Company: NECB
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001104659-25-034190
Chunk: 22

Company: NorthEast Community Bancorp, Inc./MD/
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 22
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 Compensation Committee reviewed the applicable financial metrics, as derived from our 2024 financial results, and the performance metrics. For the 2024 performance year, the Compensation Committee certified achievement of the pre-established performance measures for the CEO and each of the other NEOs as reflected in the table above. After review and discussion, the successful execution of the strategic objectives in 2024 coupled with the Company’s financial performance, which exceeded that of the prior year, resulted in payouts at the maximum award opportunity, which represented 200% of each NEO’s target 2024 Annual Incentive Plan opportunity, as is set forth below.

| NEO                 |     | Target      
 Opportunity 
 ($)         |         |     | Payout as a 
 Percent     
 of Target   
 Opportunity 
 (%)         |      |
| Kenneth A. Martinek |     |             | 195,000 |     |             | 200% |
| Jose M. Collazo     |     |             | 135,000 |     |             | 200% |
| Donald S. Hom       |     |             |  87,500 |     |             | 200% |

The actual dollar amounts earned by our NEOs in fiscal year 2024 pursuant to the 2024 Annual Incentive Plan, are disclosed in the “ Non-Equity Incentive Plan Compensation” column of the Summary Compensation Tablebelow. Discretionary Bonuses. No discretionary bonuses were awarded to our named executives in 2024. Long Term Incentives. Equity Incentive Plan. On September 29, 2022, the stockholders of the Company approved the Company’s 2022 Equity Incentive Plan (the “2022 Equity Incentive Plan”). The purpose of the 2022 Equity Incentive Plan is to (i) align the interests of the Company’s stockholders and the recipients of awards under the 2022 Equity Incentive Plan by increasing the economic interest of the recipients in the Company’s growth and success; (ii) advance the interests of the Company by attracting and retaining officers, employees, and non-employee directors; (iii) encourage such officers, employees, and non-employee directors to act in the long-term best interests of the Company and its stockholders; and (iv) serve as an integral part of the Company’s compensation philosophy. The 2022 Equity Incentive Plan is administered by the Compensation Committee or such other committee consisting of two or more independent members of the Company’s Board