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).
About WEBSTER FINANCIAL CORPORATION (NYSE:WBS) Webster Financial Corporation is a bank and financial holding company. The Company’s segments include Commercial Banking, Community Banking, HSA Bank, Private Banking, and Corporate and Reconciling. The Commercial Banking segment includes middle market, asset-based lending, commercial real estate, equipment finance, and treasury and payment solutions. The Community Banking segment consists of personal banking, business banking and a distribution network consisting of banking centers and automated teller machines (ATMs), telephone banking, and Web and mobile-based banking services. HSA Bank, a division of Webster Bank, offers health savings accounts, health reimbursement accounts, flexible spending accounts and other financial solutions for healthcare. The Private Banking segment provides full relationship banking that serves high net worth clients, not-for-profit organizations and business clients for asset management, trust, loan, and deposit products and financial planning services.
WEBSTER FINANCIAL CORPORATION (NYSE:WBS) Recent Trading Information WEBSTER FINANCIAL CORPORATION (NYSE:WBS) closed its last trading session down -0.44 at 49.60 with 1,053,006 shares trading hands.
