Board Justification

Our executive compensation philosophy is shaped by our strong belief that competitiveness, management longevity, long-term orientation and performance are key drivers to our success and to creating value for all of our stakeholders. The objective of our executive compensation program is to attract, retain, and incentivize highly talented individuals that embody our mission to grow and empower local economies.

Board Justification

Since 2021, we have not provided a cash bonus or other short-term incentive compensation to our named executive officers.

Board Justification

The amounts reported consist of payments on behalf of the named executive officer for basic life insurance and accidental death and dismemberment insurance, as well as a tax gross-up for taxable income incurred through participating in the company’s meal benefit provided to all office-based employees.

Board Justification

In 2022, our CEO did not receive an annual grant of RSUs, consistent with our intentions in granting him a significant performance-based equity grant in 2020 that vests only if we achieve stretch stock price goals over a seven-year performance period.