First Bancorp Inc ME

For the period ended Apr 24, 2024. Filed Mar 8, 2024.

About this filing

What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.

Apr 24, 2024 · Filed Mar 8, 2024

FNLC$36.41-0.5%Stored close · as of Nov 6, 2026

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Contents

Summary Compensation Table

Executive Compensation Tables and Narrative

SUMMARY COMPENSATION TABLE

The following Summary Compensation Table sets forth the cash and non-cash compensation for each of the last three fiscal years earned by the Principal Executive Officer (“PEO”) the Principal Financial Officer as well as the three other highest paid active Executive Officers in fiscal 2023.


Tony C. McKim President and Chief Executive Officer		2023		775,000		226,068		232,500		22,653		1,256,221
	2022		670,000		300,145		201,000		21,108		1,192,253
	2021		610,000		335,080		183,000		20,194		1,148,274
Susan A. Norton Executive Vice President and Chief Administrative Officer		2023		315,000		60,891		63,000		20,189		459,080
	2022		285,000		85,852		87,620		18,655		477,127
	2021		267,500		88,823		53,500		17,760		427,583
Richard M. Elder Executive Vice President and Chief Financial Officer		2023		310,000		50,237		62,000		20,071		442,308
	2022		275,000		82,496		55,000		18,552		431,048
	2021		250,000		80,527		50,000		17,666		398,193
Sarah J. Tolman Executive Vice President and Chief Banking Officer		2023		280,000		45,303		56,000		19,891		401,194
	2022		255,000		79,714		51,000		18,391		404,105
	2021		238,500		93,015		47,700		17,488		396,703
Jonathan W. Nicholson Executive Vice President and Chief Lending Officer		2023		265,000		53,790		53,000		19,800		391,590
	2022		240,000		76,635		48,000		18,300		382,935
	2021		220,000		89,714		44,000		17,400		371,114

(1)

For 2021, the Compensation Committee of the Board granted cash bonuses outside of the STI program to the NEOs and to certain other senior executives. These amounts were: Mr. McKim received an additional bonus of $60,000. Ms. Norton and Mr. Elder each received an additional bonus of $5,000 each, and Ms. Tolman and Mr. Nicholson received additional bonuses of $15,000 each.

(2)

For 2022, the stock awards column includes an additional 1,000 shares awarded to Ms. Norton for performance in 2022. These shares were awarded on February 6, 2023, at the prior day’s closing price of $30.62.

(3)

All Other Compensation is detailed in the table below and includes the following:

401(k) Match and Additional Contributions. In all years, the Company provided a match at 50.0% of employee deferrals to the extent that the deferral does not exceed 6.0% of eligible compensation. In 2020 the Company converted to a Safe Harbor 401(k) plan. Under the Safe Harbor requirements, a Safe Harbor contribution of at least 3.0% must be provided annually. In 2023, 2022, and 2021, a 3.0% Safe Harbor contribution was provided to eligible employees. All 401(k) match and additional contributions are subject to the IRS regulations that govern the maximum amount of an Officer’s earnings which are eligible to be considered for the match and profit share components of compensation.

Company-Owned Vehicle. The amounts shown include the value of personal use for Company-owned vehicles by the Named Executives, where applicable.

Economic Value of Life Insurance. The amounts shown include the value of the Named Executives’ portion of policies provided by Life Insurance Endorsement Split Dollar Plan agreement for Bank Owned Life Insurance.

	The First Bancorp, Inc.			2024 Proxy Statement			35

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