The top five officers of New Alliance Bancshares could reap shares valued at more than $1 million, plus options to buy more, if the New Haven bank holding company meets its performance targets, a regulatory filing shows.
New Alliance’s board in late May set revised long-term bonus pay tied to 2010 performance goals for each of the five, according to a filing with the Securities and Exchange Commission.
The purpose is to align the officers’ decisions about running the bank align with shareholders’ long term interests.
The awards are a mix of stock options, restricted stock and performance shares, the filing said.
Peyton R. Patterson, chairman and CEO of the $8.5 billion-asset holding company and its principal subsidiary, New Alliance Bank, stands to collect up to 41,558 shares worth $456,138, based on Monday’s closing price. Patterson also would collect options to buy 112,082 shares.
The SEC filing did not list details on the pre-set price for officers to buy shares under the options.
Four New Alliance executive vice presidents, who are officers for the bank, also are eligible, the filing said.
Glenn I. MacInnes, chief financial officer, is eligible for as many as 12,430 shares worth $136,730 and options for 29,197 more.
Gail E.D. Brathwaite, the bank’s chief operating officer, would reap up to13,808 shares worth $151,888 and 30,018 in options.
C. Eugene Kirby Jr., bank president, would collect 17,390 shares valued at $191,290 and 37,804 options.
Don T. Chaffee, the bank’s chief credit officer, would garner 8,842 shares worth $97,262 and 19,221 options.
The options vest ratably over four years, while two-thirds of their restricted shares vest on May 31, 2012 and the last third on May 31, 2013. If earned, the performance shares after three years, the filing said.
New Alliance earned $16.3 million in the first quarter.
