Webster Financial 8-K 2017
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 3, 2017
WEBSTER FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Registrant’s telephone number, including area code: (203) 578-2202
(Former name or former address, if changed since last report)
On April 3, 2017, Webster Financial Corporation (the "Company") entered into amended and restated non-competition agreements with each of John R. Ciulla, President, Nitin J. Mhatre, Executive Vice President, Community Banking, and Daniel H. Bley, Executive Vice President and Chief Risk Officer, which supersede and replace their existing non-competition agreements with the Company. The amended and restated non-competition agreements incorporate a constructive termination provision that provides that, if the executive resigns his employment due to a material adverse change by the Company in the executive's title or position or due to a material reduction by the Company in the executive's annual target compensation opportunity, then, subject to his execution and non-revocation of a general release of claims in favor of the Company, the executive will be entitled to the same severance benefits as apply upon a termination by the Company without cause (generally an amount equal to the executive's annual base salary, a prorated bonus for the year of termination based on actual performance, and up to one year of employer subsidized health care coverage).
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.