Company: WBS-PG
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0000801337-25-000015
Chunk: 53

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 53
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. Please see “ Pension Plan Benefits ” below for additional information about pension benefits for the eligible NEOs. 401(k) Plan —During 2024, Webster Bank maintained a tax-qualified defined contribution 401(k) plan (a “ 401(k) Plan ”) for eligible employees, including the NEOs. The 401(k) Plan allows employees, including the NEOs, to make pre-tax or Roth contributions of their pay, up to Internal Revenue Code (“ IRC ”) limits ($23,000 in 2024). The 401(k) Plan provides for a company contribution up to 5% of employee’s eligible compensation. Under IRC limits, annual compensation in excess of $345,000 in 2024 may not be taken into account for determining benefits or contributions under the qualified plan. Employees who are age 50 or older by the last day of the year (December 31, 2024) may contribute an additional $7,500 to the 401(k) Plan. Supplemental Defined Contribution Plans —Webster Bank maintains a non-qualified supplemental defined contribution plan (the “ SERP ”) for certain executives, including the NEOs. This plan provides each NEO with an allocation to their SERP account equal to the additional match that the NEO would have received in either of the 401(k) Plans if there were no IRC compensation or deferral limits. The notional investments are in the same funds as the 401(k) Plan other than Webster stock and participants earnings are tracked accordingly. There are no “above-market rates” for earnings. Distributions from the plan are paid in cash. The Executive Chairman previously participated in a supplemental plan (the “ Prior SERP ”) and received a distribution from that plan following his retirement. Please see “ Non-Qualified Deferred Compensation ” below for additional information. Non-Qualified Deferred Compensation Plan —All executives, including the NEOs, were eligible to participate in a voluntary non-qualified deferred compensation plan (the “ NQDC Plan ”). The plan allowed eligible highly compensated employees to defer up to 25% of their base salary and up to 75% of their annual cash incentive award. No company contributions were made into this plan for 2024. There are no “above-market” rates for earnings in the plan. Please see “ Non-Qualified Deferred Compensation ” below for additional information. OTHER EXECUTIVE BENEFITS Webster offers a limited number of benefits to the NEOs and other executives in addition to the broad-based employee