¨
|
Preliminary
Proxy Statement
|
¨
|
Confidential,
for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
|
x
|
Definitive
Proxy Statement
|
¨
|
Definitive
Additional Materials
|
¨
|
Soliciting
Material pursuant to §240.14a-12
|
x
|
No
fee required.
|
¨
|
Fee
computed on table below per Exchange Act Rules 14a-6(i)(1) and
0-11.
|
1.
|
Title
of each class of securities to which transaction
applies:
|
|
N/A
|
||
2.
|
Aggregate
number of securities to which transaction applies:
|
|
N/A
|
||
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):
|
|
N/A
|
||
4.
|
Proposed
maximum aggregate value of transaction:
|
|
N/A
|
||
5.
|
Total
fee paid:
|
|
N/A
|
¨
|
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.
|
Amount
Previously Paid:
|
|
N/A
|
||
2.
|
Form,
Schedule or Registration Statement No.:
|
|
N/A
|
||
3.
|
Filing
Party:
|
|
N/A
|
||
4.
|
Date
Filed:
|
|
N/A
|
Date:
|
Wednesday,
April 22, 2009
|
|
Time:
|
3:00
p.m., EDT
|
|
Place:
|
Ten
Oaks Ballroom
|
|
5000
Signal Bell Lane
|
||
Clarksville,
MD 21029
|
|
(1)
|
The
election of four (4) director nominees to serve as Class I directors with
terms expiring at the 2012 annual meeting, in each case until their
successors are duly elected and qualified;
and
|
|
(2)
|
A
non-binding resolution to approve the compensation of the named executive
officers; and
|
|
(3)
|
The
ratification of the appointment of Grant Thornton LLP as the independent
registered public accounting firm for the year
2009.
|
|
(4)
|
Such
other business as may properly come before the annual meeting or any
adjournment thereof.
|
By
order of the board of directors,
|
|
Ronald
E. Kuykendall
|
|
General
Counsel & Secretary
|
Important
Notice Regarding the Availability of Proxy Materials for the
2009
Annual Meeting of Shareholders to be held on April 22, 2009
This
proxy statement and Bancorp’s 2008 Annual Report on Form 10-K are
available electronically at
www.sandyspringbank.com/proxy
|
3
|
||
Who
Can Vote
|
3
|
|
Executing
Your Right to Vote
|
3
|
|
Costs
of Proxy Solicitation
|
3
|
|
Internet
Voting
|
3
|
|
Changing
Your Vote
|
3
|
|
Delivery
of Proxy Materials
|
4
|
|
PROPOSAL
I: Election of Directors
|
6
|
|
Corporate
Governance and Other Matters
|
6
|
|
Corporate
Governance Policy and Code of Business Conduct
|
6
|
|
Director
Independence
|
6
|
|
Board
Committees
|
6
|
|
Director
Attendance at Meetings
|
8
|
|
Director
Compensation
|
8
|
|
Stock
Ownership of Directors and Executive Officers
|
10
|
|
Owners
of More Than 5% of Bancorp's Common Stock
|
11
|
|
Transactions
and Relationships with Management
|
11
|
|
Shareholder
Proposals and Communications
|
11
|
|
Section
16(a) Beneficial Ownership Reporting Compliance
|
12
|
|
Compensation
Discussion and Analysis
|
13
|
|
Overall
Compensation Philosophy and Guiding Principles
|
13
|
|
Compensation
Decision Process
|
13
|
|
Role
of Human Resources and Compensation Committee, Management and the
Compensation
|
14
|
|
Consultants
in the Executive Compensation Process
|
||
Compensation
Structure and Elements
|
15
|
|
Factors
for Determining Compensation
|
18
|
|
Employment
and Other Significant Agreements with Named Executive
Officers
|
19
|
|
Impact
of Accounting and Tax on the Form of Compensation
|
20
|
|
Impact
of Restrictions on Executive Compensation for TARP
Participants
|
21
|
|
Stock
Ownership Guidelines
|
21
|
|
Human
Resources and Compensation Committee Report
|
21
|
|
Executive
Compensation Tables
|
22
|
|
PROPOSAL
II: A Non-Binding Resolution to Approve the Compensation of the
Named
Executive
Officers
|
28
|
|
PROPOSAL
III: The Ratification of the Appointment of Grant Thornton LLP
as the
Independent
Registered Public Accounting Firm for the Year 2009
|
29
|
|
Audit
and Non-Audit Fees
|
29
|
|
29
|
||
Report
of the Audit Committee
|
30
|
Name and Position(s) Held
with Bancorp
|
Age
|
Principal Occupation and Employer
|
Member
of Board
Since
|
Current
Term
Expires
|
||||
Susan
D. Goff
Director
|
63
|
Retired.
Former executive of Mid-Atlantic Medical Services, Inc., a health
maintenance organization.
|
1994
|
2009
|
||||
Robert
L. Orndorff
Director
|
52
|
President
of RLO Contractors, Inc., an excavating contractor in Dayton,
Maryland.
|
1991
|
2009
|
||||
David
E. Rippeon
Director
|
60
|
President
and CEO of Gaithersburg Equipment Co., Frederick Equipment Co., and Howard
County Equipment, tractor and equipment dealerships.
|
1997
|
2009
|
||||
Daniel
J. Schrider
Director
|
|
44
|
|
President
and CEO of Sandy Spring Bancorp, Inc. and Sandy Spring
Bank
|
|
2009
|
|
2009
|
Mark
E. Friis
Director
|
53
|
President
and CEO and owner of Rodgers Consulting, Inc., a land planning and
engineering firm in Germantown, Maryland.
|
2005
|
2011
|
||||
Hunter
R. Hollar
Chairman
|
60
|
Retired. Former
President and Chief Executive Officer of Sandy Spring Bancorp, Inc. and
Sandy Spring Bank
|
1990
|
2011
|
||||
Pamela
A. Little
Director
|
55
|
CFO
of ATS a provider of IT services to the federal government in McLean,
Virginia (2007); former CFO of Athena Innovative Solutions, Inc.
(2005-2007); former CFO of ZKD, Inc. (2004-2005). All of these firms are
government contractors.
|
2005
|
2011
|
||||
Craig
A. Ruppert
Director
|
|
55
|
|
President
and owner of The Ruppert Companies, comprised of nursery and landscaping,
business and investment management, and commercial real estate development
and management businesses.
|
|
2002
|
|
2011
|
Solomon
Graham
Director
|
66
|
President
and CEO of Quality Biological, Inc., a biotechnology firm providing
reagents for medical research.
|
1994
|
2010
|
||||
Gilbert
L. Hardesty
Director
|
68
|
Retired.
Former President of Crestar Bank-Annapolis and former President of
Annapolis Federal Savings Bank.
|
1997
|
2010
|
||||
Lewis
R. Schumann
Director
|
|
65
|
|
Attorney. Partner
in Miller, Miller and Canby, Chtd in Rockville, Maryland
|
|
1994
|
|
2010
|
Name
|
Executive
|
Audit
|
Human
Resources
|
Nominating
|
||||
Mark
E. Friis
|
X
|
X
|
||||||
Susan
D. Goff
|
X
|
Chairman
|
||||||
Solomon
Graham
|
X
|
Chairman
|
||||||
Marshall
H. Groom
|
X
|
X
|
||||||
Gilbert
L. Hardesty
|
X
|
X
|
||||||
Hunter
R. Hollar
|
X
|
|||||||
Pamela
A. Little
|
Chairman
|
|||||||
Charles
F. Mess, Sr.
|
X
|
X
|
||||||
Robert
L. Orndorff
|
Chairman
|
X
|
||||||
David
E. Rippeon
|
X
|
X
|
||||||
Craig
A. Ruppert
|
X
|
X
|
X
|
|||||
Lewis
R. Schumann
|
|
X
|
|
|
|
Name
|
Fees Earned
or Paid in
Cash
(1)
|
Stock
Awards
(2)
|
Option
Awards
(3)
|
Nonqualified Deferred
Compensation
Earnings
(4)
|
Total
|
|||||||||||||||
John
Chirtea(5)
|
$ | 6,640 | $ | - | $ | - | $ | - | $ | 6,640 | ||||||||||
Mark
E. Friis
|
34,760 | 3,186 | 4,617 | 218 | 42,781 | |||||||||||||||
Susan
D. Goff
|
38,480 | 3,186 | 4,617 | 5,853 | 52,136 | |||||||||||||||
Solomon
Graham
|
32,160 | 3,186 | 4,617 | 4,588 | 44,551 | |||||||||||||||
Marshall
H. Groom
|
39,360 | 1,174 | 1,364 | - | 41,898 | |||||||||||||||
Gilbert
L. Hardesty
|
37,760 | 3,186 | 4,617 | - | 45,563 | |||||||||||||||
Pamela
A. Little
|
32,560 | 3,186 | 4,617 | 921 | 41,284 | |||||||||||||||
Charles
F. Mess, Sr.
|
30,560 | 3,186 | 4,617 | 781 | 39,144 | |||||||||||||||
Robert
L. Orndorff
|
38,480 | 3,186 | 4,617 | 8,112 | 54,395 | |||||||||||||||
David
E. Rippeon
|
29,680 | 3,186 | 4,617 | - | 37,483 | |||||||||||||||
Craig
A. Ruppert
|
37,760 | 3,186 | 4,617 | - | 45,563 | |||||||||||||||
Lewis
R. Schumann
|
29,760 | 3,186 | 4,617 | 7,315 | 44,878 | |||||||||||||||
W.
Drew Stabler(5)
|
9,840 | - | - | - | 9,840 |
(1)
|
All
or a portion of the reported cash compensation may be deferred under the
Director Fee Deferral Plan. Please see the description of “Director
Compensation” on page 8.
|
(2)
|
On
March 26, 2008 the directors noted above were granted 280 shares of
restricted stock. The value reported represents the
compensation expense recognized for financial statement reporting purposes
in accordance with FAS 123(R) for outstanding restricted stock awards for
each director. At December 31, 2008, each non-employee director
had 441 unvested shares of restricted stock with the exception of Mr.
Groom who had 280 shares.
|
(3)
|
On
March 26, 2008 each non-employee director received stock options for 1,260
shares. The value reported represents the compensation expense recognized
for financial statement reporting purposes in accordance with FAS 123(R)
for outstanding stock option awards for each director. As of
the Record Date directors held total outstanding options for the following
number of shares: Friis-3,299; Goff-7,721; Graham-6,959;
Groom-6,420; Hardesty-12,527; Little-3,299; Mess-9,072; Orndorff-11,680;
Rippeon-8,761; Ruppert-7,215;
Schumann-11,314.
|
(4)
|
Amount
reported is the “above-market” interest paid on deferred compensation
pursuant to the Director Fee Deferral Plan as described under “Director
Compensation” on page 8.
|
(5)
|
Messrs.
Stabler and Chirtea retired from the board on April 23,
2008. The reported compensation reflects amounts earned or
accrued from January 1, 2008 through April 23,
2008.
|
Name
|
Number of Shares
Owned
(excluding options
and restricted
stock)
(1) (2)
|
Shares of
Restricted Stock
|
Number of Shares
That May Be
Acquired Within
60 Days by
Exercising
Options
(3)
|
Total
|
Percentage of
Common Stock
Outstanding
(*Less than
1%)
|
|||||||||||||||
Mark
E. Friis
|
12,658 | 441 | 2,042 | 15,141 | * | |||||||||||||||
Susan
D. Goff
|
5,007 | 441 | 6,464 | 11,912 | * | |||||||||||||||
Solomon
Graham
|
12,048 | 441 | 5,702 | 18,191 | * | |||||||||||||||
Marshall
H. Groom
|
3,321 | 280 | 5,580 | 9,181 | * | |||||||||||||||
Gilbert
L. Hardesty
|
7,301 | 441 | 11,270 | 19,012 | * | |||||||||||||||
Hunter
R. Hollar(4)
|
28,525 | 2,000 | 119,168 | 149,693 | * | |||||||||||||||
Pamela
A. Little
|
4,800 | 441 | 2,042 | 7,283 | * | |||||||||||||||
Charles
F. Mess, Sr.
|
16,042 | 441 | 7,815 | 24,298 | * | |||||||||||||||
Robert
L. Orndorff
|
153,726 | 441 | 10,423 | 164,590 | 1.0 | % | ||||||||||||||
David
E. Rippeon
|
18,503 | 441 | 7,504 | 26,448 | * | |||||||||||||||
Craig
A. Ruppert
|
44,325 | 441 | 5,958 | 50,724 | * | |||||||||||||||
Lewis
R. Schumann(5)
|
91,781 | 441 | 10,057 | 102,279 | * | |||||||||||||||
Daniel
J. Schrider(6)
|
3,783 | 3,100 | 34,688 | 41,571 | * | |||||||||||||||
Philip
J. Mantua(7)
|
5,442 | 1,850 | 25,121 | 32,413 | * | |||||||||||||||
Frank
H. Small(8)
|
16,461 | 2,150 | 73,535 | 92,146 | * | |||||||||||||||
R.
Louis Caceres(9)
|
3,070 | 1,600 | 32,227 | 36,897 | * | |||||||||||||||
Sara
E. Watkins(10)
|
12,636 | 0 | 33,295 | 45,931 | * | |||||||||||||||
All
directors and all executive officers as a group (21
persons)
|
444,169 | 17,903 | 433,601 | 895,673 | 5.45 | % |
(1)
|
Under
the rules of the SEC, an individual is considered to "beneficially own"
any share of common stock which he or she, directly or indirectly, through
any contract, arrangement, understanding, relationship, or otherwise, has
or shares: (a) voting power, which includes the power to vote, or to
direct the voting of, such security; and/or (b) investment power, which
includes the power to dispose, or to direct the disposition, of such
security.
|
(2)
|
Only
whole shares appear in the table. Fractional shares that may arise from
participation in the dividend reinvestment plan are not
shown.
|
(3)
|
Includes
stock options exercisable on the Record Date and within 60 days
thereafter.
|
(4)
|
Mr.
Hollar's shares include 947 shares held through employee benefit
plans. 4,500 stock options granted to Mr. Hollar expired on
December 16, 2008. In connection with Mr. Hollar’s retirement
from employment on December 31, 2008, 1,500 shares of restricted stock and
3,833 unvested stock options were forfeited and remaining vested options
will expire on March 31, 2009.
|
(5)
|
Mr.
Schumann's shares include 77,484 shares held by a trust for which Mr.
Schumann is trustee, but in which he has no pecuniary
interest.
|
(6)
|
Mr.
Schrider's shares include 2,841 shares held through employee benefit
plans.
|
(7)
|
Mr.
Mantua's shares include 5,042 shares held through employee benefit
plans.
|
(8)
|
Mr.
Small's shares include 6,111 shares held through employee benefit plans.
2250 stock options granted to Mr. Small in 1998 expired on December 16,
2008.
|
(9)
|
Mr.
Caceres' shares include 2,298 shares held through employee benefit
plans.
|
(10)
|
Ms.
Watkins' shares include 4,481 shares held through employee benefit
plans. Ms. Watkins no longer worked for the Bank as of December
19, 2008, and as such 1,150 shares of restricted stock and 5,000 unvested
stock options were forfeited. Remaining vested stock options
will expire on March 19,
2009.
|
Name
|
Amount and Nature of
Beneficial
Ownership (1) |
Percentage of Shares
Outstanding
(2)
|
||||||
Barclays
Global Investors, NA
400
Howard Street,
San
Franscisco, CA 94105
|
871,007 | 5.3 | % |
(1)
|
Beneficial
ownership is defined by rules of the SEC, and includes shares that the
person or entity has, or shares, voting or investment power
over.
|
(2)
|
Calculated
by Bancorp based upon shares reported as beneficially owned by the listed
person or entity and shares of Bancorp common stock outstanding as of the
Record Date.
|
|
·
|
The
compensation philosophy;
|
|
·
|
Bancorp's
performance relative to peers and industry
standards;
|
|
·
|
Success
in attaining annual and long-term goals and
objectives;
|
|
·
|
Alignment
of executive interests with shareholder interests through equity-based
awards vesting over a period of
years;
|
|
·
|
Management
of compensation expense, and emphasis on performance-based
compensation;
|
|
·
|
Individual
performance, experience, and
contributions;
|
|
·
|
Succession
planning;
|
|
·
|
Total
compensation and the mix of compensation elements for named executive
officers;
|
|
·
|
The
competitiveness of executive compensation relative to Bancorp's peers and
conditions in our labor markets;
|
|
·
|
The
relative appropriateness of named executive officer's compensation as
compared to the compensation of other peer group executive officers;
and
|
|
·
|
Retention
considerations.
|
|
·
|
The
chief executive officer is responsible for the development of Bancorp's
strategic plan and annual business plan, which are reviewed and approved
by the board of directors.
|
|
·
|
The
chief executive officer conducts a self-assessment, which is reviewed
annually by the board of directors.
|
|
·
|
The
chief executive officer presents executive performance ratings to the
committee and makes recommendations relating to executive compensation,
taking into consideration the advice from the external compensation
consultant.
|
|
·
|
The
chief executive officer in collaboration with the external consultant
develops proposals relating to potential changes in executive compensation
programs for review by the
committee.
|
|
·
|
The
compensation consultant and executive management works with the committee
to identify an appropriate peer group for the purpose of market
comparisons.
|
|
·
|
The
chief executive officer and senior vice president of human resources
provide the committee with company data necessary to evaluate and
implement compensation proposals and
programs.
|
|
·
|
The
senior vice president of human resources works with other external
consultants to provide actuarial data and other similar information
related to the committee's
responsibilities.
|
Name
|
Title
|
2007
Base
Salary
|
Adjustment
(1)
|
Adjusted
Base
Salary
|
Increase
Amount
|
2008
Base
Salary
|
Increase
%
|
|||||||||||||||||||
H. Hollar
|
Chief Executive Officer
|
$ | 462,800 | $ | 6,500 | $ | 469,300 | $ | 18,700 | $ | 488,000 | 3.98 | % | |||||||||||||
P. Mantua
|
Chief Financial Officer
|
223,600 | $ | 6,500 | 230,100 | 9,900 | 240,000 | 4.30 | % | |||||||||||||||||
D. Schrider
|
Chief Revenue Officer
|
244,400 | $ | 6,500 | 250,900 | 99,100 | 350,000 | 39.50 | % | |||||||||||||||||
F. Small
|
Chief Operating Officer
|
306,000 | $ | 6,500 | 312,500 | 0 | 312,500 | 0.00 | % | |||||||||||||||||
R. Caceres
|
Executive Vice President
|
244,400 | $ | 6,500 | 250,900 | 9,100 | 260,000 | 3.63 | % | |||||||||||||||||
S. Watkins
|
Executive Vice President
|
200,500 | $ | 6,500 | 207,000 | 6,000 | 213,000 | 2.90 | % |
(1)
|
$6,500
was added to each executive officer's base salary on January 1, 2008 to
offset the discontinuance of the Executive Health Reimbursement Plan
benefit.
|
|
·
|
Align
pay with performance.
|
|
·
|
Position
total cash compensation to be competitive with market when performance
meets expectations.
|
|
·
|
Motivate
and reward employees for achieving/exceeding performance
goals.
|
|
·
|
Enable
the Bank to attract and retain the talent needed to drive
success.
|
|
·
|
Provide
clear focus on key strategic business
objectives.
|
Park National Corporation, OH
|
Provident Bankshares Corp, MD
|
F.N.B. Corporation, PA
|
National Penn Bancshares, Inc., PA
|
First Commonwealth Financial, PA
|
First Charter Corporation, NC (1)
|
Wesbanco, Inc., WV
|
Harleysville National Corp., PA
|
S&T Bancorp, Inc., PA
|
First Financial Bancorp, OH
|
Sun Bancorp, Inc., NJ
|
Carter Bank & Trust, VA
|
Lakeland Bancorp, Inc., NJ
|
TowneBank, VA
|
City Holding Company, WV
|
Virginia Commerce Bancorp, Inc, VA
|
First Bancorp, NC
|
Union Bankshares Corp., VA
|
First Community Bancshares, Inc., VA
|
NewBridge Bancorp, NC
|
Pennsylvania Commerce Bancorp, PA
|
Name and Principal
Position
|
Year
|
Salary
|
Stock
Awards
(1)
|
Option
Awards
(2)
|
Non-Equity
Incentive
Plan
Compensation
(3)
|
Change in
Pension
Value &
Nonqualified
Deferred
Compensation
Earnings
(4)
|
All Other
Compensation
(5)
|
Total
|
||||||||||||||||||||||||
Hunter R. Hollar
Chief
Executive Officer
|
2008
2007
2006
|
$ |
483,685
458,008
437,677
|
$ |
27,088
18,700
-
|
$ |
29,900
84,425
54,525
|
$
$
|
165,658
-
200,302
|
$ |
94,434
270,078
403,036
|
$ |
59,221
28,334
26,894
|
$ |
859,985
859,545
1,067,909
|
|||||||||||||||||
Philip
J. Mantua
Executive
Vice President & Chief Financial Officer
|
2008
2007
2006
|
$ |
237,335
221,285
206,446
|
$ |
12,723
7,480
-
|
$ |
21,930
32,810
17,693
|
28,846
-
52,739
|
$ |
20,410
107,030
79,196
|
$ |
11,364
8,910
8,793
|
$ |
332,608
377,515
347,174 |
||||||||||||||||||
Daniel J. Schrider
President
& Chief Revenue Officer
|
2008
2007
2006
|
$ |
269,324
241,869
229,892
|
$ |
17,965
7,480
-
|
$ |
26,967
32,810
17,693
|
25,992
-
77,639
|
$ |
31,856
27,731
51,382
|
$ |
24,814
12,565
9,478
|
$ |
396,917
322,455
368,391
|
||||||||||||||||||
Frank
H. Small
Executive
Vice President & Chief Operating Officer
|
2008
2007
2006
|
$ |
312,500
304,385
298,892
|
$ |
16,463
11,220
-
|
$ |
27,977
54,018
32,854
|
119,482
-
112,033
|
$ |
78,925
163,972
413,724
|
$ |
20,555
16,018
17,991
|
$ |
575,902
549,613
842,640
|
||||||||||||||||||
R. Louis Caceres
Executive
Vice President
|
2008
2007
2006
|
$ |
257,900
241,869
229,892
|
$ |
11,674
7,480
-
|
$ |
21,042
32,810
17,693
|
25,070
-
77,639
|
$ |
25,143
82,705
59,827
|
$ |
15,831
11,899
10,516
|
$ |
356,660
376,763
377,874
|
||||||||||||||||||
Sara
E. Watkins
Executive
Vice President
|
2008
|
$ | 209,635 | $ | 11,045 | $ | 13,810 | 4,767 | $ | 75,844 | $ | 279,540 | $ | 594,640 |
(1)
|
Represents
the compensation expense recognized for financial statement reporting
purposes in accordance with FAS 123(R) for outstanding restricted stock
awards.
|
(2)
|
Represents
the compensation expense recognized for financial statement reporting
purposes in accordance with FAS 123(R) for outstanding stock option
awards. See the discussion of the assumptions used for these values in
Note 13 to the Consolidated Financial Statements contained in Bancorp's
2008 Annual Report on Form
10-K.
|
(3)
|
Represents
incentive payments earned in 2008 as well as interest paid in 2008 under
the Executive Incentive Retirement Plan (EIRP) as described on page 17 and
quantified in the Nonqualified Deferred Compensation table on page
27. There were no bonuses paid to the named executive officers
for 2008 under the Sandy Spring Leadership Incentive Plan
(SSLIP).
|
(4)
|
This
represents the change in value with respect to Bancorp's Pension
Plan. See the table of Pension Benefits on page
26. The actuarial method for calculating the change in the
pension value changed as of January 1, 2008 and resulted in a greater
increase than in past years. For Mr. Hollar and Ms. Watkins
this amount also includes the total earnings on the nonqualified deferred
compensation plan as further described on page
27.
|
(5)
|
This
column consists of the value of perquisites and personal benefits for the
named executive officers including educational benefits, supplemental long
term care and disability insurance, 401(k) matching funds, and life
insurance benefits. In addition to automobile usage, Mr. Hollar
also received his bank-owned car as a retirement gift valued at
$27,225. Mr. Schrider received a car allowance beginning in
March 2008. Ms. Watkins received $263,250 in compensation under
the terms of her employment agreement upon separation from the
Bank.
|
Option Awards
|
Stock Awards
|
|||||||||||||||
Name
|
Grant Date
|
Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable
(1)
|
Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable
|
Option
Exercise
Price
($)
|
Option
Expiration
Date
|
Number of
Shares or
Units of
Stock That
Have Not
Vested
(#)
|
Market Value
of Shares or
Units of Stock
That Have Not
Vested
($)(2)
|
|||||||||
12/15/1999
|
10,520
|
-
|
$
|
17.21
|
3/31/2009
|
-
|
-
|
|||||||||
Hunter
R. Hollar
|
12/13/2000
|
7,481
|
-
|
14.54
|
3/31/2009
|
-
|
-
|
|||||||||
12/21/2001
|
18,400
|
-
|
32.25
|
3/31/2009
|
-
|
-
|
||||||||||
12/11/2002
|
17,000
|
-
|
31.25
|
3/31/2009
|
-
|
-
|
||||||||||
12/17/2003
|
16,950
|
-
|
38.91
|
3/31/2009
|
-
|
-
|
||||||||||
12/15/2004
|
18,650
|
-
|
38.00
|
3/31/2009
|
-
|
-
|
||||||||||
12/14/2005
|
22,500
|
-
|
38.13
|
3/31/2009
|
-
|
-
|
||||||||||
12/13/2006
|
7,667
|
(3) -
|
37.40
|
3/31/2009
|
(3) -
|
-
|
||||||||||
3/26/2008
|
(4)
2,000
|
$43,660
|
||||||||||||||
12/15/1999
|
175
|
-
|
$
|
17.21
|
12/15/2009
|
-
|
-
|
|||||||||
Philip
J. Mantua
|
12/13/2000
|
1,800
|
-
|
14.54
|
12/13/2010
|
-
|
-
|
|||||||||
12/21/2001
|
1,500
|
-
|
32.25
|
12/21/2011
|
-
|
-
|
||||||||||
12/11/2002
|
1,750
|
-
|
31.25
|
12/11/2012
|
-
|
-
|
||||||||||
12/17/2003
|
2,200
|
-
|
38.91
|
12/17/2013
|
-
|
-
|
||||||||||
12/15/2004
|
6,050
|
-
|
38.00
|
12/15/2014
|
-
|
-
|
||||||||||
12/14/2005
|
6,395
|
-
|
38.13
|
12/14/2012
|
-
|
-
|
||||||||||
12/13/2006
|
3,334
|
(5)
1,666
|
37.40
|
12/13/2013
|
(6)
600
|
13,098
|
||||||||||
3/26/2008
|
-
|
(7)
5,750
|
27.96
|
03/26/2015
|
(8)
1,250
|
27,288
|
||||||||||
12/15/1999
|
800
|
-
|
$
|
17.21
|
12/15/2009
|
-
|
-
|
|||||||||
Daniel
J. Schrider
|
12/13/2000
|
2,499
|
-
|
14.54
|
12/13/2010
|
-
|
-
|
|||||||||
12/21/2001
|
2,000
|
-
|
32.25
|
12/21/2011
|
-
|
-
|
||||||||||
12/11/2002
|
4,700
|
-
|
31.25
|
12/11/2012
|
-
|
-
|
||||||||||
12/17/2003
|
5,000
|
-
|
38.91
|
12/17/2013
|
-
|
-
|
||||||||||
12/15/2004
|
6,625
|
-
|
38.00
|
12/15/2014
|
-
|
-
|
||||||||||
12/14/2005
|
6,395
|
-
|
38.13
|
12/14/2012
|
-
|
-
|
||||||||||
12/13/2006
|
3,334
|
(5)
1,666
|
37.40
|
12/13/2013
|
(6)
600
|
13,098
|
||||||||||
3/26/2008
|
-
|
(7)
10,000
|
27.96
|
03/26/2015
|
(8)
2,500
|
54,575
|
||||||||||
12/15/1999
|
6,750
|
-
|
$
|
17.21
|
12/15/2009
|
-
|
-
|
|||||||||
Frank
H. Small
|
12/13/2000
|
12,001
|
-
|
14.54
|
12/13/2010
|
-
|
-
|
|||||||||
12/21/2001
|
6,400
|
-
|
32.25
|
12/21/2011
|
-
|
-
|
||||||||||
12/11/2002
|
8,350
|
-
|
31.25
|
12/11/2012
|
-
|
-
|
||||||||||
12/17/2003
|
10,325
|
-
|
38.91
|
12/17/2013
|
-
|
-
|
||||||||||
12/15/2004
|
11,250
|
-
|
38.00
|
12/15/2014
|
-
|
-
|
||||||||||
12/14/2005
|
11,875
|
-
|
38.13
|
12/14/2012
|
-
|
-
|
||||||||||
12/13/2006
|
4,667
|
(5)
2,333
|
37.40
|
12/13/2013
|
(6)
900
|
19,647
|
||||||||||
3/26/2008
|
-
|
(7)
5,750
|
27.96
|
03/26/2015
|
(8)
1,250
|
27,288
|
||||||||||
12/15/1999
|
2,081
|
-
|
$
|
17.21
|
12/15/2009
|
-
|
-
|
|||||||||
R.
Louis Caceres
|
12/21/2001
|
3,000
|
-
|
32.25
|
12/21/2011
|
-
|
-
|
|||||||||
12/11/2002
|
4,700
|
-
|
31.25
|
12/11/2012
|
-
|
-
|
||||||||||
12/17/2003
|
5,000
|
-
|
38.91
|
12/17/2013
|
-
|
-
|
||||||||||
12/15/2004
|
6,050
|
-
|
38.00
|
12/15/2014
|
-
|
-
|
||||||||||
12/14/2005
|
6,395
|
-
|
38.13
|
12/14/2012
|
-
|
-
|
||||||||||
12/13/2006
|
3,334
|
(5)
1,666
|
37.40
|
12/13/2013
|
(6)
600
|
13,098
|
||||||||||
|
3/26/2008
|
|
-
|
|
(7)
5,000
|
|
27.96
|
|
03/26/2015
|
|
(8)
1,000
|
|
21,830
|
|||
Sara
E. Watkins
|
12/15/1999
|
2,400
|
-
|
$
|
17.21
|
3/19/2009
|
||||||||||
12/13/2000
|
3,750
|
-
|
14.54
|
3/19/2009
|
||||||||||||
12/21/2001
|
3,000
|
-
|
32.25
|
3/19/2009
|
||||||||||||
12/11/2002
|
4,700
|
-
|
31.25
|
3/19/2009
|
||||||||||||
12/17/2003
|
5,000
|
-
|
38.91
|
3/19/2009
|
||||||||||||
12/15/2004
|
6,050
|
-
|
38.00
|
3/19/2009
|
||||||||||||
12/14/2005
|
6,395
|
-
|
38.13
|
3/19/2009
|
||||||||||||
12/13/2006
|
2,000
|
-
|
37.40
|
3/19/2009
|
-
|
-
|
||||||||||
|
3/26/2008
|
|
-
|
|
(9)
-
|
|
27.96
|
|
-
|
|
(9)
-
|
|
-
|
(1)
|
All
outstanding equity awards were issued under Bancorp’s 1999 Stock Option
Plan or Bancorp’s 2005 Omnibus Stock
Plan.
|
(2)
|
Aggregate
market values are based upon the closing price of $21.83 on December 31,
2008.
|
(3)
|
Mr.
Hollar forfeited 3,833 unvested options and 1,500 unvested shares of
restricted stock upon his retirement on December 31,
2008.
|
(4)
|
Shares
granted on March 26, 2008 for Mr. Hollar will vest over three years in
equal amounts on the anniversary of the
grant.
|
(5)
|
Remaining
unexercisable options granted on December 13, 2006 will vest on December
13, 2009.
|
(6)
|
Remaining
shares granted on December 13, 2006 will vest in equal amounts on each
anniversary up to and including December 13,
2011.
|
(7)
|
Options
granted on March 26, 2008 will vest over three years in equal amounts on
the anniversary of the grant.
|
(8)
|
Shares
granted on March 26, 2008 will vest over five years in equal amounts on
the anniversary of the grant.
|
(9)
|
Ms.
Watkins forfeited a total of 5,000 unvested stock options, and 1,150
shares of restricted stock as of December 19,
2008.
|
Name
|
Grant Date
|
Estimated possible payouts under
non-equity incentive plan awards
|
All other
stock
awards:
Number
of shares
of stock
(#)
|
All other
option
awards:
Number of
securities
underlying
options
(#)
|
Exercise
or Base
Price of
Option
Awards
($/share)
|
Grant
Date Fair
Value of
Stock and
Option
Awards
($)(2)
|
||||||||||||||||||||||||||
Threshold(1)
|
Target
|
Maximum
|
||||||||||||||||||||||||||||||
Hunter R. Hollar
|
SSLIP
|
n/a
|
$ | 109,800 | $ | 219,600 | $ | 329,400 | ||||||||||||||||||||||||
EIRP
|
n/a
|
9,760 | 24,400 | 43,920 | ||||||||||||||||||||||||||||
RSA
|
3/26/2008
|
2,000 | $ | 55,920 | ||||||||||||||||||||||||||||
Philip J. Mantua
|
SSLIP
|
n/a
|
36,000 | 72,000 | 108,000 | |||||||||||||||||||||||||||
EIRP
|
n/a
|
4,800 | 12,000 | 21,600 | ||||||||||||||||||||||||||||
RSA
|
3/26/2008
|
1,250 | $ | 34,950 | ||||||||||||||||||||||||||||
OPT
|
3/26/2008
|
5,750 | $ | 27.96 | 27,255 | |||||||||||||||||||||||||||
Daniel J. Schrider
|
SSLIP
|
n/a
|
61,250 | 122,500 | 183,750 | |||||||||||||||||||||||||||
EIRP
|
n/a
|
7,000 | 17,500 | 31,500 | ||||||||||||||||||||||||||||
RSA
|
3/26/2008
|
2,500 | $ | 69,900 | ||||||||||||||||||||||||||||
OPT
|
3/26/2008
|
10,000 | $ | 27.96 | 47,400 | |||||||||||||||||||||||||||
Frank H. Small
|
SSLIP
|
n/a
|
46,875 | 93,750 | 140,625 | |||||||||||||||||||||||||||
EIRP
|
n/a
|
6,250 | 15,625 | 28,125 | ||||||||||||||||||||||||||||
RSA
|
3/26/2008
|
1,250 | $ | 34,950 | ||||||||||||||||||||||||||||
OPT
|
3/26/2008
|
5,750 | $ | 27.96 | 27,255 | |||||||||||||||||||||||||||
R. Louis Caceres
|
SSLIP
|
n/a
|
32,500 | 65,000 | 97,500 | |||||||||||||||||||||||||||
EIRP
|
n/a
|
5,200 | 13,000 | 23,400 | ||||||||||||||||||||||||||||
RSA
|
3/26/2008
|
1,000 | $ | 27,960 | ||||||||||||||||||||||||||||
OPT
|
3/26/2008
|
5,000 | $ | 27.96 | 23,700 | |||||||||||||||||||||||||||
Sara E. Watkins(3)
|
SSLIP
|
n/a
|
0 | 0 | 0 | |||||||||||||||||||||||||||
EIRP
|
n/a
|
0 | 0 | 0 | ||||||||||||||||||||||||||||
RSA
|
3/26/2008
|
850 | $ | 23,766 | ||||||||||||||||||||||||||||
OPT
|
3/26/2008
|
4,000 | $ | 27.96 | 18,960 |
(1)
|
The
amount listed for the threshold for the SSLIP assumes that all performance
measures achieve the threshold level established under the plan. A lesser
bonus would be earned if only some of the performance measures achieved
the threshold level, and no bonus would be earned if none of the
performance measures achieved threshold.
|
(2)
|
The grant date fair value of each
equity award is computed in accordance with FAS 123R using a binomial
valuation model.
|
(3)
|
Ms.
Watkins was not eligible to receive a benefit under SSLIP or EIRP as she
was not employed on December, 31,
2008.
|
Option Awards
|
Stock Awards
|
|||||||||||||||
Name
|
Number of Shares
Acquired on Exercise
(#)
|
Value Realized Upon
Exercise(1)
($)
|
Number of Shares
Acquired on Vesting
(#)
|
Value Realized Upon
Vesting(2)
($)
|
||||||||||||
Hunter R. Hollar
|
- | $ | - | 500 | $ | 9,750 | ||||||||||
Philip J. Mantua
|
- | - | 200 | 3,900 | ||||||||||||
Daniel J. Schrider
|
- | - | 200 | 3,900 | ||||||||||||
Frank H. Small
|
- | - | 300 | 5,850 | ||||||||||||
R. Louis Caceres
|
- | - | 200 | 3,900 | ||||||||||||
Sara E. Watkins
|
1,500 | $ | 14,040 | 100 | 1,950 |
(1)
|
The
value realized upon exercise is determined by multiplying the number of
shares acquired by the difference between market value per share of
Bancorp common stock on the date of exercise and the exercise price per
share.
|
(2)
|
The
value realized upon vesting is equal to the closing market price of
Bancorp common stock on the date of vesting multiplied by the number of
shares acquired.
|
Name
|
Plan Name
|
Years of Credited Service
|
Present Value of
Accumulated Benefit
(1)
|
|||||||
Hunter R. Hollar
|
Pension Plan
|
17 | $ | 327,073 | ||||||
Philip J. Mantua
|
Pension Plan
|
9 | 62,990 | |||||||
Daniel J. Schrider
|
Pension Plan
|
19 | 87,279 | |||||||
Frank H. Small
|
Pension Plan
|
17 | 363,181 | |||||||
R. Louis Caceres
|
Pension Plan
|
9 | 72,783 | |||||||
Sara E. Watkins
|
Pension Plan
|
34 | 309,236 |
(1)
|
This
plan and related valu |