|
||||
|
|
|
|
|
Massachusetts
|
|
001-33912
|
|
04-3308902
|
(State or Other Jurisdiction
|
|
(Commission
|
|
(IRS Employer
|
of Incorporation)
|
|
File Number)
|
|
Identification No.)
|
|
||
|
|
|
222 Merrimack Street
|
|
|
Lowell, Massachusetts
|
|
01852
|
(address of principal executive offices)
|
|
(Zip Code)
|
•
|
when cumulative diluted earnings per share from January 1, 2019 forward reach
$2.79
, 25% of the restricted shares granted will vest; and
|
•
|
when cumulative diluted earnings per share from January 1, 2019 forward reach
$5.58
, an additional 25% of the restricted shares granted will vest; and
|
•
|
when cumulative diluted earnings per share from January 1, 2019 forward reach
$8.37
, an additional 25% of the restricted shares granted will vest; and
|
•
|
when cumulative diluted earnings per share from January 1, 2019 forward reach
$11.16
, an additional 25% of the restricted shares granted will vest.
|
Net Income
|
$28.50M
|
$30.679M
|
$32.857M
|
$33.857M
|
$34.857M
|
Contribution Amount
|
$12,500
|
$18,750
|
$25,000
|
$37,500
|
$50,000
|
Net Income
|
$28.50M
|
$30.679M
|
$32.857M
|
$33.857M
|
$34.857M
|
Contribution Amount
|
$3,500
|
$5,250
|
$7,000
|
$14,000
|
$21,000
|
|
|||
|
|
|
|
Item 9.01.
|
|
Financial Statements and Exhibits
|
|
|
|
|
|
(d)
|
|
The following exhibits are included with this Current Report on Form 8-K:
|
|
|
|
|
|
|
|
Enterprise Bank 2019 Variable Compensation Incentive Plan
|
|
|
|
|
|
|
|
Enterprise Bank Supplemental Executive Retirement and Deferred Compensation Plan 2019 Addendum
|
|
|||
|
|
|
|
|
|
ENTERPRISE BANCORP, INC.
|
|
|
|
|
|
|
|
|
|
Date: March 22, 2019
|
|
By:
|
/s/ James A. Marcotte
|
|
|
|
James A. Marcotte
|
|
|
|
Executive Vice President, Treasurer and Chief Financial Officer
|
Bankwide Group with Multiplier
|
Performance Factor
|
Weight
|
Net Income
|
50%
|
|
Low Cost Deposit Growth
|
15%
|
|
Loan Growth
|
15%
|
|
Loan Quality
|
10%
|
|
Non-Interest Fee Revenue
|
10%
|
|
Variable Compensation for Performance Factors
|
|
|
||||
Below Threshold
|
At Threshold
(0.50)
|
(0.75)
|
At Target
(1.00)
|
(1.25)
|
(1.50)
|
(1.75)
|
At Stretch
(2.00)
|
There will be a 0% payout for the performance factor.
|
There will be a
50% payout for the performance factor.
|
|
There will be a 100% payout for the performance factor.
|
|
|
|
There will be a 200% payout for the performance factor.
|
Bankwide Group with Multiplier
|
Performance Factor
|
Threshold
|
|
Target
|
|
|
|
Stretch
|
0.5
|
0.75
|
1
|
1.25
|
1.5
|
1.75
|
2
|
||
Net Income*
|
28.50M
|
30.679M
|
32.857M
|
33.857M
|
34.857M
|
35.857M
|
36.857M
|
|
Low Cost Deposit Growth
|
0
|
25.3M
|
50.6M
|
62.6M
|
74.6M
|
86.6M
|
98.6M
|
|
Loan Growth
|
100M
|
169M
|
239M
|
271M
|
304M
|
336M
|
369M
|
|
Loan Quality
|
5.4M
|
4.5M
|
3.6M
|
2.7M
|
1.8M
|
900K
|
0
|
|
Non-Interest Fee Revenue
|
13.733M
|
14.633M
|
15.533M
|
16.433M
|
17.333M
|
18.233M
|
19.133M
|
•
|
If less than $48.939M, multiply actual payout percentage by 1.05
|
•
|
If between $48.939M - $49.239M, multiply actual payout percentage by 1.0
|
•
|
If more than $49.239M, multiply actual payout percentage by 0.95
|
•
|
Chief Financial Officer & Treasurer
|
•
|
Managing Director of Wealth Management & Chief Operating Officer
|
|
.5
|
.75
|
Target
|
1.25
|
1.5
|
Net Income Metric
|
$28.50M
|
$30.679M
|
$32.857M
|
$33.857M
|
$34.857M
|
Contribution Amount
|
$3,500
|
$5,250
|
$7,000
|
$14,000
|
$21,000
|
|
.5
|
.75
|
Target
|
1.25
|
1.5
|
Net Income Metric
|
$28.50M
|
$30.679M
|
$32.857M
|
$33.857M
|
$34.857M
|
Contribution Amount
|
$12,500
|
$18,750
|
$25,000
|
$37,500
|
$50,000
|