Company: WTFCN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001015328-25-000093
Chunk: 122

Company: WINTRUST FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 122
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 performance-based stock in 2024 was $4.4 million more than the expected tax benefit for those shares; in 2023 the actual tax benefit was $1.8 million more than the expected tax benefit for those shares and in 2022 the actual tax benefit was $580,000 more than the expected tax benefit for those shares. These differences in actual and expected tax benefits were recorded to income tax expense.As of December 31, 2024, there was $47.2 million of total unrecognized compensation cost related to non-vested share based arrangements under the Plans. That cost is expected to be recognized over a weighted average period of approximately two years. The total fair value of shares vested during the years ended December 31, 2024, 2023 and 2022 was $34.7 million, $22.1 million and $4.5 million, respectively.The Company issues new shares to satisfy its obligation to issue shares granted pursuant to the Plans.Cash Incentive and Retention PlanThe Cash Incentive and Retention Plan (“CIRP”) allows the Company to provide cash compensation to the Company’s and its subsidiaries’ officers and employees. The CIRP is administered by the Compensation Committee of the Board of Directors. The CIRP generally provides for the grants of cash awards, which may be earned pursuant to the achievement of performance criteria established by the Compensation Committee and/or continued employment. The performance criteria, if any, established by the Compensation Committee must relate to one or more of the criteria specified in the CIRP, which includes: earnings, earnings growth, revenues, stock price, return on assets, return on equity, improvement of financial ratings, achievement of balance sheet or income statement objectives and expenses. These criteria may relate to the Company, a particular line of business or a specific subsidiary of the Company. The Company had no expense related to the CIRP in 2024, 2023 and 2022, and no awards were paid in those years. There were no outstanding awards under this plan at December 31, 2024. 

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Other Employee BenefitsWintrust and its subsidiaries also provide 401(k) Retirement Savings Plans (“401(k) Plans”). The 401(k) Plans cover all employees meeting certain eligibility requirements. Contributions by employees are made through salary deferrals at their direction, subject to certain Plan and statutory limitations. Employer contributions to the 401(k) Plans are made at the employer’s discretion. Eligible participants that have contributed