New
Jersey
|
|
1-12069
|
|
22-2433468
|
(State
or other jurisdiction of incorporation or
organization)
|
|
(Commission
File Number)
|
|
(I.R.S.
Employer Identification
No.)
|
Commerce
Atrium, 1701 Route 70 East, Cherry Hill, NJ
08034-5400
|
(Address
of principal executive offices) (Zip
Code)
|
Registrant’s
telephone number, including area code:
|
|
(856)
751-9000
|
ITEM 5.02 | DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. |
· |
2006
cash bonus and stock option grants for the Company’s Chief Executive
Officer, Chief Financial Officer and Named Executive
Officers:
|
Name
|
Title
|
Cash
Bonus
|
Stock
Option Grants1
|
Vernon
W. Hill, II
|
Chairman
and Chief Executive Officer
|
$1,500,000
|
200,000
|
Douglas
J. Pauls
|
Executive
Vice President and Chief Financial Officer
|
$150,000
|
30,000
|
Dennis
M. DiFlorio
|
President
|
$500,000
|
125,000
|
Robert
D. Falese, Jr.
|
President,
Commercial & Investment Banking
|
$500,000
|
125,000
|
George
E. Norcross, III
|
Chairman
& Chief Executive Officer, Commerce Banc Insurance Services,
Inc.
|
$500,000
|
125,000
|
· |
2007
Base Salaries for the Company’s Chief Executive Officer, Chief Financial
Officer and Named Executive Officers:
|
Name
|
Title
|
Base
Salary
|
Vernon
W. Hill, II
|
Chairman
and Chief Executive Officer
|
$1,000,000
|
Douglas
J. Pauls
|
Executive
Vice President and Chief Financial Officer
|
$600,000
|
Dennis
M. DiFlorio
|
President
|
$1,000,000
|
Robert
D. Falese, Jr.
|
President,
Commercial & Investment Banking
|
$900,000
|
George
E. Norcross, III
|
Chairman
& Chief Executive Officer, Commerce Banc Insurance Services,
Inc.
|
$988,000
|
|
|
|
|
Commerce
Bancorp, Inc.
|
||||
March
23, 2007
|
|
|
|
By:
|
|
/s/
Douglas J. Pauls
|
||
|
|
|
|
|
|
Name:
|
|
Douglas
J. Pauls
|
|
|
|
|
|
|
Title:
|
|
Executive
Vice President and Chief Financial Officer
|