| | | | | 2 | | | | |||
| | | | | 7 | | | | |||
| | | | | 7 | | | | |||
| | | | | 7 | | | | |||
| | | | | 7 | | | | |||
| | | | | | ||||||
| | ||||||||||
| | | | | 14 | | | | |||
| | | | | 14 | | | | |||
| | | | | | | | ||||
| | | | | | | | ||||
| | | | | 15 | | | | |||
| | | | | 15 | | | | |||
| | | | | 16 | | | | |||
| | | | | 16 | | | | |||
| | | | | | | | ||||
| | | | | | | | ||||
| | | | | 17 | | | | |||
| | | | | 17 | | | | |||
| | | | | 18 | | | | |||
| | | | | 19 | | | | |||
| | | | | | | | ||||
| | | | | 25 | | | | |||
| | | | | 25 | | | | |||
| | | | | 25 | | | | |||
| | | | | 25 | | | | |||
| | | | | 25 | | | | |||
| | | | | 25 | | | | |||
| | | | | 26 | | | ||||
| | | |||||||||
| | | | | 27 | | | | |||
| | | | | 27 | | | | |||
| | | | | 27 | | |||||
| | ||||||||||
| | | | | | | | ||||
| | | | | | | | ||||
| | | | | | | | ||||
| | | | | | | | ||||
| | | | | | | | ||||
| | | | | | | | ||||
| | | | | | | | ||||
| | | | | 34 | | | | |||
| | | | | 38 | | | | |||
| | | | | 39 | | | | |||
| | | | | 39 | | | |
| ||||||||
| | | | | | |||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | ||||
| | |||||||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| ||||||||
| | | | | | |||
| | | | | | | ||
| | | | | | | ||
| | | | | | |
| | | | ||
| | | | ||
| John E. | | | | |
Name | | | Age | | | Position with the Company and the Bank | | | Director Since | |
John Beckworth | | | 65 | | | Class I Director of the Company | | | 2022(1) | |
Fred S. Robertson | | | 73 | | | Class I Director of the Company; Director of the Bank | | | 2022(1) | |
Joseph B. Swinbank | | | 71 | | | Class I Director of the Company; Director of the Bank | | | 2013 | |
William E. Wilson, Jr. | | | 67 | | | Class I Director of the Company | | | 2017 | |
Name | | | Age | | | Position with the Company and the Bank | | | Director Since | |
Cynthia A. Dopjera | | | 65 | | | Class II Director of the Company; Director of the Bank | | | 2023(1) | |
Jon-Al Duplantier | | | 57 | | | Class II Director of the Company | | | 2022(2) | |
Joe E. Penland, Sr. | | | 73 | | | Class II Director of the Company; Director of the Bank | | | 2007 | |
Tymothi O. Tombar | | | 50 | | | Nominee Class II Director of the Company; Director of the Bank | | | *(3) | |
John E. Williams, Jr. | | | 69 | | | Class II Director of the Company | | | 2007 | |
Name | | | Age | | | Position with the Company and the Bank | | | | ||||
Directors: | | | | | | | | | | ||||
John Beckworth | | | 66 | | | Class I Director of the Company | | | | ||||
Fred S. Robertson | | | 74 | | | Class I Director of the Company; Director of the Bank | | | | ||||
Joseph B. Swinbank | | | 72 | | | Class I Director of the Company; Director of the Bank | | | | ||||
William E. Wilson, Jr. | | | 68 | | | Class I Director of the Company | | | | ||||
Robert R. Franklin, Jr. | | | 69 | | | Class III Director and CEO of the Company; Director and Executive Chairman of the Bank | | | | ||||
Michael A. Havard | | | 67 | | | Class III Director of the Company | | | | ||||
Frances H. Jeter | | | 67 | | | Class III Director of the Company | | | | ||||
Reagan A. Reaud | | | 45 | | | Class III Director of the Company | | | | ||||
Steven F. Retzloff | | | 68 | | | Class III Director and Executive Chairman of the Company; Director and Senior Executive Chairman of the Bank | | | | ||||
Executive officers who are not also directors: | | | | | | | | ||||||
Okan I. Akin | | | 53 | | | Chief Risk Officer of the Company and the Bank | | | | ||||
Paul P. Egge | | | 45 | | | Chief Financial Officer of the Company and the Bank | | | | ||||
Justin M. Long | | | 49 | | | General Counsel and Secretary of the Company and the Bank | | | | ||||
Ramon A. Vitulli, III | | | 55 | | | President of the Company and CEO of the Bank | | | | ||||
Joe F. West | | | 69 | | | Chief Credit Officer of the Company and the Bank | | | |
Board Diversity Matrix (As of April 24, 2023) | | | ||||||||||||||||||||||||||
Total Number of Directors | | | 14 | | | |||||||||||||||||||||||
| | | Female | | | Male | | | Non-Binary | | | Did Not Disclose Gender | | | ||||||||||||||
Part I: Gender Identity | | | ||||||||||||||||||||||||||
Directors | | | | | 1 | | | | | | 12 | | | | | | — | | | | | | 1 | | | | ||
Part II: Demographic Background | | | ||||||||||||||||||||||||||
African American or Black | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | ||
Alaskan Native or Native American | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Asian | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Hispanic or Latinx | | | | | — | | | | | | 1 | | | | | | — | | | | | | — | | | | ||
Native Hawaiian or Pacific Islander | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
White | | | | | 1 | | | | | | 10 | | | | | | — | | | | | | — | | | | ||
Two or More Races or Ethnicities | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
LGBTQ+ | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | |
Did Not Disclose Demographic Background | | | | | — | | | | | | — | | | | | | 1 | | | | | | — | | | | | |
| Total Number of Directors: 14 | |
| | | Female | | | Male | |
Part I: Gender Identity | | | | | | | |
Directors | | | 2 | | | 12 | |
Part II: Demographic Background | | | | | | | |
African American or Black | | | | | | 1 | |
Hispanic or Latinx | | | | | | 1 | |
White | | | 2 | | | 10 | |
| | | | Audit Committee | | | Compensation Committee | | | Corporate Governance and Nominating Committee | | | Risk Oversight Committee | |
| John Beckworth | | | | | | | | | | | | | |
| Cynthia A. Dopjera | | | FE | | | | | | | | | | |
| Jon-Al Duplantier | | | | | | | | | | | | ||
| Robert R. Franklin, Jr. | | | | | | | | | | | | | |
| Michael A. Havard | | | | | | | | | | | | ||
| Frances H. Jeter | | | | | | | | | | | | ||
| George Martinez | | | | | | | | | | | | ||
| ||||||||||||||
| Joe E. Penland, Sr. | | | | | | | | | | | | | |
| Reagan A. Reaud | | | | | | | | | | | | ||
| Steven F. Retzloff | | | | | | | | | | | | | |
| Fred S. Robertson | | | | | | | | | | | | | |
| Joseph B. Swinbank | | | | | | | | | | | | | |
| John E. Williams, Jr. | | | | | | | | | | | | ||
| William E. Wilson, Jr. | | | | | | | | | | | | |
Fee | | | Amount | | |||
Annual Retainer: | | | | | | | |
Annual Cash Retainer | | | | $ | 40,000 | | |
Lead Director Retainer | | | | | 15,000 | | |
Committee Retainer Fees: | | | | | | | |
Audit Committee Chairperson | | | | | 10,000 | | |
Audit Committee Member | | | | | 7,500 | | |
Compensation Committee Chairperson | | | | | 10,000 | | |
Compensation Committee Member | | | | | 7,500 | | |
Corporate Governance and Nominating Committee Chairperson | | | | | 7,500 | | |
Corporate Governance and Nominating Committee Member | | | | | 5,000 | | |
Risk Oversight Committee Chairperson | | | | | 10,000 | | |
Risk Oversight Committee Member | | | | | 7,500 | | |
Meeting Fees: | | | | | | | |
Board Meeting | | | | | 750 | | |
All Committees | | | | | 750 | | |
Equity Award: | | | | | | | |
Shares of restricted stock with target value | | | | | 60,000 | | |
Name | | Fees Earned or Paid in Cash ($)(3) | | Stock Awards ($)(6) | | All Other Compensation ($)(9) | | Total Compensation ($) | | | Fees Earned or Paid in Cash ($)(3) | | Stock Awards ($)(5) (10) | | All Other Compensation ($)(8) | | Total Compensation ($) | | ||||||||||||||||||||||||||||||||
John Beckworth | | | | 7,125 | | | | | —(7) | | | | | — | | | | | 7,125 | | | | | | 91,249(a) | | | | | 60,000(6) | | | | | 162 | | | | | 151,411 | | | ||||||||
Jon-Al Duplantier(1) | | | | 9,750 | | | | | —(7) | | | | | — | | | | | 9,750 | | | |||||||||||||||||||||||||||||
Cynthia A. Dopjera(1) | | | | 64,000(b) | | | | | 45,000(7) | | | | | — | | | | | 109,000 | | | |||||||||||||||||||||||||||||
Jon-Al Duplantier | | | | 86,833(c) | | | | | 60,000(6) | | | | | 162 | | | | | 146,995 | | | |||||||||||||||||||||||||||||
Michael A. Havard | | | | 66,975(a) | | | | | 34,778(7) | | | | | 464 | | | | | 102,217 | | | | | | 89,416(d) | | | | | 60,000(6) | | | | | 162 | | | | | 149,578 | | | ||||||||
Frances H. Jeter(1) | | | | 7,750 | | | | | —(7) | | | | | — | | | | | 7,750 | | | |||||||||||||||||||||||||||||
Tommy W. Lott(2) | | | | 40,650(b) | | | | | 34,778 | | | | | 464 | | | | | 75,892 | | | |||||||||||||||||||||||||||||
Frances H. Jeter | | | | 72,333(e) | | | | | 60,000(6) | | | | | 162 | | | | | 132,295 | | | |||||||||||||||||||||||||||||
George Martinez | | | | 154,756(4) | | | | | — | | | | | 12,980(10) | | | | | 167,736 | | | | | | 315,013(4) | | | | | — | | | | | 17,922(9) | | | | | 332,935 | | | ||||||||
Glen W. Morgan(2) | | | | 1,250(c) | | | | | 34,778 | | | | | — | | | | | 36,028 | | | |||||||||||||||||||||||||||||
William S. Nichols, III(1) | | | | 16,950(d) | | | | | — (7) | | | | | — | | | | | 16,950 | | | |||||||||||||||||||||||||||||
J. Pat Parsons(2) | | | | 450,000(5) | | | | | 30,009(8) | | | | | 378,493(11) | | | | | 858,502 | | | |||||||||||||||||||||||||||||
William S. Nichols, III(2) | | | | 33,233(f) | | | | | —(6) | | | | | 162 | | | | | 33,395 | | | |||||||||||||||||||||||||||||
Joe E. Penland, Sr. | | | | 45,525(e) | | | | | 34,778(7) | | | | | 464 | | | | | 80,767 | | | | | | 57,083(g) | | | | | 60,000(6) | | | | | 162 | | | | | 117,407 | | | ||||||||
Reagan A. Reaud | | | | 51,475(f) | | | | | 34,778(7) | | | | | 464 | | | | | 86,717 | | | | | | 79,749(h) | | | | | 60,000(6) | | | | | 162 | | | | | 139,911 | | | ||||||||
Fred S. Robertson(1) | | | | 12,875(g) | | | | | —(7) | | | | | — | | | | | 12,875 | | | | | | 103,083(i) | | | | | 60,000(6) | | | | | 162 | | | | | 163,245 | | | ||||||||
Joseph B. Swinbank | | | | 73,200(h) | | | | | 34,778(7) | | | | | 464 | | | | | 108,442 | | | | | | 112,533(j) | | | | | 60,000(6) | | | | | 162 | | | | | 172,695 | | | ||||||||
Sheila G. Umphrey(2) | | | | 8,750 | | | | | 34,778(7) | | | | | 464 | | | | | 43,992 | | | |||||||||||||||||||||||||||||
John E. Williams, Jr. | | | | 38,050(i) | | | | | 34,778(7) | | | | | 464 | | | | | 73,292 | | | | | | 80,499(ik) | | | | | 60,000(6) | | | | | 162 | | | | | 140,661 | | | ||||||||
William E. Wilson, Jr. | | | | 54,100(j) | | | | | 34,778(7) | | | | | 464 | | | | | 89,342 | | | | | | 75,666(l) | | | | | 60,000(6) | | | | | 162 | | | | | 135,828 | | |
| | 2022(3) | | 2021(4) | | | 2023 | | 2022 | | ||||||||||||||||
Audit Fees(1) | | | $ | 1,614,226 | | | | $ | 611,583 | | | | | $ | 1,489,274 | | | | $ | 1,614,226 | | | ||||
Audit-Related Fees | | | | — | | | | | — | | | | | | 22,050 | | | | | — | | | ||||
Tax Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
All Other Fees(2) | | | | 37,268 | | | | | — | | | |||||||||||||||
All Other Fees(3) | | | | — | | | | | 37,268 | | | |||||||||||||||
Total Fees | | | $ | 1,651,494 | | | | $ | 611,583 | | | | | $ | 1,511,324 | | | | $ | 1,651,494 | | |
Name | | | Title | Service at Stellar | | |||||
Robert R. Franklin, Jr. | | | Chief Executive Officer of Stellar and Executive Chairman of | | ||||||
Steven F. Retzloff | | | ||||||||
Executive Chairman of Stellar and Senior Executive Chairman of Stellar | | |||||||||
Paul P. Egge | | | ||||||||
Senior Executive Vice President, | | |||||||||
Ramon A. Vitulli, III | | | President of Stellar and Chief Executive Officer of | | ||||||
Justin M. Long | | | ||||||||
|
Name | | Base Salary(2) | | Target Annual Incentive Compensation(3) | | Target Long-Term Incentive Compensation(4) | | Total | | At-Risk | | | Base Salary | | Target 2023 Annual Incentive Compensation | | Target 2023 Long-Term Equity Awards | | Total | | At-Risk | | ||||||||||||||||||||||||||||||||||||||||
Robert R. Franklin Jr. | | | | 20% | | | | | 31% | | | | | 49% | | | | | 100% | | | | | 80% | | | | | | 31.4% | | | | | 26.7% | | | | | 41.9% | | | | | 100% | | | | | 68.6% | | | ||||||||||
Steven F. Retzloff | | | | 10% | | | | | 11% | | | | | 79% | | | | | 100% | | | | | 90% | | | | | | 42.3% | | | | | 19.0% | | | | | 38.7% | | | | | 100% | | | | | 57.7% | | | ||||||||||
Paul P. Egge | | | | 14% | | | | | 16% | | | | | 71% | | | | | 100% | | | | | 86% | | | | | | 46.6% | | | | | 23.3% | | | | | 30.1% | | | | | 100% | | | | | 53.4% | | | ||||||||||
Ramon A. Vitulli, III | | | | 13% | | | | | 16% | | | | | 71% | | | | | 100% | | | | | 87% | | | | | | 42.5% | | | | | 25.5% | | | | | 32.0% | | | | | 100% | | | | | 57.5% | | | ||||||||||
Travis Jaggers | | | | 39% | | | | | 57% | | | | | 4% | | | | | 100% | | | | | 61% | | | ||||||||||||||||||||||||||||||||||||
Justin M. Long(1) | | | | 47.7% | | | | | 21.5% | | | | | 30.8% | | | | | 100% | | | | | 52.3% | | |
| • 1st Source Corporation • Amerant Bancorp Inc. • BancFirst Corporation • Banner Corporation • CVB Financial Corp. • Enterprise Financial Services Corp. | | | • Heartland Financial USA, Inc. • Independent Bank Group, Inc. • International Bancshares Corporation • Origin Bancorp, Inc. • Renasant Corporation, • Seacoast Banking Corporation of Florida | |
| • FB Financial Corporation • First Bancorp • First Busey Corporation • First Foundation Inc. • First Merchants Corporation • Home Bancshares, Inc. | | | • ServisFirst Bancshares, Inc. • • Trustmark Corporation • Veritex Holdings, Inc. | |
Name | | Base Salary as of December 31, 2022 | | Base Salary as of December 31, 2021 | | Percent Increase from 2021 Base Salary | | | Base Salary as of December 31, 2023 | | Base Salary as of December 31, 2022 | | Percent Increase from 2022 Base Salary | | ||||||||||||||||||||||||
Robert R. Franklin, Jr. | | | $ | 645,000 | | | | $ | 550,000 | | | | | 17% | | | | | $ | 745,000 | | | | $ | 645,000 | | | | | 15.5% | | | ||||||
Steven F. Retzloff | | | $ | 550,000 | | | | | — | | | | | — | | | | | $ | 550,000 | | | | $ | 550,000 | | | | | — | | | ||||||
Paul P. Egge | | | $ | 470,000 | | | | | — | | | | | — | | | | | $ | 495,000 | | | | $ | 470,000 | | | | | 5.3% | | | ||||||
Ramon A. Vitulli, III | | | $ | 540,000 | | | | | — | | | | | — | | | | | $ | 567,000 | | | | $ | 540,000 | | | | | 5.0% | | | ||||||
Robert T. Pigott, Jr.(2) | | | | — | | | | $ | 327,059 | | | | | — | | | ||||||||||||||||||||||
Travis Jaggers(3) | | | $ | 375,000 | | | | $ | 339,841 | | | | | 10% | | | ||||||||||||||||||||||
Justin M. Long. | | | $ | 415,000 | | | | $ | 415,000 | | | | | — | | |
Legacy Allegiance NEO | | | Legacy Allegiance 2022 Target Bonus Opportunity | | |||
Steven F. Retzloff | | | | $ | 162,756 | | |
Paul P. Egge | | | | $ | 137,230 | | |
Ramon A. Vitulli, III | | | | $ | 162,000 | | |
Performance Metric | | | Weight | | | Minimum (0%) | | | Target (100%) | | | Maximum (150%) | | | Legacy Allegiance Actual Results (as of date of Merger) | | |||
Pre-Tax Pre-Provision Return on Average Assets | | | | | 25.00% | | | | 1.10% | | | 1.35% to 1.45% | | | 1.70% | | | 1.52% | |
Return on Average Tangible Common Equity | | | | | 50.00% | | | | 7.00% | | | 11.50% to 13.50% | | | 15.00% | | | 15.33% | |
Ratio of Non-Performing Assets (excluding TDR) to Total Assets | | | | | 12.50% | | | | 80 bps | | | 40 to 30 bps | | | 20 bps | | | 32 bps | |
Ratio of Net Charge Offs to Average Loans | | | | | 12.50% | | | | 30 bps | | | 15 to 10 bps | | | 5 bps | | | 2 bps | |
Performance Metric | | | Weight | | | Minimum (0%) | | | Target (100%) | | | Maximum (150%) | | | Actual Results | | |||
ROATCE | | | | | 50% | | | | 8.00% | | | 16.00% to 17.50% | | | 20.00% | | | 15.70% | |
PTPP ROAA | | | | | 25% | | | | 1.30% | | | 1.80% to 1.95% | | | 2.10% | | | 1.58% | |
NIE/Avg. Assets | | | | | 12.5% | | | | 2.65% | | | 2.45% to 2.35% | | | 2.25% | | | 2.52% | |
NCO/Avg. Loans | | | | | 12.5% | | | | 35 bps | | | 20 to 15 bps | | | 5 bps | | | 14 bps | |
Name | | | AIP 2023 Target Bonus Opportunity | | | 2023 AIP Bonus Paid at 83.4% | | ||||||
Robert R. Franklin, Jr. | | | | $ | 633,250 | | | | | $ | 527,972 | | |
Steven F. Retzloff | | | | $ | 247,500 | | | | | $ | 206,353 | | |
Paul P. Egge | | | | $ | 247,500 | | | | | $ | 206,353 | | |
Ramon A. Vitulli, III | | | | $ | 340,200 | | | | | $ | 283,642 | | |
Justin M. Long | | | | $ | 186,750 | | | | | $ | 155,703 | | |
Legacy Allegiance NEO | | | Pre-Merger 2022 Bonus (a)(1) | | | Post-Merger 2022 Bonus (b) | | | Discretionary Bonus (c) | | | Full-Year 2022 Bonus (a) + (b) + (c) | | ||||||||||||
Steven F. Retzloff | | | | $ | 164,485 | | | | | $ | 61,875 | | | | | $ | 75,000 | | | | | $ | 301,360 | | |
Paul P. Egge | | | | $ | 138,688 | | | | | $ | 50,000 | | | | | $ | 35,000 | | | | | $ | 223,688 | | |
Ramon A. Vitulli, III | | | | $ | 163,721 | | | | | $ | 67,500 | | | | | $ | 50,000 | | | | | $ | 281,221 | | |
Name | | | Restricted Shares | | | Target Value of Restricted Share Award(1) | | | Performance Shares (Target Number) | | | Target Value of Performance Shares(1) | | ||||||||||||
Robert R. Franklin, Jr. | | | | | 12,843 | | | | | $ | 360,000 | | | | | | 19,265 | | | | | $ | 540,000 | | |
Steven F. Retzloff | | | | | 6,493 | | | | | $ | 182,000 | | | | | | 9,740 | | | | | $ | 273,000 | | |
Paul P. Egge | | | | | 5,297 | | | | | $ | 148,500 | | | | | | 5,298 | | | | | $ | 148,500 | | |
Ramon A. Vitulli, III | | | | | 7,079 | | | | | $ | 198,450 | | | | | | 7,080 | | | | | $ | 198,450 | | |
Justin M. Long | | | | | 4,441 | | | | | $ | 124,500 | | | | | | 4,442 | | | | | $ | 124,500 | | |
| | | Number of Earned Performance Shares (Based on Performance) | | |||||||||||||||
Name | | | Threshold (50% of Target No. of Performance Shares) | | | Target (100% of Target No. of Performance Shares) | | | Maximum Amount (100% of Target No. of Performance Shares) | | |||||||||
Robert R. Franklin, Jr | | | | | 6,632 | | | | | | 13,265 | | | | | | 39,794 | | |
Steven F. Retzloff | | | | | 5,655 | | | | | | 11,311 | | | | | | 33,933 | | |
(% of Target No. of Performance Shares) | |||||||
(% of Target No. of Performance Shares) | |||||||
| | | | Earned Performance Shares (as % of Target Number of Performance Shares)* | | ||||||
| | | | 0% | | | 100% | | | 200% | |
| Stellar’s TSR for the Performance Period Relative to PSA Peer Group Members | | | Below 20th percentile (Threshold) | | | At or above 45th percentile and equal to or below 55th percentile (Target) | | | At or above 75th percentile (Maximum) | |
| Restricted Shares | ||||||
| Mr. Franklin | | | | |
| Term | | | | |
| Base Salary | | | $645,000 per year (minimum) | |
| Target Annual Bonus Opportunity | | | 85% of base salary | |
| Target Annual Equity Award | | | 125% of base salary | |
| Severance (upon termination without “cause”, resignation for “good reason”, disability or non-renewal) | | | • A lump sum cash amount equal to the greater of $1.5 million or two times Mr. Franklin’s base salary; • Payment of the incentive bonus, if any, that Mr. Franklin would have earned for the calendar year in which the date of termination of his employment occurs based on achievement of the applicable performance goals for such year at target, prorated based on Mr. Franklin’s termination date; • A lump sum payment in cash in an amount equal to eighteen (18) months of the full monthly COBRA cost of premiums; and • Mr. Franklin will be deemed to have satisfied all service-based vesting conditions with respect to (a) the Mr. Franklin’s vested performance-based equity awards (including any such performance-based equity awards that vest in connection with Mr. Franklin’s termination) will remain outstanding and will be earned or forfeited by Mr. Franklin based on actual performance through the end of the applicable performance period. | |
| | | | The foregoing severance benefits are subject to Mr. Franklin’s execution of a separation and release agreement in a customary form prescribed by Stellar and Mr. Franklin’s compliance with the restrictive covenants of the Franklin employment agreement. If Mr. Franklin’s termination of employment entitles him to severance payments and benefits under the Stellar Bancorp, Inc. Change of Control Severance Plan, then any severance payments or benefits payable under the Stellar Bancorp, Inc. Change of Control Severance Plan will be reduced by the amounts payable as severance under the Franklin employment agreement. | |
| Non-competition | | | For the term of his employment and for two years thereafter, Mr. Franklin is subject to a non-competition restrictive covenant that applies within a fifty (50) mile radius of any | |
| Non-solicitation | | | Mr. Franklin is subject to a customer non-solicitation agreement and an employee non-solicitation agreement that runs during the term of his employment and for two years thereafter. | |
| Confidentiality | | | Perpetual | |
| Mr. Retzloff | | | | |
| Term | | | The period beginning at the effective time of the Merger and ending on the second anniversary of the effective time of the Merger. | |
| Base Salary | | | $550,000 per year (minimum) | |
| Target Annual Bonus Opportunity | | | 45% of base salary | |
| Target Annual Equity Award | | | 50% of base salary | |
| Severance (upon termination without “cause” or resignation for “good reason”) | | | • A lump sum cash amount equal to two times base salary; • Payment of the incentive bonus, if any, that executive would have earned for the calendar year in which the date of termination of his employment occurs based on achievement of the applicable performance goals for such year at target, prorated based on executive’s termination date; and • A lump sum payment in cash in an amount equal to eighteen (18) months of the full monthly COBRA cost of premiums. The foregoing severance benefits are subject to executive’s execution of a separation and release agreement in a customary form prescribed by Stellar and executive’s compliance with the restrictive covenants in the employment agreement. If executive’s termination of employment entitles him to severance payments and benefits under the Stellar Bancorp, Inc. Change of Control Severance Plan, then any severance payments or benefits payable under the Stellar Bancorp, Inc. Change of Control Severance Plan will be reduced by the amounts payable as severance under the employment agreement. | |
| Non-competition | | | |
| Non-solicitation | | | Executive is subject to a customer non-solicitation agreement and an employee non-solicitation agreement that runs until the later of the second anniversary of the Merger or the first anniversary of executive’s termination of employment. | |
| Confidentiality | | | Perpetual | |
| Mr. Egge | | | | |
| Term | | | | |
| Base Salary | | | $470,000 per year (minimum) | |
| Target Annual Bonus Opportunity | | | 42.55% of base salary | |
| Target Annual Equity Award | | | 44.68% of base salary | |
| Severance (upon termination without “cause” or resignation for “good reason”) | | | • A lump sum cash amount equal to two times base salary; • Payment of the incentive bonus, if any, that executive would have earned for the calendar year in which the date of termination of his employment occurs based on achievement of the applicable performance goals for such year at target, prorated based on executive’s termination date; and • A lump sum payment in cash in an amount equal to eighteen (18) months of the full monthly COBRA cost of premiums. | |
| | | | The foregoing severance benefits are subject to executive’s execution of a separation and release agreement in a customary form prescribed by Stellar and executive’s compliance with the restrictive covenants in the employment agreement. If executive’s termination of employment entitles him to severance payments and benefits under the Stellar Bancorp, Inc. Change of Control Severance Plan, then any severance payments or benefits payable under the Stellar Bancorp, Inc. Change of Control Severance Plan will be reduced by the amounts payable as severance under the employment agreement. | |
| Non-competition | | | | |
| Non-solicitation | | | Executive is subject to a customer non-solicitation agreement and an employee non-solicitation agreement that runs until the later of | |
| Confidentiality | | | Perpetual | |
| Mr. Vitulli | | | | |
| Term | | | | |
| Base Salary | | | $540,000 per year (minimum) | |
| Target Annual Bonus Opportunity | | | 50% of base salary | |
| Target Annual Equity Award | | | 60% of base salary | |
| Severance (upon termination without “cause” or resignation for “good reason”) | | | • A lump sum cash amount equal to two times base salary; • Payment of the incentive bonus, if any, that executive would have earned for the calendar year in which the date of termination of his employment occurs based on achievement of the applicable performance goals for such year at target, prorated based on executive’s termination date; and • A lump sum payment in cash in an amount equal to eighteen (18) months of the full monthly COBRA cost of premiums. The foregoing severance benefits are subject to executive’s execution of a separation and release agreement in a customary form prescribed by Stellar and executive’s compliance with the restrictive covenants in the employment agreement. If executive’s termination of employment entitles him to severance payments and benefits under the Stellar Bancorp, Inc. Change of Control Severance Plan, then any severance payments or benefits payable under the Stellar Bancorp, Inc. Change of Control Severance Plan will be reduced by the amounts payable as severance under the employment agreement. | |
| Non-competition | | | |
| Non-solicitation | | | Executive is subject to a customer non-solicitation agreement and an employee non-solicitation agreement that runs until the later of | |
| Confidentiality | | | Perpetual | |
| Mr. | | | | |
| Term | | | | |
| Base Salary | | | $ | |
| Target Annual Bonus Opportunity | | | | |
| Target Annual Equity Award | | | | |
| One-Time Restricted Stock Award | | | 17,128 shares of time-based restricted stock that vest in three equal annual installments on October 1, 2023, October 1, 2024, and October 1, 2025, generally subject to executive’s continued employment through each vesting date. | |
| Severance (upon termination without “cause” or resignation for “good reason”) | | | • A lump sum cash amount equal to | salary; |
Payment of the • A lump sum payment in cash in an amount equal to eighteen (18) months of the full monthly COBRA cost of premiums. The foregoing severance benefits are subject to executive’s execution of a If executive’s termination | | ||||
| Non-solicitation | | | Executive is subject to | |
| Confidentiality | | | Perpetual | |
Name and Position | | Year | | Salary(3) | | Bonus(4) | | Stock Awards(5) | | Non-equity Incentive Plan Compensation(6) | | Change in Pension Value and Nonqualified Deferred Compensation Plan Earnings | | All Other Compensation(8) | | Total | | | Year | | Salary(3) | | Bonus(4) | | Stock Awards(5) | | Non-equity Incentive Plan Compensation(6) | | Change in Pension Value and Nonqualified Deferred Compensation Plan Earnings | | All Other Compensation | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Robert R. Franklin, Jr. Chief Executive Officer | | | | | 2022 | | | | $ | 573,750 | | | | $ | 900,000 | | | | $ | 1,391,086 | | | | | — | | | | $ | 5,023(7) | | | | $ | 620,747(a) | | | | $ | 3,492,506 | | | | | | | 2023 | | | | $ | 745,000 | | | | $ | 92,613 | | | | $ | 1,001,514 | | | | $ | 527,972 | | | | | — | | | | $ | 28,705(8) | | | | $ | 2,395,804 | | | ||||||||||||||
| | | 2021 | | | | $ | 550,000 | | | | $ | 800,000 | | | | $ | 78,843 | | | | | — | | | | | — | | | | $ | 319,099 | | | | $ | 1,747,942 | | | | | | 2022 | | | | $ | 573,750 | | | | $ | 900,000 | | | | $ | 1,391,086 | | | | | — | | | | $ | 5,023(7) | | | | $ | 620,747(9) | | | | $ | 3,490,606 | | | |||||||||||||||||
| | | 2020 | | | | $ | 550,000 | | | | $ | 600,000 | | | | $ | 59,948 | | | | | — | | | | | — | | | | $ | 264,144 | | | | $ | 1,474,092 | | | | | | 2021 | | | | $ | 550,000 | | | | $ | 800,000 | | | | $ | 78,843 | | | | | — | | | | | — | | | | $ | 319,099 | | | | $ | 1,747,942 | | | |||||||||||||||||
Paul Egge (1) Senior Executive Vice President and Chief Financial Officer | | | | 2022 | | | | $ | 117,500 | | | | $ | 35,000 | | | | $ | 611,875 | | | | $ | 188,688 | | | | | — | | | | $ | 11,521(b) | | | | $ | 964,584 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Robert T. Pigott, Jr. Former Senior Executive Vice President and Chief Financial Officer | | | | | 2022 | | | | $ | 327,059 | | | | | — | | | | $ | 14,990 | | | | | — | | | | | — | | | | $ | 1,047,808(c) | | | | $ | 1,389,856 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | $ | 327,059 | | | | $ | 150,000 | | | | $ | 14,774 | | | | | — | | | | | — | | | | $ | 27,717 | | | | $ | 519,550 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | $ | 327,059 | | | | $ | 150,000 | | | | $ | 14,987 | | | | | — | | | | | — | | | | $ | 26,240 | | | | $ | 518,286 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paul P. Egge (1) Senior Executive Vice President and Chief Financial Officer | | | | | 2023 | | | | $ | 495,000 | | | | $ | 49,754 | | | | $ | 321,280 | | | | $ | 206,353 | | | | | — | | | | $ | 24,529(8) | | | | $ | 1,096,916 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | $ | 117,500 | | | | $ | 35,000 | | | | $ | 611,875 | | | | $ | 188,688 | | | | | — | | | | $ | 11,521(9) | | | | $ | 964,584 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Steven F. Retzloff (1) Executive Chairman | | | | | 2023 | | | | $ | 550,000 | | | | $ | 36,197 | | | | $ | 506,324 | | | | $ | 206,353 | | | | | — | | | | $ | 17,210(8) | | | | $ | 1,316,084 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | $ | 137,500 | | | | $ | 75,000 | | | | $ | 1,117,979 | | | | $ | 164,485 | | | | | — | | | | $ | 10,458(d) | | | | $ | 1,567,297 | | | | | | 2022 | | | | $ | 137,500 | | | | $ | 75,000 | | | | $ | 1,117,979 | | | | $ | 164,485 | | | | | — | | | | $ | 10,458(9) | | | | $ | 1,505,422 | | | |||||||||||||||||
Ramon A. Vitulli, III (1) President | | | | 2022 | | | | $ | 135,000 | | | | $ | 50,000 | | | | $ | 729,409 | | | | $ | 231,221 | | | | | — | | | | $ | 19,987(e) | | | | $ | 1,165,617 | | | | | | | 2023 | | | | $ | 567,000 | | | | $ | 49,754 | | | | $ | 429,359 | | | | $ | 283,642 | | | | | — | | | | $ | 7,150(8) | | | | $ | 1,336,905 | | | |||||||||||||||
Travis Jaggers���(2) President of Stellar Bank | | | | 2022 | | | | $ | 348,631 | | | | $ | 500,000 | | | | $ | 34,996 | | | | | — | | | | $ | 3,941(7) | | | | $ | 28,201(f) | | | | $ | 917,113 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ramon A. Vitulli, III (1) President | | | | | 2022 | | | | $ | 135,000 | | | | $ | 50,000 | | | | $ | 729,409 | | | | $ | 231,221 | | | | | — | | | | $ | 19,987(9) | | | | $ | 1,165,617 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2023 | | | | $ | 415,000 | | | | $ | 27,312 | | | | $ | 714,521 | | | | | 155,703 | | | | | — | | | | $ | 23,527(8) | | | | $ | 1,336,063 | | |
| | | | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock(3) | | Grant Date Fair Value Of Stock and Option Awards(4) | | | | | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock(3) | | Grant Date Fair Value Of Stock and Option Awards(4) | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | | Award Type | | Grant Date | | Target | | Maximum | | Target | | Maximum | | | Award Type | | Grant Date | | Target | | Maximum | | Target | | Maximum | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Robert R. Franklin, Jr. | | | Restricted Stock Award | | | | 2/1/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,269 | | | | $ | 79,995 | | | | | Restricted Stock Award | | | | 3/15/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 12,843 | | | | $ | 333,789 | | | | ||||||||||||||||
| Restricted Stock Award | | | | 10/21/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 13,265 | | | | $ | 435,623 | | | | Performance Share Award | | | | 3/15/2023 | | | | | — | | | | | — | | | | | 19,265 | | | | | 38,530 | | | | | — | | | | $ | 667,725 | | | | |||||||||||||||||||
| Performance Share Award | | | | 10/21/2022 | | | | | — | | | | | — | | | | | 13,265 | | | | | 39,794 | | | | | 13,265 | | | | $ | 875,469 | | | | Annual Incentive | | | | — | | | | $ | 633,250 | | | | $ | 949,875 | | | | | — | | | | | — | | | | | — | | | | | — | | | | |||||||||||||||||||
Paul P. Egge | | | Annual Incentive | | | | — | | | | | 137,230 | | | | | 205,845 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | Restricted Stock Award | | | | 3/15/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 5,297 | | | | $ | 137,669 | | | | ||||||||||||||||
| Restricted Stock Award | | | | 10/21/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 18,632 | | | | $ | 611,875 | | | | Performance Stock Award | | | | 3/15/2023 | | | | | — | | | | | — | | | | | 5,297 | | | | | 10,595 | | | | | — | | | | $ | 183,611 | | | | |||||||||||||||||||
Robert T. Pigott, Jr. | | Restricted Stock Award | | | | 2/1/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 502 | | | | $ | 14,990 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paul P. Egge | | | Annual Incentive | | | | — | | | | $ | 247,500 | | | | $ | 371,250 | | | | | — | | | | | — | | | | | — | | | | | — | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Annual Incentive | | | | — | | | | | 162,756 | | | | | 244,134 | | | | | — | | | | | — | | | | | — | | | | | — | | | | Restricted Stock Award | | | | 3/15/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 6,493 | | | | $ | 168,753 | | | | ||||||||||||||||||
| Restricted Stock Award | | | | 10/21/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 11,311 | | | | $ | 371,453 | | | | Performance Share Award | | | | 3/15/2023 | | | | | — | | | | | — | | | | | 9,739 | | | | | 19,479 | | | | | — | | | | $ | 337,571 | | | | |||||||||||||||||||
Steven F. Retzloff | | Performance Share Award | | | | 10/21/2022 | | | | | — | | | | | — | | | | | 11,311 | | | | | 33,933 | | | | | — | | | | $ | 746,526 | | | | | Annual Incentive | | | | — | | | | $ | 247,500 | | | | $ | 371,250 | | | | | — | | | | | — | | | | | — | | | | | — | | | | |||||||||||||||||
| | Annual Incentive | | | | — | | | | | 162,000(1) | | | | | 243,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | Restricted Stock Award | | | | 3/15/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 7,079 | | | | $ | 183,983 | | | | ||||||||||||||||||
| Restricted Stock Award | | | | 10/21/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 22,211 | | | | $ | 729,409 | | | | Performance Share Award | | | | 3/15/2023 | | | | | — | | | | | — | | | | | 7,079 | | | | | 14,159 | | | | | — | | | | $ | 245,375 | | | | |||||||||||||||||||
Travis Jaggers | | Restricted Stock Award | | | | 2/1/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,172 | | | | $ | 34,996 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ramon A. Vitulli, III | | | Annual Incentive | | | | — | | | | $ | 340,200 | | | | $ | 510,300 | | | | | — | | | | | — | | | | | — | | | | | — | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Stock Award | | | | 3/15/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 17,128 | | | | $ | 445,156 | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Stock Award | | | | 3/15/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,441 | | | | $ | 115,421 | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Justin M. Long | | | Performance Share Award | | | | 3/15/2023 | | | | | — | | | | | — | | | | | 4,441 | | | | | 8,883 | | | | | — | | | | $ | 153,942 | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual Incentive | | | | — | | | | $ | 186,750 | | | | $ | 280,125 | | | | | — | | | | | — | | | | | — | | | | | — | | | | |
| | Stock Awards | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||
Name | | Number of Shares of Stock That Have Not Vested | | Market Value of Shares of Stock That Have Not Vested(1) | | Equity Incentive Plan Awards: Number of Unearned Shares That Have Not Vested | | Equity Incentive Plan Awards: Market Value of Unearned Shares That Have Not Vested | | | Number of Shares of Stock That Have Not Vested | | Market Value of Shares of Stock That Have Not Vested(1) | | Equity Incentive Plan Awards: Number of Unearned Shares That Have Not Vested | | Equity Incentive Plan Awards: Market Value of Unearned Shares That Have Not Vested(1) | | ||||||||||||||||||||||||||||||||
Robert R. Franklin, Jr. | | | | 13,265(2) | | | | $ | 390,787 | | | | | 13,265(3) | | | | $ | 500,195(4) | | | | | | | 8,844(2) | | | | $ | 246,217 | | | | | 27,856(3) | | | | $ | 775,511 | | | |||||||
Robert R. Franklin, Jr. | | | | 12,843(4) | | | | $ | 357,549 | | | | | 19,265(5) | | | | $ | 536,338 | | | |||||||||||||||||||||||||||||
| | | | 12,421(2) | | | | $ | 345,800 | | | | | 5,298(5) | | | | $ | 575,703 | | | |||||||||||||||||||||||||||||
Paul P. Egge | | | | 18,632(2) | | | | $ | 548,899 | | | | | — | | | | | — | | | | | | 5,297(4) | | | | $ | 147,469 | | | | | | | | | | | | | ||||||||
Steven F. Retzloff | | | | 11,311(2) | | | | $ | 333,453 | | | | | 11,311(3) | | | | $ | 426,524(4) | | | | | | | 7,540(2) | | | | $ | 209,914 | | | | | 23,753(3) | | | | $ | 661,283 | | | |||||||
Steven F. Retzloff | | | | 6,493(4) | | | | $ | 180,765 | | | | | 9,740(5) | | | | $ | 271,162 | | | |||||||||||||||||||||||||||||
| | | 22,211(2) | | | | $ | 654,336 | | | | | — | | | | | — | | | | | | | 14,807(2) | | | | $ | 412,227 | | | | | 7,080(5) | | | | $ | 197,107 | | | ||||||||
Ramon A. Vitulli, III | | | | 7,079(4) | | | | $ | 197,080 | | | | | | | | | | | | | |||||||||||||||||||||||||||||
| | | | 4,441(4) | | | | $ | 123,637 | | | | | 4,442(5) | | | | $ | 123,665 | | | |||||||||||||||||||||||||||||
Justin M. Long | | | | 11,418(6) | | | | $ | 317,877 | | | | | | | | | | | | |
| | Restricted Stock Awards | | | Restricted Stock Awards | | ||||||||||||||||||||
Name | | Number of Shares Acquired on Vesting | | Value Realized on Vesting(1) | | | Number of Shares Acquired on Vesting | | Value Realized on Vesting(1) | | ||||||||||||||||
Robert R. Franklin, Jr. | | | | 13,994 | | | | $ | 409,325 | | | | | | 3,344 | | | | $ | 71,294 | | | ||||
Paul P. Egge | | | | — | | | | | — | | | | | | 4,697 | | | | $ | 100,140 | | | ||||
Robert T. Pigott, Jr. | | | | 3,830 | | | | $ | 112,028 | | | |||||||||||||||
Steven F. Retzloff | | | | — | | | | | — | | | | | | 2,852 | | | | $ | 60,805 | | | ||||
Ramon A. Vitulli, III | | | | — | | | | | — | | | | | | 5,600 | | | | $ | 119,392 | | | ||||
Travis Jaggers | | | | 5,884 | | | | $ | 172,107 | | | |||||||||||||||
Justin M. Long | | | | 4,318 | | | | $ | 92,060 | | |
Name | | | Balance/ Amount Accrued as of January 1, 2022 | | | Company Contributions/ Accruals During 2022 | | | Aggregate Earnings (Losses) During 2022 | | | Aggregate Withdrawals/ Distributions During 2022 | | | Aggregate Balance as of December 31, 2022 | | |||||||||||||||
Robert R. Franklin, Jr. 2017 Salary Continuation Agreement Holdback Bonus Arrangement | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 924,778 | | | | | $ | 164,468(1) | | | | | | — | | | | | $ | 1,089,246 | | | | | | — | | | ||
| | $ | 272,772 | | | | | | — | | | | | $ | 5,023(2) | | | | | $ | 277,795 | | | | | | — | | | ||
Travis Jaggers Holdback Bonus Arrangement | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 214,009 | | | | | | — | | | | | $ | 3,941(2) | | | | | $ | 217,950 | | | | | | — | | |
Name | | Compensation Component | | Change in Control | | Qualifying Termination In Connection With A Change in Control | | Death or Disability | | Involuntary Termination Not in Connection With A Change in Control | | | Compensation Component | | Change in Control | | Qualifying Termination In Connection With A Change in Control | | Death or Disability | | Involuntary Termination Not in Connection With A Change in Control | | ||||||||||||||||||||||||||||||||||
Robert R. Franklin, Jr. | | | Cash Severance | | | | — | | | | $ | 3,579,750(1) | | | | $ | 2,300,000(2) | | | | $ | 2,300,000(2) | | | | | Cash Severance | | | | — | | | | $ | 4,134,750(1) | | | | $ | 1,500,000(2) | | | | $ | 1,500,000(2) | | | ||||||||
| Long Term Incentives | | | $ | 890,982(3) | | | | $ | 890,982(4) | | | | $ | 890,982(5) | | | | $ | 890,982(5) | | | | Long Term Incentives | | | $ | 1,604,316(3) | | | | $ | 1,604,316(4) | | | | $ | 1,604,316(5) | | | | $ | 1,604,316(5) | | | |||||||||||
| Non-Equity Incentive Plan Compensation | | | | — | | | | $ | 548,250(6) | | | | $ | 548,250(7) | | | | $ | 548,250(7) | | | | Non-Equity Incentive Plan Compensation | | | | — | | | | $ | 633,250(6) | | | | $ | 633,250(7) | | | | $ | 633,250(7) | | | |||||||||||
| Benefits and Perquisites: | | | | — | | | | $ | 61,865(8) | | | | $ | 36,865(9) | | | | $ | 36,865(9) | | | | Benefits and Perquisites: | | | | — | | | | $ | 65,845(8) | | | | $ | 40,845(9) | | | | $ | 40,845(9) | | | |||||||||||
| Total: | | | $ | 890,982 | | | | $ | 5,080,847 | | | | $ | 3,776,097 | | | | $ | 3,776,097 | | | | Total: | | | $ | 1,604,316 | | | | $ | 6,438,160 | | | | $ | 4,538,410 | | | | $ | 3,778,410 | | | |||||||||||
Paul P. Egge | | | Cash Severance | | | | — | | | | $ | 1,339,970(1) | | | | | — | | | | $ | 940,000(10) | | | | | Cash Severance | | | | — | | | | $ | 1,732,500(1) | | | | | — | | | | $ | 990,000(10) | | | ||||||||
| Long Term Incentives | | | $ | 548,899(3) | | | | $ | 548,899(4) | | | | $ | 45,604(11) | | | | $ | 182,966(12) | | | | Long Term Incentives | | | $ | 505,982(3) | | | | $ | 505,982(4) | | | | $ | 204,470(11) | | | | $ | 172,900(12) | | | |||||||||||
| Non-Equity Incentive Plan Compensation | | | | — | | | | $ | 199,985(6) | | | | | — | | | | $ | 199,985(8) | | | | Non-Equity Incentive Plan Compensation | | | | — | | | | $ | 247,500(6) | | | | | — | | | | $ | 247,500(10) | | | |||||||||||
| Benefits and Perquisites: | | | | — | | | | $ | 75,465(8) | | | | | — | | | | $ | 50,465(9) | | | | Benefits and Perquisites: | | | | — | | | | $ | 80,540(8) | | | | | — | | | | $ | 55,540(9) | | | |||||||||||
| Total: | | | $ | 548,899 | | | | $ | 2,164,319 | | | | $ | 45,604 | | | | $ | 1,373,416 | | | | Total: | | | $ | 505,982 | | | | $ | 2,566,522 | | | | $ | 204,470 | | | | $ | 1,465,940 | | | |||||||||||
Steven F. Retzloff | | | Cash Severance | | | | — | | | | $ | 1,595,000(1) | | | | | — | | | | $ | 1,100,000(10) | | | | | Cash Severance | | | | — | | | | $ | 1,595,000(1) | | | | | — | | | | $ | 1,100,000(10) | | | ||||||||
| Long Term Incentives | | | $ | 759,977(3) | | | | $ | 759,977(4) | | | | $ | 27,692(11) | | | | $ | 111,074(12) | | | | Long Term Incentives | | | $ | 1,165,707(3) | | | | $ | 1,165,707(4) | | | | $ | 193,636(11) | | | | $ | 104,957(12) | | | |||||||||||
| Non-Equity Incentive Plan Compensation | | | | — | | | | $ | 247,500(6) | | | | | — | | | | $ | 247,500(8) | | | | Non-Equity Incentive Plan Compensation | | | | — | | | | $ | 247,500(6) | | | | | — | | | | $ | 247,500(10) | | | |||||||||||
| Benefits and Perquisites: | | | | — | | | | $ | 56,236(8) | | | | | — | | | | $ | 31,236(9) | | | | Benefits and Perquisites: | | | | — | | | | $ | 64,863(8) | | | | | — | | | | $ | 39,863(9) | | | |||||||||||
| Total: | | | $ | 759,977 | | | | $ | 2,658,713 | | | | $ | 27,692 | | | | $ | 1,489,810 | | | | Total: | | | $ | 1,165,662 | | | | $ | 3,073,070 | | | | $ | 193,636 | | | | $ | 1,492,320 | | | |||||||||||
Ramon A. Vitulli, III | | | Cash Severance | | | | — | | | | $ | 1,620,000(1) | | | | | — | | | | $ | 940,000(10) | | | | | Cash Severance | | | | — | | | | $ | 1,814,400(1) | | | | | — | | | | $ | 1,134,000(10) | | | ||||||||
| Long Term Incentives | | | $ | 654,336(3) | | | | $ | 654,336(4) | | | | $ | 45,604(11) | | | | $ | 218,112(12) | | | | Long Term Incentives | | | $ | 626,296(3) | | | | $ | 626,296(4) | | | | $ | 254,540(11) | | | | $ | 206,113(12) | | | |||||||||||
| Non-Equity Incentive Plan Compensation | | | | — | | | | $ | 270,000(6) | | | | | — | | | | $ | 270,000(8) | | | | Non-Equity Incentive Plan Compensation | | | | — | | | | $ | 340,200(6) | | | | | — | | | | $ | 340,200(10) | | | |||||||||||
| Benefits and Perquisites: | | | | — | | | | $ | 75,465(8) | | | | | — | | | | $ | 50,465(9) | | | | Benefits and Perquisites: | | | | — | | | | $ | 65,845(8) | | | | | — | | | | $ | 40,845(9) | | | |||||||||||
| Total: | | | $ | 654,336 | | | | $ | 2,619,801 | | | | $ | 45,604 | | | | $ | 1,478,577 | | | | Total: | | | $ | 626,296 | | | | $ | 2,846,741 | | | | $ | 254,540 | | | | $ | 1,721,158 | | | |||||||||||
Travis Jaggers | | | Cash Severance | | | | — | | | | $ | 375,000(13) | | | | | — | | | | $ | 375,000(13) | | | ||||||||||||||||||||||||||||||||
| Long Term Incentives | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||
| Non-Equity Incentive Plan | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||
| Compensation | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||
| Benefits and Perquisites: | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||
| Total: | | | | — | | | | $ | 375,000 | | | | | — | | | | $ | 375,000 | | | ||||||||||||||||||||||||||||||||||
Justin Long | | | Cash Severance | | | | — | | | | $ | 1,203,500(1) | | | | | — | | | | $ | 830,000(10) | | | ||||||||||||||||||||||||||||||||
| Long Term Incentives | | | $ | 452,201(3) | | | | $ | 452,201(4) | | | | $ | 181,913(11) | | | | $ | 158,939(12) | | | ||||||||||||||||||||||||||||||||||
| Non-Equity Incentive Plan Compensation | | | | — | | | | $ | 186,750(6) | | | | | — | | | | $ | 186,750(10) | | | ||||||||||||||||||||||||||||||||||
| Benefits and Perquisites: | | | | — | | | | $ | 80,540(8) | | | | | — | | | | $ | 55,540(9) | | | ||||||||||||||||||||||||||||||||||
| Total: | | | $ | 452,201 | | | | $ | 1,922,991 | | | | $ | 181,913 | | | | $ | 1,231,229 | | |
| | | Summary Compensation Table Total for CEO(1) | | Compensation Actually Paid to CEO(1)(3) | | Average Summary Compensation Table for Non-CEO Named Executive Officers(2) | | Average Compensation Actually Paid to Non-CEO Named Executive Officers(2)(3) | | | Value of Initial Fixed td00 Investment Based On: | | | Net Income ($ Millions) | | Company Selected Measure: Earnings Per Share ($) | | | | Summary Compensation Table Total for CEO(1) | | Compensation Actually Paid to CEO(1)(3) | | Average Summary Compensation Table for Non-CEO Named Executive Officers(2) | | Average Compensation Actually Paid to Non-CEO Named Executive Officers(2)(3) | | | Value of Initial Fixed td00 Investment Based On: | | | Net Income ($ Millions) | | Company Selected Measure: Earnings Per Share ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year | | Total Shareholder Return(4) | | Peer Group Total Shareholder Return(5) | | | Total Shareholder Return(4) | | Peer Group Total Shareholder Return(5) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | | | $ | 2,395,804 | | | | $ | 2,486,133 | | | | $ | 1,271,492 | | | | $ | 1,319,147 | | | | $ | 96.64 | | | | $ | 114.99 | | | | $ | 130.5 | | | | $ | 2.45 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | | | $ | 3,492,506 | | | | $ | 3,124,239 | | | | $ | 1,165,405 | | | | $ | 1,074,976 | | | | $ | 100.17 | | | | $ | 90.81 | | | | $ | 51.4 | | | | $ | 1.48 | | | | | $ | 3,492,506 | | | | $ | 3,124,239 | | | | $ | 1,165,405 | | | | $ | 1,074,976 | | | | $ | 100.17 | | | | $ | 90.81 | | | | $ | 51.4 | | | | $ | 1.48 | | | ||||||||||||||||
2021 | | | $ | 1,747,942 | | | | $ | 1,793,633 | | | | $ | 655,068 | | | | $ | 683,648 | | | | $ | 96.87 | | | | $ | 128.27 | | | | $ | 81.6 | | | | $ | 2.85 | | | | | $ | 1,747,942 | | | | $ | 1,793,633 | | | | $ | 655,068 | | | | $ | 683,648 | | | | $ | 96.87 | | | | $ | 128.27 | | | | $ | 81.6 | | | | $ | 2.85 | | | ||||||||||||||||
2020 | | | $ | 1,474,092 | | | | $ | 1,424,283 | | | | $ | 679,635 | | | | $ | 653,633 | | | | $ | 83.66 | | | | $ | 107.54 | | | | $ | 26.4 | | | | $ | 1.57 | | | | | $ | 1,474,092 | | | | $ | 1,424,283 | | | | $ | 679,635 | | | | $ | 653,648 | | | | $ | 83.67 | | | | $ | 107.54 | | | | $ | 26.4 | | | | $ | 1.57 | | |
| | | 2022 | | | 2021 | | | 2020 | | |||||||||||||||||||||||||||
| | | CEO | | | Non-CEO NEOs (Average) | | | CEO | | | Non-CEO NEOs (Average) | | | CEO | | | Non-CEO NEOs (Average) | | ||||||||||||||||||
Summary Compensation Total | | | | $ | 3,492,506 | | | | | $ | 1,165,405 | | | | | $ | 1,747,942 | | | | | $ | 655,068 | | | | | $ | 1,474,092 | | | | | $ | 679,635 | | |
Adjustments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY | | | | $ | (1,391,086) | | | | | $ | (501,850) | | | | | $ | (78,843) | | | | | $ | (22,176) | | | | | $ | (59,948) | | | | | $ | (23,985) | | |
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End | | | | $ | 941,138 | | | | | $ | 401,150 | | | | | $ | 65,308 | | | | | $ | 26,129 | | | | | $ | 83,188 | | | | | $ | 33,265 | | |
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date | | | | $ | 78,361 | | | | | $ | 9,793 | | | | | $ | — | | | | | $ | — | | | | | $ | 78,361 | | | | | $ | — | | |
| | 2022 | | 2021 | | 2020 | | | 2023 | | ||||||||||||||||||||||||||||||||||||||||
| | CEO | | Non-CEO NEOs (Average) | | CEO | | Non-CEO NEOs (Average) | | CEO | | Non-CEO NEOs (Average) | | | CEO | | Non-CEO NEOs (Average) | | ||||||||||||||||||||||||||||||||
Summary Compensation Total | | | $ | 2,395,804 | | | | $ | 1,271,492 | | | |||||||||||||||||||||||||||||||||||||||
Adjustments | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY | | | $ | (1,001,514) | | | | $ | (492,871) | | | |||||||||||||||||||||||||||||||||||||||
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End | | | $ | 940,041 | | | | $ | 442,449 | | | |||||||||||||||||||||||||||||||||||||||
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date | | | | __ | | | | $ | 116,027 | | | |||||||||||||||||||||||||||||||||||||||
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End | | | $ | — | | | | $ | — | | | | $ | 35,424 | | | | $ | 12,985 | | | | $ | (77,295) | | | | $ | (27,113) | | | | | $ | 210,780 | | | | $ | 40,013 | | | ||||||||
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date | | | $ | 3,320 | | | | $ | 478 | | | | $ | 23,802 | | | | $ | 11,643 | | | | $ | (74,116) | | | | $ | (8,169) | | | | | $ | (58,978) | | | | $ | (57,964) | | | ||||||||
Total Adjustments | | | $ | (368,267) | | | | $ | (90,429) | | | | $ | 45,691 | | | | $ | 28,581 | | | | $ | (49,809) | | | | $ | (26,002) | | | | | $ | 90,329 | | | | $ | 47,655 | | | ||||||||
Total Compensation Actually Paid | | | $ | 3,124,239 | | | | $ | 1,074,976 | | | | $ | 1,793,633 | | | | $ | 683,648 | | | | $ | 1,424,283 | | | | $ | 653,633 | | | | | $ | 2,486,133 | | | | $ | 1,319,147 | | |
| Other Financial Performance Measures | |
| Earnings Per Share | |
| Relative Return on Average Assets (“ROAA”) | |
| Relative Return on Average Common Equity (“ROACE”) | |
| Relative Return on Average Tangible Common Equity (“ROATCE”) | |
| CEO Annual Total Compensation | | | | $ | 2,395,804 | | |
| Median Employee Annual Total Compensation | | | | $ | 74,172 | | |
| CEO to Median Employee Pay Ratio | | | 32 to 1 | |
Name of Beneficial Owner(1) | | | Number of Shares Beneficially Owned | | | Percentage Beneficially Owned(2) | | ||||||
Directors, Director Nominees and Named Executive Officers: | | | | | | | | | | | | | |
Okan I. Akin | | | | | | | | | | * | | | |
John Beckworth | | | | | | | | | | * | | | |
Cynthia A. Dopjera | | | | | 6,543(5) | | | | | | * | | |
Jon-Al Duplantier | | | | | | | | | | * | | | |
Paul P. Egge | | | | | | | | | | * | | | |
Robert R. Franklin, Jr. | | | | | | | | | | * | | | |
Michael A. Havard | | | | | |||||||||
| | | | | * | | | ||||||
Frances H. Jeter | | | | | | | | | | * | | | |
Justin M. Long | | | | | | | | | | * | | | |
George Martinez | | | | | |||||||||
| | | | | * | | | ||||||
Joe E. Penland, Sr. | | | | | | | | | | | | ||
Reagan A. Reaud | | | | | | | | | | * | | | |
Steven F. Retzloff | | | | | | | | | | | | ||
Fred S. Robertson | | | | | | | | | | * | | | |
Joseph B. Swinbank | | | | | | | | | | * | | | |
Tymothi O. Tombar | | | | | — | | | | | | * | | |
Ramon A. Vitulli, III | | | | | | | | | | * | | | |
Joe F. West | | | | | | | | | | * | | | |
John E. Williams, Jr. | | | | | | | | | | | | ||
William E. Wilson, Jr. | | | | | | | | | | * | | | |
Directors, Nominees and Executive Officers as a group ( | | | | | | | | | | | | ||
Principal Shareholders: | | | | | | | | | | | | | |
BlackRock, Inc. | | | | | | | | | | | | ||
The Vanguard Group | | | | | | | | | | | |