Company: WBS-PG
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0000801337-25-000015
Chunk: 61

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 61
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, Messrs. Ciulla, MacInnes, and Massiani are also covered by the non-compete agreement. This agreement provides that, for a period of 12 months following a termination for any reason, these NEOs will be restricted from competing with the Company and from soliciting the Company’s employees or clients/customers. The agreement also provides that if any of these NEOs is terminated without Cause or for Good Reason (as defined in the agreement), he would receive severance benefits subject to signing a Release as follows: • A lump sum payment equal to the sum of the then current annual base salary and the prorated amount of any target Cash Incentive Award to be paid pursuant to Webster’s annual Cash Incentive Compensation plan during the then current fiscal year payable within 30 calendar days following termination. • Continued medical and dental coverage for the shorter of one year or until the NEO accepts other employment on a substantially full-time basis. • Any outstanding LTI awards granted will become fully vested and exercisable based on the length of time worked since the grant date (provided that the shares have been held for a period of one year). Non-Solicitation Agreement - Ms. Berner has a non-solicitation agreement in place, signed September 21, 2023. This agreement provides that, for a period of 12 months following her termination for any reason, Ms. Berner will be restricted from soliciting the Company’s employees or clients/customers. Letter Agreement —Mr. Kopnisky entered into a letter agreement with Webster upon the closing of the Sterling Merger. The term of the agreement ended on January 31, 2025. The first two years of the agreement are defined as his Employment Period as Executive Chairman with the Company. For the third year, he served as a consultant to the Company. The letter agreement states his base salary, cash incentive, and equity incentive targets as well as noting that he is eligible for benefits consistent with those of other senior executives. The agreement also states that he will receive cash Synergy Awards with the first payment upon the close of the Sterling Merger and additional cash-based awards on each of the next three anniversaries of the close of the Sterling Merger in consideration of the services in support of a swift and comprehensive integration of the Company. He was covered by a Change in Control agreement through January 31, 2024 and has non-compete and non-solicitation covenants included in the agreement that remain in effect for 48 months following any