warlord Oil Corporation; Manager, Uniqard, L.L.C. | 1984 | ||||
Joseph V. Tortorice, Jr. | 59 | C.E.O., Deli Management, Inc. | 2004 |
Year First | ||||||||
Name | Age | Principal Occupation | Became Director | |||||
James R. Davis, Jr. | 53 | President, Davis/Wade Financial Services, L.L.C.; Chairman of our Audit Committee and our Lead Director | 1991 | |||||
Karen L. Hail | 52 | Our Senior Executive Vice President and Chief Operations Officer | 1988 | |||||
Milton B. Kidd, III, O.D. | 57 | Optometrist, Kidd Vision Centers | 1996 |
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Name | Age | Principal Occupation | Year First Became Director | ||||
James R. Davis, Jr. | 56 | President, Davis/Wade Financial Services, L.L.C.; Chairman of our Audit Committee and our Lead Director | 1991 | ||||
Karen L. Hail | 55 | Our Senior Executive Vice President and Chief Operating Officer and of our subsidiary, MidSouth Bank, N.A. | 1988 | ||||
Milton B. Kidd, III, O.D. | 60 | Optometrist, Kidd & Associates, L.L.C. | 1996 | ||||
R. Glenn Pumpelly | 50 | President/C.E.O. Pumpelly Oil Company, L.L.C. | 2007 |
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Amount and Nature | ||||||||
of Beneficial | Percent | |||||||
Name | Ownership(1) | of Class | ||||||
Will G. Charbonnet, Sr. | 138,784 | (1,2) | 2.76 | % | ||||
C. R. Cloutier | 314,764 | (1,3) | 6.22 | % | ||||
James R. Davis, Jr. | 56,840 | (4) | 1.13 | % | ||||
Karen L. Hail | 118,226 | (5) | 2.34 | % | ||||
J. B. Hargroder, M.D. | 355,274 | (1,6) | 7.08 | % | ||||
Clayton Paul Hilliard | 190,253 | (7) | 3.78 | % | ||||
Milton B. Kidd, III, O.D. | 182,221 | 3.63 | % | |||||
Stephen C. May | 109,498 | 2.18 | % | |||||
William M. Simmons | 163,096 | (8) | 3.25 | % | ||||
Joseph V. Tortorice, Jr. | 65,519 | 1.31 | % | |||||
Jennifer S. Fontenot | 26,944 | .54 | % | |||||
Donald R. Landry | 77,234 | (9) | 1.54 | % | ||||
A. Dwight Utz | 11,079 | (10) | .22 | % | ||||
All directors and executive officers as a group (16 persons) | 1,844,660 | 35.68 | % |
Name | Amount and Nature of Beneficial Ownership(1) | Percent of Class | ||||||
Will Charbonnet, Sr. | 162,559 | (1,2) | 2.39 | % | ||||
C. R. Cloutier | 405,499 | (1,3) | 5.95 | % | ||||
James R. Davis, Jr. | 76,325 | (4) | 1.12 | % | ||||
Karen L. Hail | 108,588 | (5) | 1.60 | % | ||||
J. B. Hargroder, M.D. | 450,131 | (1,6) | 6.63 | % | ||||
Clayton Paul Hilliard | 251,539 | (7) | 3.71 | % | ||||
Milton B. Kidd, III, O.D. | 242,378 | 3.57 | % | |||||
Timothy J. Lemoine | 27,995 | (8) | .41 | % | ||||
R. Glenn Pumpelly | 17,279 | .23 | % | |||||
William M. Simmons | 217,463 | (9) | 3.20 | % | ||||
Joseph V. Tortorice, Jr. | 98,313 | 1.45 | % | |||||
J. Eustis Corrigan, Jr. | 14,325 | (10) | .21 | % | ||||
Donald R. Landry | 93,572 | (11) | 1.38 | % | ||||
Teri S. Stelly | 25,223 | (12) | .37 | % | ||||
A. Dwight Utz | 5,250 | (13) | .07 | % | ||||
All directors and executive officers as a group (15 persons) | 2,208,317 | 32.35 | % |
(1) | Stock held by our |
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(2) | Includes |
(3) | Includes |
(4) | Includes |
(5) | Includes |
(6) | Includes |
(7) | Includes |
(8) | Includes |
(9) | Includes |
(10) | Includes |
(11) | Includes 38,082 shares as to which he shares voting and investment power. |
(12) | Includes 21,658 shares as to which she shares voting and investment power. |
(13) | Includes 1,555 shares as to which he shares voting and investment power. |
Current | ||||||||||||
Name | Trust | ESOP | Options | |||||||||
Will G. Charbonnet, Sr. | 36,830 | — | 16,589 | |||||||||
C. R. Cloutier | 44,846 | 36,943 | 47,562 | |||||||||
James R. Davis, Jr. | 29,126 | — | — | |||||||||
Karen L. Hail | 28,762 | 39,108 | 39,478 | |||||||||
J. B. Hargroder, M.D. | 39,602 | — | — | |||||||||
Clayton Paul Hilliard | 16,750 | — | 11,000 | |||||||||
Milton B. Kidd, III, O.D. | 13,211 | — | 4,169 | |||||||||
Stephen C. May | — | — | 5,899 | |||||||||
William M. Simmons | 37,964 | — | 8,064 | |||||||||
Joseph V. Tortorice, Jr. | — | — | — | |||||||||
Jennifer S. Fontenot | — | 19,381 | 7,563 | |||||||||
Donald R. Landry | — | 18,323 | 1,815 | |||||||||
A. Dwight Utz | — | 1,276 | 7,231 |
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Name | Trust | ESOP | Current Options | |||||||||
Will Charbonnet, Sr. | 50,521 | -- | -- | |||||||||
C. R. Cloutier | 61,519 | 31,664 | 24,816 | |||||||||
James R. Davis, Jr. | 39,954 | -- | -- | |||||||||
Karen L. Hail | 39,455 | 54,862 | -- | |||||||||
J. B. Hargroder, M.D. | 54,331 | -- | -- | |||||||||
Clayton Paul Hilliard | 22,977 | -- | -- | |||||||||
Milton B. Kidd, III, O.D. | 18,123 | -- | -- | |||||||||
Timothy J. Lemoine | 7,262 | -- | -- | |||||||||
R. Glenn Pumpelly | -- | -- | -- | |||||||||
William M. Simmons | 52,078 | -- | -- | |||||||||
Joseph V. Tortorice, Jr. | 2,328 | -- | -- | |||||||||
J. Eustis Corrigan, Jr. | -- | 731 | 7,875 | |||||||||
Donald R. Landry | -- | 26,397 | -- | |||||||||
Teri S. Stelly | -- | 21,658 | 2,888 | |||||||||
A. Dwight Utz | -- | 2,792 | 903 |
Name and Address | Shares Beneficially | Percent | ||||||
Of Beneficial Owner | Owned | of Class | ||||||
MidSouth Bancorp, Inc., Employee Stock | 406,597 | (1) | 8.11 | % | ||||
Ownership Plan, ESOP Trustees and ESOP Administrative Committee P. O. Box 3745, Lafayette, LA 70502 | ||||||||
MidSouth Bancorp, Inc.,(2) | 257,403 | 5.13 | % | |||||
Directors Deferred Compensation Plan, Executive Committee P. O. Box 3745, Lafayette, LA 70502 |
Name and Address Of Beneficial Owner | Shares Beneficially Owned | Percent of Class |
MidSouth Bancorp, Inc., Employee Stock Ownership Plan, ESOP Trustees and ESOP Administrative Committee P. O. Box 3745, Lafayette, LA 70502 | 558,337(1) | 8.22% |
MidSouth Bancorp, Inc., (2) Directors Deferred Compensation Plan, Executive Committee P. O. Box 3745, Lafayette, LA 70502 | 360,426 | 5.31% |
(1) | The Administrative Committee directs the Trustees how to vote the approximately | |
(2) | See Note (1) to the Table of Security Ownership of Management. |
· | Objectives of our compensation programs; |
· | What our compensation programs are designed to reward; |
· | Process for determining executive officer compensation; |
· | Elements of compensation provided to our executive officers; |
– | The purpose of each element of compensation |
– | Why we elect to pay each element of compensation |
– | How each element and our decisions regarding its payment relate to our goals |
· | Other important compensation policies affecting our executive officers. |
· | Attract, retain, and motivate outstanding executive officers whom add value to us based on individual and team contributions; |
· | Provide a competitive salary structure in all markets where we operate; and |
· | Align the executive officers’ interests with the long-term interests of our shareholders to enhance shareholder value. |
Total Assets | Asset Growth | ROAA | ROAE | |||||||||||||
Summary of Peer Group (Yr-end 2006) | 2006Y | 3 Yr | 2006Y | 2006Y | ||||||||||||
Average | 1,069,305 | 84.4 | % | 0.96 | % | 10.4 | % | |||||||||
50th Percentile | 990,350 | 54.4 | % | 0.90 | % | 9.6 | % | |||||||||
MidSouth Bancorp, Inc. | 805,022 | 86.0 | % | 1.08 | % | 14.7 | % |
Total Assets | Asset Growth | ROAA | ROAE | |||||||||||||||||||
2008Y | 3 Yr | 2008Y | 2008Y | |||||||||||||||||||
Company Name | Ticker | City | State | $ | (000 | ) | (%) | (%) | (%) | |||||||||||||
1 | First M&F Corporation | FMFC | Kosciusko | MS | 1,596,865 | 26.0 | 0.03 | 0.37 | ||||||||||||||
2 | Great Florida Bank | GFLBA | Coral Gables | FL | 1,843,867 | 83.3 | -1.12 | -11.34 | ||||||||||||||
3 | ViewPoint Financial Group (MHC) | VPFG | Plano | TX | 2,213,447 | 55.0 | 0.30 | 2.95 | ||||||||||||||
4 | Southern Community Financial Corporation | SCMF | Winston-Salem | NC | 1,803,778 | 40.1 | 0.34 | 4.02 | ||||||||||||||
5 | BancTrust Financial Group, Inc. | BTFG | Mobile | AL | 2,088,177 | 59.9 | 0.06 | 0.50 | ||||||||||||||
6 | Encore Bancshares, Inc. | EBTX | Houston | TX | 1,587,844 | 20.6 | -0.54 | -4.96 | ||||||||||||||
7 | TIB Financial Corp. | TIBB | Naples | FL | 1,610,114 | 49.6 | -1.36 | -20.41 | ||||||||||||||
8 | MetroCorp Bancshares, Inc. | MCBI | Houston | TX | 1,580,238 | 40.1 | 0.12 | 1.50 | ||||||||||||||
9 | CenterState Banks of Florida, Inc. | CSFL | Winter Haven | FL | 1,333,143 | 53.0 | 0.28 | 2.21 | ||||||||||||||
10 | Florida Community Banks, Inc. | FLRB | Immokalee | FL | -- | -- | -- | -- | ||||||||||||||
11 | Peoples Financial Corporation | PFBX | Biloxi | MS | 896,408 | 6.0 | 0.56 | 4.77 | ||||||||||||||
12 | Pulaski Financial Corp. | PULB | Saint Louis | MO | 1,304,150 | 65.1 | 0.23 | 3.34 | ||||||||||||||
13 | Peoples BancTrust Company, Inc. | PBTC | Selma | AL | -- | -- | -- | -- | ||||||||||||||
14 | Nexity Financial Corporation | NXTY | Birmingham | AL | 1,061,580 | 35.3 | -1.27 | -20.14 | ||||||||||||||
15 | Bank of Florida Corporation | BOFL | Naples | FL | 1,549,013 | 171.9 | -0.93 | -6.70 | ||||||||||||||
16 | First Federal Bancshares of Arkansas, Inc. | FFBH | Harrison | AR | 795,172 | -6.7 | 0.31 | 3.38 | ||||||||||||||
17 | Federal Trust Corporation | FDTR | Sanford | FL | -- | -- | -- | -- | ||||||||||||||
18 | United Security Bancshares, Inc. | USBI | Thomasville | AL | 668,002 | 7.5 | 0.80 | 6.83 | ||||||||||||||
19 | Auburn National Bancorporation, Inc. | AUBN | Auburn | AL | 745,970 | 22.7 | 0.92 | 12.06 | ||||||||||||||
20 | Sun American Bancorp | SAMB | Boca Raton | FL | 590,927 | 113.2 | -8.69 | -58.26 | ||||||||||||||
Average | 1,368,747 | 49.6 | -0.59 | -4.70 | ||||||||||||||||||
50th Percentile | 1,549,013 | 40.1 | 0.12 | 1.50 | ||||||||||||||||||
MidSouth Bancorp, Inc. | MSL | Lafayette | LA | 936,815 | 34.1 | 0.60 | 7.79 |
· | Base Salary; |
· | Annual Incentives; |
· | Retirement Benefits; |
· | Health and Insurance Plans; |
· | Long-term Equity Awards; and |
· | Perquisites. |
Named Executive Officer | 2007 Base Salary | 2008 Base Salary | % Increase | |||||||||
C.R. Cloutier | $ | 200,000 | $ | 200,000 | 0.0 | % | ||||||
J. Eustis Corrigan Jr. | $ | 175,000 | $ | 190,000 | 8.6 | % | ||||||
Karen L. Hail | $ | 157,000 | $ | 157,000 | 0.0 | % | ||||||
Donald R. Landry | $ | 147,000 | $ | 154,000 | 4.8 | % | ||||||
A. Dwight Utz | $ | 112,000 | $ | 121,000 | 8.0 | % | ||||||
Totals for all Five Named Executive Officers as a Group | $ | 791,000 | $ | 822,000 | 3.9 | % |
Phantom Stock Grants | ||||||||||||||||||||
Named Executive Officer | 2008 | 2009 | ||||||||||||||||||
# of Shares | Estimate of Value at Start of Year | Earned at Year-End | # of Shares | Dollar Value Estimate(1) | ||||||||||||||||
C.R. Cloutier | 131,250 | $ | 173,750 | $ | 108,938 | 131,250 | $ | 108,938 | ||||||||||||
J. Eustis Corrigan Jr. | 39,375 | $ | 52,125 | $ | 32,681 | 39,375 | $ | 32,681 | ||||||||||||
Karen L. Hail | 65,625 | $ | 86,875 | $ | 54,469 | 65,625 | $ | 54,469 | ||||||||||||
Donald R. Landry | 47,250 | $ | 62,550 | $ | 39,218 | 47,250 | $ | 39,218 | ||||||||||||
A. Dwight Utz | 28,926 | $ | 38,293 | $ | 24,009 | 28,926 | $ | 24,009 |
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Long-Term Compensation | ||||||||||||||||||||||||||||||||
Other | All | |||||||||||||||||||||||||||||||
Name and | Annual | Restricted | Securities | Other | ||||||||||||||||||||||||||||
Principal | Compen- | Stock | Underlying | LTIP | Compen- | |||||||||||||||||||||||||||
Position | Year | Salary(1) | Bonus(2) | sation | Award(s) | Option(s) | Payouts | sation(3) | ||||||||||||||||||||||||
C. R. Cloutier | 2005 | $ | 229,575 | $ | 113,608 | 0 | 0 | 0 | 0 | $ | 9,704 | |||||||||||||||||||||
President & Chief | 2004 | $ | 222,029 | $ | 92,516 | 0 | 0 | 0 | 0 | $ | 8,892 | |||||||||||||||||||||
Executive Officer | 2003 | $ | 212,504 | $ | 76,680 | 0 | 0 | 0 | 0 | $ | 8,895 | |||||||||||||||||||||
Karen L. Hail | 2005 | $ | 165,165 | $ | 62,567 | 0 | 0 | 0 | 0 | $ | 8,284 | |||||||||||||||||||||
Senior Exec VP & | 2004 | $ | 152,037 | $ | 55,509 | 0 | 0 | 0 | 0 | $ | 6,962 | |||||||||||||||||||||
Chief Oper. Off. | 2003 | $ | 145,417 | $ | 46,008 | 0 | 0 | 0 | 0 | $ | 6,598 | |||||||||||||||||||||
Donald R. Landry | 2005 | $ | 136,415 | $ | 49,128 | 0 | 0 | 0 | 0 | $ | 7,654 | |||||||||||||||||||||
Exec. VP & Chief | 2004 | $ | 113,740 | $ | 43,945 | 0 | 0 | 0 | 0 | $ | 6,657 | |||||||||||||||||||||
Lending Officer | 2003 | $ | 110,063 | $ | 36,423 | 0 | 0 | 0 | 0 | $ | 6,192 | |||||||||||||||||||||
A. Dwight Utz | 2005 | $ | 92,000 | $ | 35,532 | 0 | 0 | 0 | 0 | $ | 4,808 | |||||||||||||||||||||
Senior VP & Retail | 2004 | $ | 92,000 | $ | 30,068 | 0 | 0 | 500 | 0 | $ | 4,232 | |||||||||||||||||||||
Executive Manager | 2003 | $ | 92,000 | $ | 22,543 | 0 | 0 | 1,000 | 0 | $ | 4,071 | |||||||||||||||||||||
Jennifer Fontenot | 2005 | $ | 88,625 | $ | 25,835 | 0 | 0 | 0 | 0 | $ | 4,315 | |||||||||||||||||||||
Senior VP/Chief | 2004 | $ | 78,500 | $ | 31,442 | 0 | 0 | 500 | 0 | $ | 3,812 | |||||||||||||||||||||
Info. Officer | 2003 | $ | 75,000 | $ | 20,136 | 0 | 0 | 1,000 | 0 | $ | 1,622 |
– | ||
– | Moving expenses; |
– | Country club membership; |
– | Health club membership; and |
– | Dinner club membership. |
Number of Securities | Value of Unexercised | |||||||||||||||
Underlying Unexercised | In-the-Money Options | |||||||||||||||
Options at | At | |||||||||||||||
Name | December 31, 2005 | December 31, 2005(1) | ||||||||||||||
Exercisable | Unexercisable | Exercisable | Unexercisable | |||||||||||||
C. R. Cloutier | 52,562 | 7,563 | $ | 1,029,438 | $ | 138,630 |
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Number of Securities | Value of Unexercised | |||||||||||||||
Underlying Unexercised | In-the-Money Options | |||||||||||||||
Options at | At | |||||||||||||||
Name | December 31, 2005 | December 31, 2005(1) | ||||||||||||||
Exercisable | Unexercisable | Exercisable | Unexercisable | |||||||||||||
Karen L. Hail | 39,478 | 3,630 | $ | 816,971 | $ | 60,537 | ||||||||||
Donald Landry | -0- | 3,025 | $ | - 0- | $ | 55,448 | ||||||||||
A. Dwight Utz | 6,791 | 2,972 | $ | 128,102 | $ | 35,354 | ||||||||||
Jennifer Fontenot | 7,123 | 1,459 | $ | 153,302 | $ | 5,715 |
Shares Acquired | ||||||||
Name | On Exercise | Value Realized | ||||||
C. R. Cloutier | 10,000 | $ | 231,700 | (1) | ||||
Donald Landry | 12,620 | $ | 312,707 | (1) |
o | Limits on Incentive Compensation – The scope of limits on incentive compensation vary based upon the level of funds received under the CPP. Since MidSouth received less than $25 million in funds, the following limits apply only to the single most highly-compensated employee of the Bank. During 2008 this employee would have been Mr. C.R. Cloutier, the Chief Executive Officer of the Company. |
§ | CCP participants are prohibited from paying or accruing any bonus, retention award or incentive compensation for the covered employee. This prohibition does not apply to any bonus payments required to be paid pursuant to a written employment agreement prior to February 11, 2009. |
§ | This prohibition does not apply to the granting of long-term restricted stock provided that the equity does not fully vest during CPP participation and is not awarded on an annual basis at a value exceeding 1/3 of the covered employee’s total annual compensation. |
o | Prohibition on Compensation that Provides an Incentive to Take Unnecessary and Excessive Risks – This rule prohibits us from providing incentive compensation arrangements that encourage our SEOs to take unnecessary and excessive risks that threaten the value of the financial institution. Treasury regulations also require the Personnel Committee to review SEO incentive compensation arrangements with our senior risk officers to ensure that SEOs are not encouraged to take such risks. The regulations require the Committee to meet at least semi-annually with our senior risk officers to discuss and review the relationship between our risk management policies and practices and the SEO incentive compensation arrangements. The Personnel Committee has performed this review, and its conclusions are included in its report within this Proxy Statement. |
o | Claw-back Provisions on Incentive Compensation – Incentive compensation plans must provide for the recovery of any bonus, retention award or incentive compensation paid to SEOs and the next 20 most highly-compensated employees (up to a total of 25 employees) that were based upon financial statements or other criteria that are later to be found to be materially inaccurate. In addition, compensation plans that would encourage manipulation of reported earnings to enhance the compensation of any employee are prohibited. |
o | Limit on Tax Deduction – This provision of the EESA regulations limits our tax deduction for compensation paid to any SEO to $500,000 annually. The provision of |
EESA amended the Internal Revenue Code by adding 162(m)(5). Section 162(m)(5) imposes a $500,000 deduction limit. In addition, prior to the amendment, certain performance based compensation paid under shareholder approved plans did not count toward such deduction limit. EESA and Section 162(m)(5) eliminate that exclusion for the Company. |
o | Prohibitions on Golden Parachute Payments – CPP participants are prohibited from making any golden parachute payments to SEOs and the next 5 most highly-compensated employees (up to a total of 10 employees). Golden parachute payments are defined as any payment for departure from a company for any reason, except for payments for services performed or benefits accrued. We present the estimated impact of this prohibition in our section on Potential Payments Upon Termination or Change in Control. |
o | Limitations on Luxury Expenditures – Our Board must have a policy regarding excessive or luxury expenditures, including entertainment or events, office and facility renovations, aviation or other transportation services, and other activities or events that are not reasonable expenditures for staff development or reasonable performance incentives. Although a formal policy is not currently in place, we currently do not provide such expenditures and have not historically done so. For more details on the extent of perquisites and other expenditures provided to our SEOs please see the supplementary tables on perquisites which follow our Summary Compensation Table in this proxy. |
o | Certification of Compliance – The CEO and CFO of a CPP participant must provide certification in writing of compliance with the guidelines to the SEC. |
o | Binding SEO Agreements – Prior to selling the Company’s preferred stock to the Treasury, each of our SEOs executed an agreement which reduces his compensation and other benefits to the extent necessary to comply with these EESA requirements. These agreements will remain effective for so long as Treasury owns any of our CPP securities. |
o | Non-Binding Advisory Proposal on the Compensation of our Named Executive Officers – In accordance with the ARRA and based on recent guidance issued be the SEC, the Board of Directors authorized a non-binding advisory shareholder vote on our executive compensation plans, programs, and arrangements. We include this proposal in our proxy filing. |
(1) | a reduction in her salary or benefits in effect before the effective date of the change in control within two years after the effective date of the change in control; |
(2) | a requirement that she move her residence out of Lafayette, Louisiana; |
(3) | a requirement that she engage in excessive business travel (i.e., travel of more than 75 miles from Lafayette, Louisiana for more than an average of 7 business days per month) as part of her job duties; or |
(4) | her office is moved outside of the Lafayette MSA. |
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Period Ending | ||||||||||||||||||||||||
Index | 12/31/00 | 12/31/01 | 12/31/02 | 12/31/03 | 12/31/04 | 12/31/05 | ||||||||||||||||||
MidSouth Bancorp, Inc. | 100.00 | 137.04 | 207.94 | 421.61 | 455.99 | 507.03 | ||||||||||||||||||
Russell 3000 | 100.00 | 88.54 | 69.47 | 91.04 | 101.92 | 108.16 | ||||||||||||||||||
SNL $250M-$500M Bank Index | 100.00 | 142.07 | 183.20 | 264.70 | 300.43 | 318.97 | ||||||||||||||||||
SNL $500M-$1B Bank Index | 100.00 | 129.74 | 165.63 | 238.84 | 270.66 | 282.26 |
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Submitted by the Personnel Committee: | |||
Will Charbonnet Sr., Chairman | |||
James R. Davis, Jr. | |||
J. B. Hargroder, M.D. | |||
Joseph V. Tortorice, Jr. |
Submitted by the Risk Committee: | |||
James R. Davis, Jr., Lead Director | |||
Will Charbonnet Sr., Chairman of the Board | |||
Teri Stelly, Controller (Interim Chief Financial Officer) | |||
George Shafer, Compliance | |||
Arleen Bodin, Security | |||
Glenda Montet, Risk Manager | |||
Karen Penny, Loan Review | |||
Jay Angelle, Legal Counsel | |||
Larry Miller, Auditor |
Name and Principal Position | Year | Salary | Bonus(1) | Stock Awards | Option Awards(2) | Non-Equity Incentive Plan Compensation (3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings | All Other Comp.(5) | Total | |||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | |||||||||||||||||||||||||
C.R. Cloutier, President & Chief Executive Officer | 2008 | $ | 200,000 | $ | 100 | $ | 0 | $ | 0 | $ | 108,938 | $ | 0 | $ | 90,970 | $ | 400,008 | |||||||||||||||||
2007 | $ | 199,833 | $ | 0 | $ | 0 | $ | 4,127 | $ | 173,750 | $ | 0 | $ | 85,133 | $ | 462,843 | ||||||||||||||||||
2006 | $ | 196,000 | $ | 0 | $ | 0 | $ | 10,069 | $ | 163,339 | $ | 0 | $ | 80,216 | $ | 449,624 | ||||||||||||||||||
J. Eustis Corrigan Jr., EVP & Chief Financial Officer | 2008 | $ | 190,000 | $ | 3,434 | $ | 0 | $ | 24,650 | $ | 32,681 | $ | 0 | $ | 18,902 | $ | 269,667 | |||||||||||||||||
2007 | $ | 174,584 | $ | 3,333 | $ | 0 | $ | 24,650 | $ | 52,125 | $ | 0 | $ | 12,097 | $ | 266,789 | ||||||||||||||||||
2006 | $ | 85,038 | (4) | $ | 3,333 | $ | 0 | $ | 13,108 | $ | 24,750 | $ | 0 | $ | 14,140 | $ | 140,369 | |||||||||||||||||
Karen L. Hail, Senior Executive VP & Chief Operations Officer | 2008 | $ | 157,000 | $ | 100 | $ | 0 | $ | 0 | $ | 54,469 | $ | 0 | $ | 75,533 | $ | 287,102 | |||||||||||||||||
2007 | $ | 156,709 | $ | 0 | $ | 0 | $ | 1,981 | $ | 86,875 | $ | 0 | $ | 67,995 | $ | 313,560 | ||||||||||||||||||
2006 | $ | 149,595 | $ | 0 | $ | 0 | $ | 4,833 | $ | 82,250 | $ | 0 | $ | 61,900 | $ | 298,578 | ||||||||||||||||||
Donald R. Landry, Executive VP & Chief Lending Officer | 2008 | $ | 154,000 | $ | 100 | $ | 0 | $ | 0 | $ | 39,218 | $ | 0 | $ | 34,443 | $ | 227,761 | |||||||||||||||||
2007 | $ | 146,708 | $ | 0 | $ | 0 | $ | 1,651 | $ | 62,550 | $ | 0 | $ | 35,513 | $ | 246,422 | ||||||||||||||||||
2006 | $ | 139,552 | $ | 0 | $ | 0 | $ | 4,028 | $ | 57,733 | $ | 0 | $ | 36,414 | $ | 237,727 | ||||||||||||||||||
A. Dwight Utz, Senior VP & Chief Retail Officer | 2008 | $ | 121,000 | $ | 100 | $ | 0 | $ | 1,942 | $ | 24,009 | $ | 0 | $ | 11,129 | $ | 158,180 | |||||||||||||||||
2007 | $ | 112,000 | $ | 0 | $ | 0 | $ | 1,942 | $ | 38,293 | $ | 0 | $ | 10,428 | $ | 162,663 | ||||||||||||||||||
2006 | $ | 98,348 | $ | 0 | $ | 0 | $ | 5,373 | $ | 44,346 | $ | 0 | $ | 10,172 | $ | 158,239 |
(1) | Mr. Corrigan received a $10,000 signing bonus upon his hire in 2006. He will earn this bonus ratably over a 3 year period beginning on his hire date. In lieu of an end-of-year holiday party, all employees of the bank, including the NEOs received a one-time $100 bonus payment. |
(2) | Reflects compensation expense recognized for financial statement reporting purposes for 2006, 2007 and 2008 computed in accordance with Statement of Financial Accounting Standards No. 123 (revised 2004) Share Based Payment (“FAS 123R”), disregarding the estimate of forfeitures related to service-based vesting conditions, with respect to awards granted in 2006 and in prior years. |
Assumptions used in the calculation of this amount are included in footnote 11 to our audited financial statements for 2006 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), footnote 1 to our audited financial statements for 2004 included in our Annual Report on Form 10-K filed with the SEC and footnote 12 to the audited financial statements for 2003 included in our Annual Report on Form 10-KSB filed with the SEC. |
(3) | Amounts paid out pursuant to our Incentive Compensation Plan for awards granted in December 2005 for 2006 consist of phantom shares granted of 124,118 to Mr. Cloutier, 62,500 to Ms. Hail, 43,870 to Mr. Landry, and 24,579 to Mr. Utz. Grants of phantom shares for 2006 have been adjusted for the 5:4 stock split on October 24, 2006. The phantom shares paid out based on the basic undiluted earnings per share of $1.316 on year-ending 12/31/2006. In 2006, Mr. Utz earned $12,000 per the terms of a Supplemental Incentive Compensation plan based upon deposit and loan goals. This was the last year of Mr. Utz’s participation in the Supplemental Incentive Compensation plan. Pursuant to Mr. Corrigan’s employment agreement, he was granted 37,500 phantom shares upon his hire date, which has been adjusted for the 5:4 stock split on October 24, 2006. Mr. Corrigan’s phantom shares paid out based on a value of $0.66, the combined 3rd quarter and 4th quarter earnings per share for the 2006 calendar year. |
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(4) | Mr. Corrigan was hired effective June 12, 2006 with a base salary of $165,000. Base salary above reflects amounts from beginning of his employment through December 31, 2006. |
(5) | We provide details on the amounts reported for “All Other Compensation” in the supplementary tables below. |
C.L. Cloutier – All Other Compensation | 2008 | |||
Auto Expense(a) | $ | 113 | ||
Board of Director Fees(b) | $ | 52,025 | ||
Cell Phone/ PDA | $ | 1,770 | ||
Club Membership | $ | 3,184 | ||
Company Contribution to Indexed Salary Continuation Plan Pre-Retirement Account(c) | $ | 10,956 | ||
Employer 401K Contribution | $ | 1,648 | ||
ESOP Contributions | $ | 10,178 | ||
Imputed Income from Split-Dollar Life Insurance | $ | 667 | ||
Supplemental Life Insurance | $ | 3,161 | ||
Supplemental Long-Term Disability Insurance | $ | 6,768 | ||
Uniform Allowance | $ | 500 | ||
Total | $ | 90,970 |
(a) | We provide an automobile to Mr. Cloutier. Amounts reported in the table reflect the personal-use levels of this perquisite. |
(b) | Reflects annual cash fees for board service. We provide further details on the breakdown of fees provided for board responsibilities in the Director Compensation disclosure section of the proxy. |
(c) | Reflects the annual accrued benefit liability for the pre-retirement accounts under the Indexed Salary Continuation Plan. |
J. Eustis Corrigan Jr. - All Other Compensation | 2008 | |||
Cell Phone/ PDA | $ | 1,120 | ||
Club Membership | $ | 3,830 | ||
Employer 401K Contribution | $ | 646 | ||
ESOP Contributions | $ | 10,178 | ||
Housing/ Relocation(a) | $ | 2,628 | ||
Uniform Allowance | $ | 500 | ||
Total | $ | 18,902 |
(a) | The relocation expenses provided to Mr. Corrigan were paid in 2006; however under the terms of his employment agreement, the amount paid is earned on an annual basis over a three-year period. Therefore, amounts reported in this table and in the Supplementary Compensation Table are prorated over the three years in which they are earned. |
Karen L. Hail – All Other Compensation | 2008 | |||
Auto Expense(a) | $ | 1,159 | ||
Board of Director Fees(b) | $ | 43,400 | ||
Cell Phone/ PDA | $ | 571 | ||
Club Membership | $ | 1,205 | ||
Company Contribution to Indexed Salary Continuation Plan Pre-Retirement Account(c) | $ | 10,374 | ||
Employer 401K Contribution | $ | 980 | ||
ESOP Contributions | $ | 10,178 | ||
Imputed Income from Split-Dollar Life Insurance | $ | 640 | ||
Supplemental Life Insurance | $ | 1,787 | ||
Supplemental Long-Term Disability Insurance | $ | 4,739 | ||
Uniform Allowance | $ | 500 | ||
Total | $ | 75,533 |
(a) | We provide an automobile to Ms. Hail. Amounts reported in the table reflect the personal-use levels of this perquisite. |
(b) | Reflects annual cash fees for board service. We provide further details on the breakdown of fees provided for board responsibilities in the Director Compensation disclosure section of the proxy. |
(c) | Reflects the annual accrued benefit liability for the pre-retirement accounts under the Indexed Salary Continuation Plan. |
Donald R. Landry - All Other Compensation | 2008 | |||
Auto Expense(a) | $ | 686 | ||
Board of Director Fees(b) | $ | 4,875 | ||
Cell Phone/ PDA | $ | 1,064 | ||
Club Membership | $ | 4,593 | ||
Company Contribution to Indexed Salary Continuation Plan Pre-Retirement Account(c) | $ | 8,956 | ||
Employer 401K Contribution | $ | 672 | ||
ESOP Contributions | $ | 9,414 | ||
Imputed Income from Split-Dollar Life Insurance | $ | 486 | ||
Supplemental Life Insurance | $ | 772 | ||
Supplemental Long-Term Disability Insurance | $ | 2,425 | ||
Uniform Allowance | $ | 500 | ||
Total | $ | 34,443 |
(a) | We provide an automobile to Mr. Landry. Amounts reported in the table reflect the personal-use levels of this perquisite. |
(b) | Reflects annual cash fees for board service. We provide further details on the breakdown of fees provided for board responsibilities in the Director Compensation disclosure section of the proxy. |
(c) | Reflects the annual accrued benefit liability for the pre-retirement accounts under the Indexed Salary Continuation Plan. |
A. Dwight Utz - All Other Compensation | 2008 | |||
Auto Expense(a) | $ | 196 | ||
Cell Phone/ PDA | $ | 1,087 | ||
Club Membership | $ | 1,218 | ||
Employer 401K Contribution | $ | 1,133 | ||
ESOP Contributions | $ | 6,995 | ||
Uniform Allowance | $ | 500 | ||
Total | $ | 11,129 |
(a) | We provide an automobile to Mr. Utz. Amounts reported in the table reflect the personal-use levels of this perquisite. |
Estimated Future Payouts Under Non- Equity Incentive Plan Awards (2) | |||||||||||||||||
Name | Grant Date | Non-equity incentive Plan Awards: Number of Units or Other Rights (1) | Threshold | Target | Maximum | ||||||||||||
(a) | (b) | (c) | (d) | (e) | |||||||||||||
C.R. Cloutier | 12/31/2008 | 131,250 | $ | 0 | $ | 108,938 | -- | ||||||||||
J. Eustis Corrigan Jr. | 12/31/2008 | 39,375 | $ | 0 | $ | 32,681 | -- | ||||||||||
Karen L. Hail | 12/31/2008 | 65,625 | $ | 0 | $ | 54,469 | -- | ||||||||||
Donald R. Landry | 12/31/2008 | 47,250 | $ | 0 | $ | 39,218 | -- | ||||||||||
A. Dwight Utz | 12/31/2008 | 28,926 | $ | 0 | $ | 24,009 | -- |
(1) | Amounts granted pursuant to our Incentive Compensation Plan as described in the Compensation Discussion & Analysis. Grants determined and awarded in December 2008 for the 2009 calendar year. |
(2) | Threshold is zero based upon basic earnings per share value of $0. Target is based on the December 31, 2008 basic earnings per share of $0.83 times the number of non-equity incentive plan awards granted for 2009. Maximum values cannot be provided since payouts are based directly upon earnings per share with no cap applied. |
Options Awards | |||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Equity Incentive Plan Awards Number of Securities Underlying Unexercised Unearned Options (#) | Options Exercise Price | Option Expiration Date | Date Equity Fully Vests | |||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | ||||||||||||||||
C.R. Cloutier | 24,814 | 0 | 0 | $ | 6.55 | 5/31/2012 | 05/31/2007 | ||||||||||||||
J. Eustis Corrigan Jr. | 7,875 | 11,813 | 0 | $ | 22.48 | 6/21/2016 | 06/21/2011 | ||||||||||||||
A. Dwight Utz | 722 | 180 | 0 | $ | 13.77 | 11/30/2014 | 11/30/2009 |
(1) | All options listed above vest at a rate of 20% per year over a five year period from the date of grant. |
Option Awards | Stock Awards | ||||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized upon Exercise | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting | |||||||||||||
(a) | (b) | (c) | (d) | (e) | |||||||||||||
C.R. Cloutier | 24,193 | $ | 359,024 | (1) | 0 | $ | 0 | ||||||||||
Karen L. Hail | 11,911 | $ | 186,050 | (2) | 0 | $ | 0 | ||||||||||
A. Dwight Utz | 11,910 | $ | 180,946 | (3) | 0 | $ | 0 |
(1) | Reflects the difference between $22.61, the closing price of our stock on 2/21/2008, and $7.77, the exercise price of the options. |
(2) | Reflects the difference between $22.17, the closing price of our stock on 1/15/2008, and $6.55, the exercise price of the options. |
(3) | Reflects the sum of the following two amounts; difference between $21.25, the closing price of our stock on 5/12/2008 and $5.59, the exercise price for 9,925 options; plus the difference between $21.25, the closing price of the stock on 5/12/2008 and $8.62, the exercise price for 1,985 options. |
Name | Plan(1)(2) | Executive Contributions in Last Fiscal Year | Registrant Contributions in Last Fiscal Year | Aggregate Earnings in Last Fiscal Year | Aggregate Withdrawals/ Distributions | Aggregate Balance at Last Fiscal Year | ||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||||||
C.R. Cloutier | DDCP | $ | 0 | $ | 0 | $ | -609,762 | $ | 0 | $ | 784,367 | |||||||||||
C.R. Cloutier | EISCP | $ | 0 | $ | 10,956 | $ | 0 | $ | 0 | $ | 71,458 | |||||||||||
Karen L. Hail | DDCP | $ | 0 | $ | 0 | $ | -391,082 | $ | 0 | $ | 503,051 | |||||||||||
Karen L. Hail | EISCP | $ | 0 | $ | 10,374 | $ | 0 | $ | 0 | $ | 59,346 | |||||||||||
Donald R. Landry | EISCP | $ | 0 | $ | 8,956 | $ | 0 | $ | 0 | $ | 50,351 |
Compensation and/or Benefits Payable Upon Termination | Early Retirement/ Voluntary Resignation | Involuntary Termination for Cause | Involuntary Termination without Cause | Termination in Connection with a Change in Control (without Cause or for Good Reason) | Termination in the Event of Disability | Termination in the Event of Death | ||||||||||||||||||
C.R. Cloutier | ||||||||||||||||||||||||
Supplemental Life Insurance Death Benefit | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 400,000 | ||||||||||||
Supplemental Long-Term Disability Benefit(1) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 154,747 | $ | 0 | ||||||||||||
Executive Indexed Salary Continuation Benefit(1) | $ | 55,407 | $ | 0 | $ | 55,407 | $ | 82,540 | $ | 55,407 | $ | 78,197 | ||||||||||||
Split-Dollar Life Insurance | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 483,151 | ||||||||||||
Intrinsic Value of Unvested Stock Options(2) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Total | $ | 55,407 | $ | 0 | $ | 55,407 | $ | 82,540 | $ | 210,154 | $ | 961,348 | ||||||||||||
Total Allowable Per ARRA Restrictions | $ | 55,407 | -- | $ | 55,407 | $ | 55,407 | $ | 210,154 | $ | 961,348 | |||||||||||||
J. Eustis Corrigan Jr. | ||||||||||||||||||||||||
Cash Severance Payment | $ | 0 | $ | 0 | $ | 0 | $ | 453,418 | $ | 0 | $ | 0 | ||||||||||||
Intrinsic Value of Unvested Stock Options(2) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 453,418 | $ | 0 | $ | 0 | ||||||||||||
Total Allowable Per ARRA Restrictions | -- | -- | -- | $ | 0 | -- | -- | |||||||||||||||||
Karen L. Hail | ||||||||||||||||||||||||
Cash Severance Payment | $ | 0 | $ | 0 | $ | 157,000 | $ | 157,000 | $ | 0 | $ | 0 | ||||||||||||
Supplemental Life Insurance Death Benefit | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 500,000 | ||||||||||||
Supplemental Long-Term Disability Benefit(1) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 673,746 | $ | 0 | ||||||||||||
Executive Indexed Salary Continuation Benefit(1) | $ | 30,860 | $ | 0 | $ | 30,860 | $ | 90,181 | $ | 30,860 | $ | 64,875 | ||||||||||||
Split-Dollar Life Insurance | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 653,377 | ||||||||||||
Intrinsic Value of Unvested Stock Options(2) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Total | $ | 30,860 | $ | 0 | $ | 187,860 | $ | 247,181 | $ | 704,606 | $ | 1,218,252 | ||||||||||||
Total Allowable Per ARRA Restrictions | $ | 30,860 | -- | $ | 30,860 | $ | 90,181 | $ | 704,606 | $ | 1,218,252 | |||||||||||||
Donald R. Landry | ||||||||||||||||||||||||
Supplemental Life Insurance Death Benefit | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 588,000 | ||||||||||||
Supplemental Long-Term Disability Benefit(1) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 736,683 | $ | 0 | ||||||||||||
Executive Indexed Salary Continuation Benefit(1) | $ | 23,017 | $ | 0 | $ | 23,017 | $ | 90,327 | $ | 23,017 | $ | 55,100 | ||||||||||||
Split-Dollar Life Insurance | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 623,298 | ||||||||||||
Intrinsic Value of Unvested Stock Options(2) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Total | $ | 23,017 | $ | 0 | $ | 23,017 | $ | 90,327 | $ | 759,700 | $ | 1,266,398 | ||||||||||||
Total Allowable Per ARRA Restrictions | $ | 23,017 | -- | $ | 23,017 | $ | 23,017 | $ | 759,700 | $ | 1,266,398 | |||||||||||||
A. Dwight Utz | ||||||||||||||||||||||||
Intrinsic Value of Unvested Stock Options(2) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Total Allowable Per ARRA Restrictions | -- | -- | -- | -- | -- | -- |
(1) | Present value of benefit calculated based on a discount of 120% of the appropriate semiannually compounded AFR rate as of December 2008 for each NEO: 1.63% for Mr. Cloutier, 3.40% for Ms. Hail and Mr. Landry. |
(2) | As of 12/31/2008 all unvested options had an exercise price exceeding the 12/31/2008 closing price of $12.75, therefore there is no intrinsic value reported for the acceleration of unvested stock options. |
Summary of Board Fee Schedule | ||||
Monthly Board Service Fee (Retainer) | ||||
Holding Company Board | $ | 750 | ||
Bank Board | $ | 250 | ||
Additional Monthly Fees (Retainer) per Responsibility | ||||
Board Chair | $ | 900 | ||
Board Vice-Chair | $ | 450 | ||
Audit Committee Chair | $ | 800 | ||
Holding Company Board Meeting Fees | ||||
Regular Board Meetings | $ | 500 | ||
Special Board Meetings | $ | 500 | ||
Committee Meetings | ||||
First Hour | $ | 200 | ||
Amounts Per Additional Hour | $ | 100 | ||
Bank Board Meeting Fees | ||||
Regular Board Meetings | $ | 500 | ||
Special Board Meetings | $ | 500 | ||
Committee Meetings | ||||
First Hour | $ | 200 | ||
Amounts Per Additional Hour | $ | 100 |
Committees of the Board (2) | ||||||||
Director | Employee of the Company | Holding Company Board | Bank Board | Audit | Comp | Exec | Nom | Corp Gov |
Will Charbonnet Sr. | No | Chair | Chair | Member | Chair | Chair | Member | Member |
James R. Davis Jr. | No | Lead | Member | Chair | Member | |||
J.B. Hargroder, M.D. | No | Vice-Chair | Vice-Chair | Member | Member | Chair | Chair | |
Clayton Paul Hilliard | No | Member | Member | Member | Member | Member | ||
Milton B. Kidd III, O.D. | No | Member | Member | Member | ||||
Timothy J. Lemoine | No | Member | Member | |||||
Stephen C. May (1) | No | Member | Member | |||||
R. Glenn Pumpelly | No | Member | Member | Member | ||||
William M. Simmons | No | Member | Member | Member | Member | |||
Joseph V. Tortorice, Jr. | No | Member | Member | Member | Member | |||
C.R. Cloutier | Yes | Member | Member | Member | ||||
Karen L. Hail | Yes | Member | Member | |||||
Total Members as of 12/31/2008 | 11 | 11 | 4 | 4 | 5 | 4 | 4 | |
Number of Meetings Held During 2008 | 12 | 10 | 10 | 4 | 10 | 1 | 1 |
(1) | Resigned from the Board on February 1, 2008. |
(2) | “Audit” – Audit Committee; “Comp” – Compensation Committee; “Exec” – Executive Committee; “Nom” – Nominating Committee; “Corp Gov” – Corporate Governance |
Name | Fees Earned or Paid in Cash | Stock Awards | Option Awards | Non-Equity Incentive Plan Compensation | Change in Pension Value and Nonqualified Deferred Compensation Earnings | All Other Compensation (2) | Total | |||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | |||||||||||||||||||||
Will Charbonnet, Sr. | $ | 57,600 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 57,600 | ||||||||||||||
James R. Davis, Jr. | $ | 43,870 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 43,870 | ||||||||||||||
J.B. Hargroder, M.D. (3) | $ | 55,695 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 55,695 | ||||||||||||||
Clayton Paul Hilliard | $ | 31,700 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 31,700 | ||||||||||||||
Milton B. Kidd, III, O.D. | $ | 31,500 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 31,500 | ||||||||||||||
Timothy J. Lemoine | $ | 37,200 | (5) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 37,200 | |||||||||||||
Stephen C. May (4) | $ | 5,700 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 5,700 | ||||||||||||||
R. Glenn Pumpelly | $ | 37,900 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 37,900 | ||||||||||||||
William M. Simmons (3) | $ | 47,690 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 47,690 | ||||||||||||||
Joseph V. Tortorice, Jr. (3) | $ | 29,225 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 29,225 |
(1) | In 1997, non-employee directors were given options to buy up to 20,736 shares of stock at $3.53 per share, the fair market value on the date of grant, all of which have been exercised. No stock or option awards were provided in 2008. |
(2) | Certain directors receive perquisites such as travel reimbursement; however, the aggregate amount of such compensation is less than $10,000 and therefore is not reported. |
(3) | Includes director fees paid by MidSouth-Texas. |
(4) | Resigned from the Board on February 1, 2008. |
(5) | Includes $37,200 in fees deferred into the Director’s Deferred Compensation Plan used to purchase 2,807 shares of our common stock. |
(6) | Includes $22,410 in fees deferred into the Director’s Deferred Compensation Plan used to purchase 1,691 shares of our common stock. |
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By the members of the Audit Committee: | |||
James R. Davis, Jr. | |||
Will Charbonnet, Sr. | |||
Clayton Paul Hilliard | |||
Milton B. Kidd, III, O.D. |
Description | 2008 | 2007 | |||
Audit Fees | $ | 240,192 | 254,778 | ||
Audit-Related Fees | $ | - | - | ||
Tax Fees | $ | - | - | ||
All Other Fees | $ | - | - |
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Year-ended December 31, | ||||||||||||||||
2005 | 2004 | |||||||||||||||
Fee Category | Amount | % | Amount | % | ||||||||||||
Audit fees | ||||||||||||||||
Deloitte & Touche LLP | — | $ | 89,600 | 100 | % | |||||||||||
Porter Keadle Moore LLP | 85,827 | 42 | % | |||||||||||||
All other fees | 119,749 | 58 | % | — | — | |||||||||||
Total fees | $ | 205,576 | 100 | % | $ | 89,600 | 100 | % | ||||||||
- 17 -
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By order of the | |||||||
Board of Directors | |||||||
SEVP/Chief Operating Officer | |||||||
Secretary to the Board | |||||||
Lafayette, Louisiana April 22, 2009 | ||||||||||