ECB Bancorp Inc MD
For the period ended Jun 5, 2024. Filed Apr 26, 2024.
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Jun 5, 2024 · Filed Apr 26, 2024
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Summary Compensation Table
The following information is furnished for our principal executive officer and the two most highly compensated executive officers (other than the principal executive officer) whose total compensation exceeded $100,000 for the year ended December 31, 2023. These individuals, together with the principal executive officer, are the Company's “named executive officers.”
| Name and Principal Position | Year | Salary | Stock Awards (1) | Option Awards (2) | Non-Equity Incentive Compensation | All Other Compensation (3) | Total |
|---|---|---|---|---|---|---|---|
| Richard J. O'Neil, Jr. | 2023 | $442,000 | $682,078 | $706,007 | $220,000 | $55,204 | $2,105,289 |
| President and Chief Executive Officer | 2022 | 425,000 | - | - | 191,250 | 65,735 | 681,985 |
| John A. Citrano | 2023 | $278,750 | $378,933 | $392,226 | $125,438 | $78,088 | $1,253,435 |
| Executive Vice President and Chief Operating Officer and Chief Financial Officer | 2022 | 268,000 | - | - | 120,600 | 83,729 | 472,329 |
| John Migliozzi | 2023 | $286,000 | $378,933 | $392,226 | $128,700 | $71,155 | $1,257,014 |
| Executive Vice President and Chief Lending Officer | 2022 | 275,000 | - | - | 120,894 | 19,336 | 415,230 |
(1) Reflects the grant date aggregate fair value of restricted stock awards granted in 2023 under the Company’s 2023 Equity Incentive Plan, calculated in accordance with FASB ASC Topic 718 for stock-based compensation. The amounts were calculated based on the Company’s stock price of $10.12 on the date of grant, which was October 31, 2023.
(2) Reflects the grant date aggregate fair value of stock options granted in 2023 under the Company’s 2023 Equity Incentive Plan, calculated in accordance with FASB 718 for stock-based compensation based upon a fair value of $4.19 for each option using the Black-Scholes option pricing model. For further information on the assumptions used to compute fair value, see footnote 10 to the notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The actual value, if any, realized by a named executive officer from any option will depend on the extent to which the market value of the common stock exceeds the exercise price of the option on the date the option is exercised. Accordingly, there is no assurance that the value realized by a named executive officer will be at or near the value estimated above.
(3) Details of the amounts reported in “All Other Compensation” for fiscal 2023 are provided in the table below. All perquisites, which, in the aggregate, were less than $10,000 for each individual were excluded from“All Other Compensation.”
| 401(k) Plan Matching Contributions · ESOP Employer Contributions · Automobile Allowance · Life Insurance Premiums · Deferred Compensation Plan (a) · Total All Other Compensation | |||||||
|---|---|---|---|---|---|---|---|
| Richard J. O'Neil, Jr. | $23,100 | $17,056 | $12,000 | $3,048 | $ | - | $55,204 |
| John A. Citrano | 19,513 | 17,056 | - | 1,584 | 39,935 | 78,088 | |
| John Migliozzi | 20,020 | 7,398 | - | 3,048 | 40,689 | 71,155 | |
(a)
Represents the contributions made to the Deferred Compensation Plan for the benefit of Mr. Citrano and Mr. Migliozzi.
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