BYFC » Topics » Summary Compensation Table

This excerpt taken from the BYFC DEF 14A filed May 22, 2009.

Summary Compensation Table

 

Name and

Principal Position

   Year   Salary(1)   Stock
Awards(2)
  Option
Awards(2)
  Non-Equity
Incentive
Plan

Compen-
sation(3)
  Nonqualified
Deferred
Compensation
Earnings(4)
  All
Other
Compen-
sation(5)
  Total
($)

Paul C. Hudson

Chief Executive Officer

   2008   $ 210,000     —       —       —     $ 126,007   $ 29,864   $ 365,871
   2007   $ 190,134   $ 1,908   $ 6,726   $ 43,882   $ 102,566   $ 28,346   $ 373,562

Samuel Sarpong

Chief Financial Officer

   2008   $ 150,000   $ 4,770   $ 23,196   $ 50,067     —     $ 19,205   $ 247,238
   2007   $ 140,000   $ 6,150   $ 20,720   $ 36,497     —     $ 18,549   $ 221,917

Wilbur McKesson (6)

Chief Lending Officer

   2008   $ 155,625     —     $ 6,580   $ 51,944     —     $ 22,692   $ 236,841
   2007   $ 115,385     —       —     $ 22,971     —     $ 17,034   $ 155,390

 

(1) Includes amounts deferred and contributed to the 401(k) Plan by the named executive officer.
(2) The amounts shown reflect the amounts expensed during 2008 and 2007 for grants and awards in prior years. Financial Accounting Standards Board Statement of Financial Accounting Standards No. 123(R), Share-Based Payment (“SFAS No. 123 (R)”), requires us to recognize compensation expense for stock options and other stock-related awards granted to our employees and directors based on the estimated fair value of the equity instrument at the time of grant. The compensation expense is recognized over the vesting period. The assumptions used to determine the valuation of the awards are discussed in Note 13 of the Notes to the Consolidated Financial Statements of the Company filed with the SEC as part of the Company’s Annual Report on Form 10-K for the year ended December 31, 2008.
(3) The amounts shown represent performance-based bonuses earned in 2008 but paid in 2009 and earned in 2007 but paid in 2008, as described in the CD&A.
(4) The Bank has a Salary Continuation Agreement with Mr. Hudson. The amount listed reflects the change in the actuarial present value of the accumulated benefits under this agreement. The income from a bank owned life insurance policy reduces the expense related to the Salary Continuation Agreement pursuant to which the amounts shown are paid. The other named executive officers did not participate in the Bank’s Non-Qualified Deferred Compensation Plan during 2008 and 2007.
(5) Includes amounts paid by the Company to the 401(k) Plan account of the executive officer, and estimated allocations under the ESOP. Also includes perquisites and other benefits consisting of car and cellphone allowances, and premiums paid for medical, dental and group term life insurance policies.
(6) Wilbur McKesson commenced his employment as the Bank’s Chief Lending Officer in March 2007.

 

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Table of Contents

The following table sets forth information concerning outstanding equity awards held by each named executive officer as of December 31, 2008.

This excerpt taken from the BYFC 10-K filed May 1, 2009.

Summary Compensation Table

 

Name and

Principal Position

  Year   Salary (1)   Stock
Awards (2)
  Option
Awards (2)
  Non-Equity
Incentive
Plan
Compen-

sation (3)
  Nonqualified
Deferred
Compensation
Earnings (4)
  All
Other
Compen-

sation (5)
  Total
($)

Paul C. Hudson

  2008   $ 210,000     -     -     -   $ 126,007   $ 29,864   $ 365,871

Chief Executive Officer

  2007   $ 190,134   $ 1,908   $ 6,726   $ 43,882   $ 102,566   $ 28,346   $ 373,562

Samuel Sarpong

  2008   $ 150,000   $ 4,770   $ 23,196   $ 50,067     -   $ 19,205   $ 247,238

Chief Financial Officer

  2007   $ 140,000   $ 6,150   $ 20,720   $ 36,497     -   $ 18,549   $ 221,917

Wilbur McKesson (6)

  2008   $ 155,625     -   $ 6,580   $ 51,944     -   $ 22,692   $ 236,841

Chief Lending Officer

  2007   $ 115,385     -     -   $ 22,971     -   $ 17,034   $ 155,390

 

(1) Includes amounts deferred and contributed to the 401(k) Plan by the named executive officer.
(2) The amounts shown reflect the amounts expensed during 2008 and 2007 for grants and awards in prior years. The Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 123(R), Share-Based Payment (“SFAS No. 123 (R)”), which requires us to recognize compensation expense for stock options and other stock-related awards granted to our employees and directors based on the estimated fair value of the equity instrument at the time of grant. The compensation expense is recognized over the vesting period. The assumptions used to determine the valuation of the awards are discussed in Note 13 of the Notes to the Consolidated Financial Statements of the Company, as filed with the SEC on Form 10-K for the year ended December 31, 2008.

 

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(3) The amounts shown represent performance-based bonuses earned in 2008 but paid in 2009 and earned in 2007 but paid in 2008.
(4) The Bank has a Salary Continuation Agreement with Mr. Hudson. The amount listed reflects the change in the actuarial present value of the accumulated benefits under this agreement. The income from a bank owned life insurance policy reduces the expense related to the Salary Continuation Agreement. The other Named Executive Officers did not participate in the Bank’s Non-Qualified Deferred Compensation Plan during 2008 and 2007.
(5) Includes amounts paid by the Company to the 401(k) account of the executive officer, and estimated allocations under the ESOP. Also includes perquisites and other benefits consisting of car and phone allowances, and premiums paid for medical, dental and group term life insurance policies.
(6) Wilbur McKesson commenced his employment as the Bank’s Chief Lending Officer in March 2007.

The following table sets forth information concerning outstanding equity awards held by each named executive officer as of December 31, 2008.

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