BERKSHIRE HILLS BANCORP, INC. (NYSE:BHLB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
(e)Senior Executive Short Term Incentive Plan. On March 22, 2018, the Compensation Committee of the Board of Directors (the "Committee") of Berkshire Hills Bancorp, Inc. (the "Company") adopted the Senior Executive Short Term Incentive Plan ("STIP"), which is an annual performance-based cash incentive plan.
The STIP is intended to motivate, recognize and reward senior executives for their individual and collective contributions to the growth and profitability of the Company and Berkshire Bank (the "Bank"), the wholly-owned subsidiary of the Company. The STIP serves as a component of a competitive total compensation package that enables the Company and the Bank to attract and retain talent needed to drive the Company and the Bank's future success.
The STIP provides that, at the start of each calendar year, the Committee will determine the corporate performance goals and individual goals that will serve as the basis for calculating the annual cash awards. Individual awards may not exceed 200% of a participant's targeted incentive amount. Furthermore, if a minimum trigger/performance gate is not achieved, the Committee may determine that no bonuses will be paid to some or all of the participants under the STIP. Participants in the STIP are executives of the Bank, who are recommended by the Chief Executive Officer and approved by the Committee. The Chief Executive Officer, President, Chief Operating Officer and Senior Executive Vice Presidents are eligible to participate, and such other executives as may be approved by the Committee. The Committee may require executives to forfeit and return bonuses paid under the STIP in accordance with a clawback policy.
The foregoing description of the STIP is intended only as a summary and it is qualified in its entirety by reference to the STIP. A copy of the STIP will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending March 31, 2018.
About BERKSHIRE HILLS BANCORP, INC. (NYSE:BHLB)
Berkshire Hills Bancorp, Inc. (Berkshire) is a holding company for Berkshire Bank (the Bank) and Berkshire Insurance Group. Berkshire offers a range of deposit, lending, insurance and wealth management products to retail, commercial, not-for-profit and municipal customers in its market areas. Berkshire product offerings also include retail and commercial electronic banking, commercial cash management and commercial interest rate swaps. The Bank’s loan portfolio consists of commercial loans, which include residential mortgages, commercial real estate, commercial and industrial loans, and consumer loans. The Bank’s securities available for sale include municipal bonds and obligations, mortgage-backed securities, other bonds and obligations, and marketable equity securities. As of December 5, 2016, the Bank had 99 full service branch offices in Massachusetts, New York, Connecticut, Vermont, New Jersey and Pennsylvania.