Company: WBS-PG
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000801337-25-000026
Chunk: 209

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part II, Item 2
Chunk 209
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4. MINE SAFETY DISCLOSURES

Not applicable.

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ITEM 5. OTHER INFORMATION

No director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408 of Regulation S-K, during the quarter ended March 31, 2025.

Following the end of our most recent fiscal quarter, John Ciulla, our Chairman and Chief Executive Officer, entered into a 10b5-1 trading arrangement with a brokerage firm, intended to satisfy the affirmative defense of Rule 10b5-1(c), on April 30, 2025 for trades over a period of time from August 1, 2025 until August 3, 2026, or such earlier time as when 32,000 shares of Webster common stock are sold.

Effective April 1, 2025, the Company promoted Neal Holland to Senior Executive Vice President, to serve in such capacity until his successor is duly appointed, or his earlier termination, resignation, death or removal from office. Mr. Holland will continue to serve as Chief Financial Officer of the Company. 

In connection with Mr. Holland’s promotion, on May 7, 2025, the Company entered into an amendment to Mr. Holland’s Change in Control Agreement, dated as of July 15, 2024, which provides that if his employment is terminated by the Company other than for cause, death or disability or by him for good reason, subject to an effective release of claims in favor of the Company, he will be entitled to: (i) an amount equal to three times the sum of his annual base salary and target annual cash incentive; (ii) an amount equal to the cost of the annual COBRA premiums for group health care plan coverage for a period of three years; and (iii) a payment equal to the sum of all Company contributions under the Company’s qualified defined contribution plans and any excess or supplemental defined contribution plans for three years. The foregoing summary is qualified in its entirety by reference to the full text of the amendment to Mr. Holland’s Change in Control Agreement, a copy of which is filed as Exhibit 10.1 to this report.

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ITEM 6. EXHIBITS

A list of exhibits to this Form 10-Q is set forth below.Exhibit NumberExhibit DescriptionExhibit IncludedIncorporated by ReferenceFormExhibitFiling Date3Certificate