The aggregate change in actuarial present value of accumulated benefits for certain Named Executive Officers for 2024 and 2022 were negative due to the significant increase in the discount rate from 12/31/2023 to 12/31/2024 and 12/31/2021 to 12/31/2022, respectively. However, applicable SEC rules do not permit us to disclose a negative number in the column. The actual decreases in 2024 actuarial present values were as follows: Mr. Romaine: $(80,110); Mr. Boyce: $ (59,615), and Mr. DeMilia: $ (2,942). The actual decreases in 2022 actuarial present values were as follows: Mr. Romaine: $ (1,892,486); Mr. McKenna: $ (76,012),145; and Mr. Boyce: $ (940,078).
This column also includes above-market interest on nonqualified deferred compensation paid in 2024 as follows: Mr. McKenna: $1,496; Mr. Boyce: $18,766; and Mr. DeMilia: $827.
(6)
| The amount in this column includes: employer matching contributions pursuant to the 401(k) Plan, 2% employer contribution to the 401(k) Plan, Company discretionary contributions to the 401(k) Plan, and amounts paid pursuant to profit sharing and supplemental profit sharing as explained in the “Retirement and Other Benefits” section on page 24; a contribution to the DC SERP for Messrs. DeMilia and McKenna; the dollar value of the applicable life insurance premiums paid on the Named Executive Officers’ behalf by the Company; perquisites and other personal benefits or property; and interest income on non-qualified deferred compensation. |
For Mr. Romaine, the amounts included in this column for 2024 were as follows: Company cash profit-sharing, $10,350; ESOP contribution, $6,900; supplemental profit sharing $25,487; Company match on salary deferral to the 401(k) Plan, $6,900; 2% Company discretionary contribution to the 401(k) Plan, $6,900; dollar value of life insurance premiums, $10,828; personal use of Company-owned vehicle, $693.
For Mr. Tomazin, the amounts were as follows: Company cash profit sharing, $10,350; ESOP contribution, $6,900; Company match on salary deferral to the 401(k) Plan, $6,900; Company discretionary contribution to the 401(k) Plan, $13,800; 2% Company employer contribution to 401(k) Plan, $6,900; dollar value of life insurance premiums, $799; personal use of Company-owned vehicle, $11,564.
For Mr. McKenna, the amounts included in this column for 2024 were as follows: Company cash profit sharing, $10,350; ESOP contribution, $6,900; supplemental profit-sharing, $2,545; Company match on salary deferral to the 401(k) Plan, $6,900; 2% Company employer contribution to the 401(k) Plan, $6,900; Company discretionary contributions to the 401(k) Plan, $25,300; Company contribution to DC SERP Plan, $3,163; dollar value of life insurance premiums, $4,838; personal use of Company-owned vehicle, $3,881; partial reimbursement of club membership dues, $7,287.
For Mr. Boyce, the amounts were as follows: Company cash profit sharing, $10,350; ESOP contribution, $6,900; supplemental profit sharing, $2,606; Company match on salary deferral to the 401(k) Plan, $6,900; 2% Company employer contribution to the 401(k) Plan, $6,900; dollar value of life insurance premiums, $5,551; personal use of Company-owned vehicle, $1,768.
For Mr. DeMilia, the amounts included in this column for 2024 were as follows: Company cash profit-sharing, $9,747; ESOP contribution, $6,497; Company match on salary deferral to the 401(k) Plan, $6,497; 2% Company employer contribution to the 401(k) Plan, $6,497; Company discretionary contributions to the 401(k) Plan, $21,563; Company contribution to DC SERP Plan, $52,608; dollar value of life insurance premiums, $1,081; personal use of Company-owned vehicle, $4,447; partial reimbursement of club membership dues, $9,975.
Long-Term Equity-Based Awards and Stock Grants
The Company maintains the 2019 Equity Incentive Plan as a vehicle to encourage the continued employment of key employees of the Company and its subsidiaries, and to align their interests with those of the Company’s shareholders by facilitating the employees’ ownership of a stock interest in Tompkins Financial Corporation. The Committee believes that an equity plan is in the best interests of the Company and its shareholders since it enhances the Company’s ability to continue to attract and retain qualified officers and other key employees. The Committee’s practice has been to grant awards to Named Executive Officers on an annual basis.
In November 2024, each of the Named Executive Officers received an award of restricted stock units with performance-based vesting, as described above under “Compensation Discussion and Analysis – Components of Compensation – Long-Term Equity-Based Awards.” Also in November 2024, each of the Named Executive Officers received an additional award of time-based restricted stock with a five-year vesting schedule. This schedule provides for zero percent vesting in year one and 25% vesting in years two through five.
