Company: WBS-PG
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0000801337-25-000015
Chunk: 43

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 43
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 a code of conduct and ethics policy, various risk management and Board Committees, and annual risk management review processes with embedded risk controls and executive approvals. • Risk function reports outside of the lines of business and the compensation of risk managers is not determined by the businesses they evaluate. • Stock ownership requirements align executive officers with the interests of the stockholders. • Strong independent internal credit oversight and quality controls. • Shared accountability for incentive design, budget, and payout with oversight by the Incentive Compensation Oversight Committee and the Compensation and HR Committee with input from the Chief Risk Officer. Role of the Compensation and Human Resources Committee The Compensation and HR Committee consists of five members of the Board, each of whom is independent. The Chair of the Compensation and HR Committee reports on material Compensation and HR Committee actions at Board meetings. The Compensation and HR Committee oversees and approves all changes to pay and compensation arrangements for the Executive Management Committee (“ EMC ”) members. The Compensation and HR Committee approves the base salary, the annual cash incentives, and long-term equity-based incentives (“ LTI ”) for the Chairman & Chief Executive Officer and approves the compensation recommended by the Chairman & Chief Executive Officer for Webster’s other NEOs, other than the Chief Risk Executives (Chief Risk Officer and Chief Credit Risk Officer) and the Chief Audit Executive, which are approved by the Risk Committee and the Audit Committee, respectively. Non-NEO members of the Executive Management Committee are also compensated under the same compensation programs and approved by the Compensation and HR Committee. The Compensation and HR Committee annually reviews the Company’s peer group, assesses the risks in connection with all compensation programs to ensure executives are not encouraged or rewarded for taking excessive risks, approves the design and metrics for the annual cash and performance-equity plans, and reviews succession planning for key leadership positions. In addition, the Compensation and HR Committee reviews director compensation as compared to the Company’s peer group, the stock ownership guidelines for executives, the Compensation and HR Committee’s charter, and the “Compensation Discussion and Analysis” section of our annual proxy statement. Setting 2024 Compensation In February 2024, the Compensation and HR Committee reviewed all elements of compensation for the NEOs and approved the compensation structure. This structure is intended to provide NEOs with a compensation opportunity commensurate with persons with similar duties and responsibilities at other financial institutions of similar size. In determining levels of each of the NEO’s overall compensation, a meaningful portion of compensation is tied to financial and strategic performance. The Compensation and HR Committee also considers the qualifications and experience