SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Exchange Act of 1934 (Amendment No. )
![[MISSING IMAGE: lg_germanamerican-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0000714395/000110465925025554/lg_germanamerican-pn.jpg)
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Date & Time
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Location
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Record Date
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April 28, 2025,
11:30 AM Eastern Time |
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German American
Operations Center 1311 W. 12th Ave. Jasper, Indiana |
| | Only shareholders of record at the close of business on March 7, 2025 are eligible to participate and entitled to vote at the Annual Meeting or at any adjournment of the Annual Meeting. | |
Proposals
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Board’s
Recommendation |
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Page
Reference |
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1
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To elect four (4) directors, each to serve until the 2028 annual meeting of our shareholders
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FOR all director
nominees |
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2
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Approve, on an advisory basis, the compensation of our Named Executive Officers
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FOR
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3
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Approve, on an advisory basis, the appointment of Crowe LLP as our independent registered public accounting firm for 2025
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FOR
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![[MISSING IMAGE: sg_bradleyarnett-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0000714395/000110465925025554/sg_bradleyarnett-bw.jpg)
Executive Vice President, Chief Legal Officer and Corporate Secretary
Jasper, Indiana
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Proposals
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Board’s
Recommendation |
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Page
Reference |
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1
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To elect four (4) directors, each to serve until the 2028 annual meeting of our shareholders
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FOR all director
nominees |
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2
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Approve, on an advisory basis, the compensation of our Named Executive Officers
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FOR
|
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3
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Approve, on an advisory basis, the appointment of Crowe LLP as our independent registered public accounting firm for 2025
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FOR
|
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INTERNET
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TELEPHONE
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MAIL
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Go to:
www.envisionreports.com/GABC Have your proxy card in hand when you access the website. Follow the steps outlined on the secured website. You may vote up until 2:00 AM Eastern Time on April 28, 2025. |
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Call 1-800-652-VOTE (8683) toll free up until 2:00 AM Central Time on April 28, 2025.
Have your proxy card in hand when you call. Follow the instructions provided by the recorded message.
|
| | | Mark, sign and date your proxy card and return it in the postage-paid envelope we’ve provided or mail it to Proxy Services, c/o Computershare Investor Services, P.O. Box 43078, Providence, RI 02940-3078. | |
Name
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Age
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Independent
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Director
Since |
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Occupation
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Zachary W. Bawel | | | 60 | | |
YES
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| | 2018 | | | President of Jasper Holdings, Inc., parent company of Jasper Engines & Transmissions and Weller Truck Parts | |
D. Neil Dauby | | | 61 | | |
NO
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| | 2021 | | | Chairman and CEO of German American Bancorp, Inc. and German American Bank | |
Susan J. Ellspermann | | | 64 | | |
YES
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| | 2021 | | | President of Ivy Tech Community College, the public statewide community college system for the State of Indiana | |
G. Scott McComb | | | 58 | | |
NO
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| | 2025 | | | Former Chairman, President, and Chief Executive Officer of Heartland BancCorp and Heartland Bank | |
Name
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Age
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Independent
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Director
Since |
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Occupation
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Angela Curry | | | 52 | | |
YES
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| | 2023 | | | General Counsel/Vice President for Legal, Governance & Strategic Initiatives, University of Louisville | |
Diane B. Medley | | | 69 | | |
YES
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| | 2022 | | | Managing Member of Waterfront Financial Group, LLC, a CPA and advisory firm in Louisville, Kentucky | |
M. Darren Root | | | 64 | | |
YES
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| | 2018 | | | Partner with Better Everyday, LLC, a membership-based consulting firm dedicated to small and mid-size accounting firms | |
Jack W. Sheidler | | | 68 | | |
YES
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| | 2019 | | | Real estate investor and developer | |
Name
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Age
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Independent
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Director
Since |
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Occupation
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Marc D. Fine | | | 65 | | |
YES
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| | 2011 | | | Attorney and Evansville Managing Member of Jackson Kelly PLLC | |
Jason M. Kelly | | | 50 | | |
YES
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| | 2019 | | | Chief Financial Officer of Jasper Holdings, Inc., parent company of Jasper Engines & Transmissions and Weller Truck Parts | |
Christina M. Ryan | | | 66 | | |
YES
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| | 2019 | | | Chief Executive Officer, the Women’s Hospital, Newburgh, Indiana, which is part of the Deaconess Health System | |
Ronnie R. Stokes | | | 62 | | |
YES
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| | 2025 | | | President & Chief Executive Officer of Three Leaf Productions, and on-air analyst for The Ohio State University Men’s Basketball radio network | |
Tyson J. Wagler | | | 45 | | |
YES
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| | 2019 | | | Partner in Frette & Wagler LLC, a Washington, Indiana-based CPA firm | |
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| 2018 | | | | 2019 | | | | 2021 | | | | 2022 | | | | 2023 | | | | 2025 | |
| 1 director joined | | | |
4 directors joined
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2 directors joined
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| | | 1 director joined | | | | 1 director joined | | | |
2 directors joined
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➢
Zachary W. Bawel
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➢
Jason M. Kelly
➢
Jack W. Sheidler
➢
Tyson J. Wagler
➢
Christina M. Ryan
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➢
D. Neil Dauby
➢
Susan J. Ellspermann
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➢
Diane B. Medley
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➢
Angela Curry
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➢
G. Scott McComb
➢
Ronnie R. Stokes
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Commitment to Our Communities
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•
We are committed to and accountable to the people who live and work in our markets.
•
Our 2024 Community Reinvestment Act (CRA) Qualified Community Development Loans exceeded $132 million, supporting affordable housing, community services, economic development, and community revitalization.
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•
Our CRA Investments and Donations exceeded $80 million in 2024.
•
Our team members volunteered more than 6,000 hours of service in 2024 to organizations that assure a safety net of social services and accessible health care, among others.
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Commitment to Our Customers
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•
Customers are at the core of what we do every day at German American Bank and we are committed to providing a wide range of products and services that our customers value, including: checking accounts with benefits well beyond banking (our Shield Perks); HELOCs with no closing costs, no annual fees, and a 0% interest rate for the first 90 days; and digital banking services that are secure and cost effective.
•
We prioritize financial health for our customers and communities and strive to innovate and find new ways to provide access to financial solutions across a diverse customer base.
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•
We continued to invest in community lending efforts to promote access to homeownership through responsible lending practices and education programs.
•
In total, our efforts resulted in homebuyers receiving an aggregate of over $500,000 in grants, many of which were low- or moderate-income buyers.
•
Our local approach to serving customers allows us to respond quickly, giving us an advantage over competitors who are too large or centralized. In our 2024 customer survey, we received a 95% overall satisfaction rating, with 93% of surveyed customers finding our services convenient and easy to use.
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Commitment to Our People
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•
We remain committed to creating an exceptional employee experience through fair and balanced compensation, employee wellness, employee development, and employee engagement efforts.
•
An Employee Engagement survey is conducted annually, with 2024 participation rate and overall engagement scores of greater than 70%, demonstrating a healthy organization in employee care compared to the banking industry.
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•
In 2024, the Company enjoyed an employee retention rate greater than 90%, also demonstrating a strong employee experience.
•
Health and wellness offerings have been expanded, including for both clinical and mental health care, with more than 69% of employees using available programs.
•
Employee development opportunities continue to grow within the Company, with more than 17,500 training hours being logged.
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Name
|
| | |
Audit
Committee |
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Compensation/ Human
Resources Committee |
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Governance/
Nominating Committee |
| |||||||||
| D. Neil Dauby | | | | | | | | | | | | | | | | | | | | | | |
| Zachary W. Bawel | | | | | | | | | | | | | X | | | | | | | C | | |
| Angela Curry | | | | | | | | | | | | | X | | | | | | | | | |
| Susan J. Ellspermann | | | | | | | | | | | | | C | | | | | | | | | |
| Marc D. Fine | | | | | | | | | | | | | | | | | | | | X | | |
| Jason M. Kelly | | | | | | X | | | | | | | | | | | | | | | | |
| Diane B. Medley | | | | | | X | | | | | | | | | | | | | | | | |
| G. Scott McComb | | | | | | | | | | | | | | | | | | | | | | |
| M. Darren Root | | | | | | C | | | | | | | | | | | | | | | | |
| Christina M. Ryan | | | | | | | | | | | | | X | | | | | | | | | |
| Jack W. Sheidler | | | | | | | | | | | | | | | | | | | | | | |
| Ronnie R. Stokes | | | | | | | | | | | | | | | | | | | | | | |
| Tyson J. Wagler | | | | | | X | | | | | | | | | | | | | | X | | |
| Number of meetings in 2024 | | | | | | 5 | | | | | | | 4 | | | | | | | 4 | | |
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||||||||||
|
INTERNET
|
| | |
TELEPHONE
|
| | |
MAIL
|
|
|
||||||||||
|
Go to:
www.envisionreports.com/GABC Have your proxy card in hand when you access the website. Follow the steps outlined on the secured website. You must may vote up until 2:00 AM Eastern Time on April 28, 2025. |
| | |
Call 1-800-652-VOTE (8683) toll free up until 2:00 AM Central Time on April 28, 2025.
Have your proxy card in hand when you call. Follow the instructions provided by the recorded message.
|
| | | Mark, sign and date your proxy card and return it in the postage-paid envelope we’ve provided or mail it to Proxy Services, c/o Computershare Investor Services, P.O. Box 43078, Providence, RI 02940-3078. | |
| |
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Our Board recommends that you vote FOR all four (4) of the nominees named above.
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Name
|
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Principal Positions
|
| |
Age
|
|
D. Neil Dauby | | | Chairman and Chief Executive Officer of the Company and its bank subsidiary; Director of the Company and its principal subsidiaries. | | |
61
|
|
Bradley M. Rust | | | President and Chief Financial Officer of the Company and its bank subsidiary. | | |
58
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Bradley C. Arnett | | | Executive Vice President, Chief Legal Officer and Corporate Secretary of the Company and its bank subsidiary. | | |
60
|
|
Clay M. Barrett | | | Executive Vice President and Chief Digital and Information Officer of the Company and its bank subsidiary. | | |
47
|
|
Michael F. Beckwith | | | Executive Vice President and Chief Banking Officer of the Company and its bank subsidiary. | | |
53
|
|
Amy D. Jackson | | | Executive Vice President and Chief Administrative Officer of the Company and its bank subsidiary. | | |
48
|
|
W. Scott Powell | | | Executive Vice President and Chief Credit Officer of the Company and its bank subsidiary. | | |
61
|
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Vicki L. Schuler | | | Senior Vice President and Controller (Principal Accounting Officer) of the Company and its bank subsidiary. | | |
50
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|
Name
|
| |
Common Shares
Beneficially Owned(1) |
| |
Percentage of
Outstanding Shares |
| ||||||
Zachary W. Bawel | | | | | 20,774 | | | | | | * | | |
Angela Curry | | | | | 2,408 | | | | | | * | | |
D. Neil Dauby | | | | | 56,515 | | | | | | * | | |
Susan J. Ellspermann | | | | | 8,750 | | | | | | * | | |
Marc D. Fine | | | | | 43,450 | | | | | | * | | |
Jason M. Kelly | | | | | 14,179 | | | | | | * | | |
G. Scott McComb | | | | | 432,176 | | | | | | 1.2% | | |
Diane B. Medley | | | | | 11,329 | | | | | | * | | |
M. Darren Root | | | | | 18,679 | | | | | | * | | |
Christina M. Ryan | | | | | 14,422 | | | | | | * | | |
Jack W. Sheidler | | | | | 63,879 | | | | | | * | | |
Ronnie R. Stokes | | | | | 5,629 | | | | | | * | | |
Tyson J. Wagler | | | | | 11,761(2) | | | | | | * | | |
Bradley M. Rust | | | | | 74,015(3) | | | | | | * | | |
Bradley C. Arnett | | | | | 4,375 | | | | | | * | | |
Clay M. Barrett | | | | | 11,842 | | | | | | * | | |
Michael F. Beckwith | | | | | 30,800 | | | | | | * | | |
Amy D. Jackson | | | | | 12,497 | | | | | | * | | |
W. Scott Powell | | | | | 5,563 | | | | | | * | | |
Vicki L. Schuler | | | | | 12,284(4) | | | | | | * | | |
All directors and Executive Officers as a group
(20 persons) |
| | | | 1,524,226(5)(6) | | | | | | 4.1% | | |
Name
|
| |
Common Shares
Beneficially Owned |
| |
Percentage of
Outstanding Shares |
| ||||||
BlackRock, Inc.(1) | | | | | 2,439,527 | | | | | | 6.5%(2) | | |
Jason M. Kelly
Diane B. Medley
Tyson J. Wagler
| 1st Source Corporation | | | | Civista Bancshares, Inc. | | | | Community Trust Bancorp, Inc. | | | | Farmers National Banc Corp. | |
| First Busey Corporation | | | | First Financial Corporation | | | | First Mid Bancshares, Inc. | | | | Horizon Bancorp, Inc. | |
| Independent Bank Corporation | | | | Lakeland Financial Corporation | | | | Mercantile Bank Corporation | | | | Midland States Bancorp, Inc. | |
| MidWestOne Financial Group, Inc. | | | | Nicolet Bankshares, Inc. | | | | Park National Corporation | | | | Peoples Bancorp Inc. | |
| Premier Financial Corp. | | | | QCR Holdings, Inc. | | | |
Republic Bancorp, Inc.
|
| | | Stock Yards Bancorp, Inc. | |
|
Executive
|
| | |
2024 Base Salary
|
| | |
2023 Base Salary
|
| | |
% Increase
|
| |||||||||
| Mr. Dauby | | | | | $ | 720,000 | | | | | | $ | 625,000 | | | | | | | 15.2 | | |
| Mr. Rust | | | | | $ | 475,000 | | | | | | $ | 450,000 | | | | | | | 5.6 | | |
| Mr. Beckwith | | | | | $ | 375,000 | | | | | | $ | 350,000 | | | | | | | 7.1 | | |
| Ms. Jackson | | | | | $ | 340,000 | | | | | | $ | 300,000 | | | | | | | 13.3 | | |
| Mr. Arnett | | | | | $ | 260,000 | | | | |
—
|
| | | | | — | | |
|
Potential 2024 Short-Term Award as Percentage of 2024 Base Salary at
the Following Performance Levels |
| ||||||||||||
|
Executive
|
| | |
Good
|
| | |
Very Good
|
| | |
Exceptional
|
|
| Mr. Dauby | | | |
37.50%
|
| | |
62.50%
|
| | |
87.50%
|
|
| Mr. Rust | | | |
30.00%
|
| | |
50.00%
|
| | |
70.00%
|
|
| Mr. Beckwith | | | |
26.25%
|
| | |
43.75%
|
| | |
61.25%
|
|
| Ms. Jackson | | | |
26.25%
|
| | |
43.75%
|
| | |
61.25%
|
|
| Mr. Arnett | | | |
26.25%
|
| | |
43.75%
|
| | |
61.25%
|
|
|
Short-term Cash Incentive Award Criteria
|
| | |
Percentage of
Potential Award |
| |||
|
Corporate Operating Results: Formula assessments of 2024 corporate
performance, which assists in measuring the alignment of executive and shareholder interests. |
| | | |
|
80%
|
| |
| Judgmental/Individual Criteria: Formula and/or judgmental assessments of personal or area of responsibility performance during 2024. | | | | |
|
20%
|
| |
|
Total
|
| | | | | 100% | | |
|
Corporate Operating Measures
|
| | |
Percentage
Weighting |
| |||
| Income/revenue measures (applied to all Executive Officers): | | |||||||
|
Earnings per common share growth
|
| | | | | 25% | | |
|
Efficiency ratio
|
| | | | | 10% | | |
| Consolidated balance sheet measures (applied to all Executive Officers): | | |||||||
|
Growth in core organic loans
|
| | | | | 20% | | |
|
Growth in core organic deposits and repurchase agreements
|
| | | | | 15% | | |
|
Non-performing assets to total assets ratio
|
| | | | | 10% | | |
|
Total
|
| | | |
|
80%
|
| |
|
Corporate Operating Measures
|
| | |
2024 Result
|
|
| Net income “trigger” | | | |
Exceeded
|
|
| Income/revenue measures: | | ||||
|
Earnings per common share growth
|
| | |
Good (At Threshold)
|
|
|
Efficiency ratio
|
| | |
Between Very Good & Exceptional
|
|
| Consolidated balance sheet measures: | | ||||
|
Growth in core organic loans
|
| | |
Between Good & Very Good
|
|
|
Growth in core organic deposits and repurchase agreements
|
| | |
Between Good & Very Good
|
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Non-performing assets to total assets ratio
|
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Above Exceptional
|
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| Overall short-term incentive performance | | | |
Between Good & Very Good
|
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Potential 2024 Long-Term Incentive Award as Percentage of 2024 Base
Salary at the Following Performance Levels |
| ||||||||||||
|
Executive
|
| | |
Good
|
| | |
Very Good
|
| | |
Exceptional
|
|
| Mr. Dauby | | | |
37.50%
|
| | |
62.50%
|
| | |
87.50%
|
|
| Mr. Rust | | | |
30.00%
|
| | |
50.00%
|
| | |
70.00%
|
|
| Mr. Beckwith | | | |
26.25%
|
| | |
43.75%
|
| | |
61.25%
|
|
| Ms. Jackson | | | |
26.25%
|
| | |
43.75%
|
| | |
61.25%
|
|
| Mr. Arnett | | | |
26.25%
|
| | |
43.75%
|
| | |
61.25%
|
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|
Long-term Corporate Performance Criteria
|
| | |
Percentage of
Potential Award |
| |||
| Adjusted return on equity | | | | | | 331∕3% | | |
| Adjusted return on assets | | | | | | 331∕3% | | |
| Adjusted earnings per common share growth | | | | | | 331∕3% | | |
|
Total
|
| | | | | 100% | | |
|
Long-term Incentive Measures
|
| | |
2022-2024 Result
|
|
| Net income “trigger” | | | |
Exceeded
|
|
| Adjusted return on equity | | | |
Between Very Good & Exceptional
|
|
| Adjusted return on assets | | | |
Between Good & Very Good
|
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| Adjusted earnings per common share growth | | | |
Between Good & Very Good
|
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Overall long-term incentive performance
|
| | |
Between Good & Very Good
|
|
Zachary W. Bawel
Angela Curry
Christina M. Ryan
| |
Name and
Principal Position |
| | |
Year
|
| | |
Salary
($) |
| | |
Bonus(1)
($) |
| | |
Stock
Awards(2) ($) |
| | |
Option
Awards(3) ($) |
| | |
Non-Equity
Incentive Plan Compensation(4) ($) |
| | |
Change in
Pension Value and Non- qualified Deferred Compensation Earnings(5) ($) |
| | |
All Other
Compen- sation(6) ($) |
| | |
Total
($) |
| | |||||||||||||||||||||||||||
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(a)
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(b)
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| | |
(c)
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| | |
(d)
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| | |
(e)
|
| | |
(f)
|
| | |
(g)
|
| | |
(h)
|
| | |
(i)
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| | |
(j)
|
| | |||||||||||||||||||||||||||
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D. Neil Dauby,
Chairman and Chief Executive Officer |
| | | | | 2024 | | | | | | | 720,000 | | | | | | | — | | | | | | | 397,116 | | | | | | | — | | | | | | | 405,000 | | | | | | | — | | | | | | | 139,374 | | | | | | | 1,661,490 | | | |
| | | 2023 | | | | | | | 625,000 | | | | | | | — | | | | | | | 423,754 | | | | | | | — | | | | | | | 254,688 | | | | | | | — | | | | | | | 114,673 | | | | | | | 1,418,115 | | | | |||||
| | | 2022 | | | | | | | 580,000 | | | | | | | — | | | | | | | 403,122 | | | | | | | — | | | | | | | 297,540 | | | | | | | — | | | | | | | 93,389 | | | | | | | 1,374,051 | | | | |||||
| |
Bradley M.
Rust, President and Chief Financial Officer |
| | | | | 2024 | | | | | | | 475,000 | | | | | | | — | | | | | | | 209,576 | | | | | | | — | | | | | | | 216,790 | | | | | | | 14,408 | | | | | | | 101,417 | | | | | | | 1,017,191 | | | |
| | | 2023 | | | | | | | 450,000 | | | | | | | — | | | | | | | 244,086 | | | | | | | — | | | | | | | 151,020 | | | | | | | 13,844 | | | | | | | 92,287 | | | | | | | 951,237 | | | | |||||
| | | 2022 | | | | | | | 440,000 | | | | | | | — | | | | | | | 244,652 | | | | | | | — | | | | | | | 184,448 | | | | | | | 13,302 | | | | | | | 84,449 | | | | | | | 966,851 | | | | |||||
| |
Michael F.
Beckwith, Executive Vice President and Chief Banking Officer |
| | | | | 2024 | | | | | | | 375,000 | | | | | | | — | | | | | | | 144,782 | | | | | | | — | | | | | | | 148,444 | | | | | | | — | | | | | | | 62,235 | | | | | | | 730,461 | | | |
| | | 2023 | | | | | | | 350,000 | | | | | | | — | | | | | | | 166,115 | | | | | | | — | | | | | | | 100,328 | | | | | | | — | | | | | | | 56,806 | | | | | | | 673,249 | | | | |||||
| |
Amy D.
Jackson, Executive Vice President and Chief Administrative Officer |
| | | | | 2024 | | | | | | | 340,000 | | | | | | | — | | | | | | | 131,289 | | | | | | | — | | | | | | | 135,779 | | | | | | | — | | | | | | | 61,225 | | | | | | | 668,293 | | | |
| | | 2023 | | | | | | | 300,000 | | | | | | | — | | | | | | | 142,389 | | | | | | | — | | | | | | | 87,045 | | | | | | | — | | | | | | | 52,287 | | | | | | | 581,721 | | | | |||||
| | | 2022 | | | | | | | 265,000 | | | | | | | — | | | | | | | 128,950 | | | | | | | — | | | | | | | 96,275 | | | | | | | — | | | | | | | 34,393 | | | | | | | 524,618 | | | | |||||
| |
Bradley C.
Arnett, Senior Vice President, Chief Legal Officer and Corporate Secretary |
| | | | | 2024 | | | | | | | 260,000 | | | | | | | 86,444 | | | | | | | 100,400 | | | | | | | — | | | | | | | 103,831 | | | | | | | — | | | | | | | 30,386 | | | | | | | 581,061 | | | |
| |
Name
|
| | |
Year
|
| | |
Perquisites &
Other Personal Benefits(a) ($) |
| | |
Company
Contributions to Defined Contribution Plans ($) |
| | |
Cash Dividends
on Restricted Stock ($) |
| | |
Life Insurance
Premiums(b) ($) |
| | |||||||||||||||
| |
D. Neil Dauby
|
| | | | | 2024 | | | | | | | 63,517 | | | | | | | 51,284 | | | | | | | 23,392 | | | | | | | 1,181 | | | |
| | | 2023 | | | | | | | 55,064 | | | | | | | 43,698 | | | | | | | 14,730 | | | | | | | 1,181 | | | | |||||
| | | 2022 | | | | | | | 48,308 | | | | | | | 37,541 | | | | | | | 6,818 | | | | | | | 722 | | | | |||||
| |
Bradley M. Rust
|
| | | | | 2024 | | | | | | | 52,369 | | | | | | | 33,734 | | | | | | | 14,592 | | | | | | | 722 | | | |
| | | 2023 | | | | | | | 50,161 | | | | | | | 30,936 | | | | | | | 10,468 | | | | | | | 722 | | | | |||||
| | | 2022 | | | | | | | 47,178 | | | | | | | 30,252 | | | | | | | 6,297 | | | | | | | 722 | | | | |||||
| |
Michael F. Beckwith
|
| | | | | 2024 | | | | | | | 31,582 | | | | | | | 23,289 | | | | | | | 6,978 | | | | | | | 386 | | | |
| | | 2023 | | | | | | | 32,577 | | | | | | | 20,716 | | | | | | | 3,127 | | | | | | | 386 | | | | |||||
| |
Amy D. Jackson
|
| | | | | 2024 | | | | | | | 32,990 | | | | | | | 20,800 | | | | | | | 7,183 | | | | | | | 252 | | | |
| | | 2023 | | | | | | | 30,311 | | | | | | | 17,712 | | | | | | | 4,012 | | | | | | | 252 | | | | |||||
| | | 2022 | | | | | | | 18,952 | | | | | | | 13,746 | | | | | | | 1,443 | | | | | | | 252 | | | | |||||
| |
Bradley C. Arnett
|
| | | | | 2024 | | | | | | | 19,771 | | | | | | | 6,444 | | | | | | | 3,062 | | | | | | | 1,109 | | | |
| |
Name
|
| | |
Grant
Date* |
| | |
Estimated Future Payouts Under
Non-Equity Incentive Plan Awards(1) |
| | |
Estimated Future Payouts Under
Equity Incentive Plan Awards(2) |
| | |
Grant date
fair value of stock and option awards ($) |
| | ||||||||||||||||||||||||||||||||||||||||
|
Good
($) |
| | |
Very
Good ($) |
| | |
Exceptional ($)
|
| | |
Good
(#) |
| | |
Very
Good (#) |
| | |
Exceptional (#)
|
| | |||||||||||||||||||||||||||||||||||||
| |
(a)
|
| | |
(b)
|
| | |
(c)
|
| | |
(d)
|
| | |
(e)
|
| | |
(f)
|
| | |
(g)
|
| | |
(h)
|
| | |
(i)
|
| | ||||||||||||||||||||||||
| |
D. Neil Dauby
|
| | | | | 3-4-2024 | | | | | | | 270,000 | | | | | | | 450,000 | | | | | | | 630,000 | | | | | | | 6,714 | | | | | | | 11,189 | | | | | | | 15,664 | | | | | | | 397,116 | | | |
| |
Bradley M. Rust
|
| | | | | 3-4-2024 | | | | | | | 142,500 | | | | | | | 237,500 | | | | | | | 332,500 | | | | | | | 3,544 | | | | | | | 5,906 | | | | | | | 8,268 | | | | | | | 209,576 | | | |
| |
Michael F. Beckwith
|
| | | | | 3-4-2024 | | | | | | | 98,438 | | | | | | | 164,063 | | | | | | | 229,688 | | | | | | | 2,448 | | | | | | | 4,080 | | | | | | | 5,711 | | | | | | | 144,782 | | | |
| |
Amy D. Jackson
|
| | | | | 3-4-2024 | | | | | | | 89,250 | | | | | | | 148,750 | | | | | | | 208,250 | | | | | | | 2,220 | | | | | | | 3,699 | | | | | | | 5,178 | | | | | | | 131,289 | | | |
| |
Bradley C. Arnett
|
| | | | | 3-4-2024 | | | | | | | 68,250 | | | | | | | 113,750 | | | | | | | 159,250 | | | | | | | 1,697 | | | | | | | 2,829 | | | | | | | 3,960 | | | | | | | 100,400 | | | |
| |
Name
|
| | |
Option Awards
|
| | |
Stock Awards
|
| | ||||||||||||||||||||
|
Number of Shares
Acquired on Exercise (#) |
| | |
Value Realized
on Exercise ($) |
| | |
Number of Shares
Acquired on Vesting (#) |
| | |
Value Realized on Vesting
($) |
| | |||||||||||||||||
| |
(a)
|
| | |
(b)
|
| | |
(c)
|
| | |
(d)
|
| | |
(e)
|
| | ||||||||||||
| |
D. Neil Dauby
|
| | | | | — | | | | | | | — | | | | | | | 6,992 | | | | | | | 222,975 | | | |
| |
Bradley M. Rust
|
| | | | | — | | | | | | | — | | | | | | | 5,098 | | | | | | | 162,575 | | | |
| |
Michael F. Beckwith
|
| | | | | — | | | | | | | — | | | | | | | 1,587 | | | | | | | 72,129 | | | |
| |
Amy D. Jackson
|
| | | | | — | | | | | | | — | | | | | | | 1,720 | | | | | | | 61,021 | | | |
| |
Bradley C. Arnett
|
| | | | | — | | | | | | | — | | | | | | | 616 | | | | | | | 27,997 | | | |
| |
Name
|
| | |
Option Awards
|
| | |
Stock Awards
|
| | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| | |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| | |
Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) |
| | |
Option
Exercise Price ($) |
| | |
Option
Expiration Date |
| | |
Number of
Shares or Units of Stock That Have Not Vested (#) |
| | |
Market Value
of Shares or Units of Stock That Have Not Vested ($) |
| | |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
| | |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) |
| | ||||||||||||||||||||||||||||||||
| |
(a)
|
| | |
(b)
|
| | |
(c)
|
| | |
(d)
|
| | |
(e)
|
| | |
(f)
|
| | |
(g)
|
| | |
(h)
|
| | |
(i)
|
| | |
(j)
|
| | |||||||||||||||||||||||||||
| |
D. Neil Dauby
|
| | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 33,505 | | | | | | | 1,347,571 | | | | | | | — | | | | | | | — | | | |
| |
Bradley M.
Rust |
| | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 19,571 | | | | | | | 787,146 | | | | | | | — | | | | | | | — | | | |
| |
Michael F.
Beckwith |
| | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 9,921 | | | | | | | 399,023 | | | | | | | — | | | | | | | — | | | |
| |
Amy D. Jackson
|
| | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 10,392 | | | | | | | 417,966 | | | | | | | — | | | | | | | — | | | |
| |
Bradley C.
Arnett |
| | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | 5,351 | | | | | | | 215,217 | | | | | | | — | | | | | | | — | | | |
| |
Name
|
| | |
Executive
Contributions in Last FY ($) |
| | |
Registrant
Contributions in Last FY ($)(1) |
| | |
Aggregate
Earnings (Loss) in Last FY ($)(2) |
| | |
Aggregate
Withdrawals/ Distributions ($) |
| | |
Aggregate
Balance at last FYE ($)(3) |
| | |||||||||||||||
| |
(a)
|
| | |
(b)
|
| | |
(c)
|
| | |
(d)
|
| | |
(e)
|
| | |
(f)
|
| | |||||||||||||||
| |
D. Neil Dauby
|
| | | | | 117,084 | | | | | | | 37,484 | | | | | | | 69,204 | | | | | | | — | | | | | | | 439,761 | | | |
| |
Bradley M. Rust
|
| | | | | 25,704 | | | | | | | 19,934 | | | | | | | 8,940 | | | | | | | — | | | | | | | 206,728 | | | |
| |
Michael F. Beckwith
|
| | | | | 40,391 | | | | | | | 9,489 | | | | | | | 15,887 | | | | | | | — | | | | | | | 156,418 | | | |
| |
Amy D. Jackson
|
| | | | | 7,291 | | | | | | | 7,000 | | | | | | | 3,068 | | | | | | | — | | | | | | | 32,239 | | | |
| |
Bradley C. Arnett(4)
|
| | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | | | | | — | | | |
| |
Name
|
| | |
Plan Name
|
| | |
Number of Years
Credited Service (#) |
| | |
Present Value of
Accumulated Benefit ($) |
| | |
Payments During Last
Fiscal Year ($) |
| |
| |
(a)
|
| | |
(b)
|
| | |
(c)
|
| | |
(d)
|
| | |
(e)
|
| |
| |
D. Neil Dauby
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| |
| |
Bradley M. Rust
|
| | |
Executive Supplemental
Retirement Income Agreement |
| | |
N/A(1)
|
| | |
181,153(2)
|
| | |
None
|
| |
| |
Michael F. Beckwith
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| |
| |
Amy D. Jackson
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| |
| |
Bradley C. Arnett
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| |
| | | | | |
Scheduled to Vest
March 15, 2025 |
| | |
Scheduled to Vest
December 5, 2025 |
| | |
Scheduled to Vest
March 15, 2026 |
| | |
Scheduled to Vest
December 5, 2026 |
| | |
Scheduled to Vest
March 15, 2027 |
| | |
Total
Market Value of Shares(1) ($) |
| | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| |
Name
|
| | |
Number
of Shares (#) |
| | |
Market
Value of Shares(1) ($) |
| | |
Number
of Shares (#) |
| | |
Market
Value of Shares(1) ($) |
| | |
Number
of Shares (#) |
| | |
Market
Value of Shares(1) ($) |
| | |
Number of
Shares (#) |
| | |
Market
Value of Shares(1) ($) |
| | |
Number of
Shares (#) |
| | |
Market
Value of Shares(1) ($) |
| | |||||||||||||||||||||||||||||||||||||
| |
D. Neil Dauby
|
| | | | | 10,419 | | | | | | | 419,052 | | | | | | | — | | | | | | | — | | | | | | | 8,384 | | | | | | | 337,204 | | | | | | | — | | | | | | | — | | | | | | | 4,430 | | | | | | | 178,175 | | | | | | | 934,431 | | | |
| |
Bradley M.
Rust |
| | | | | 6,647 | | | | | | | 267,342 | | | | | | | — | | | | | | | — | | | | | | | 4,951 | | | | | | | 199,129 | | | | | | | — | | | | | | | — | | | | | | | 2,552 | | | | | | | 102,641 | | | | | | | 569,113 | | | |
| |
Michael F.
Beckwith |
| | | | | 1,736 | | | | | | | 69,822 | | | | | | | 967 | | | | | | | 38,893 | | | | | | | 1,736 | | | | | | | 69,822 | | | | | | | — | | | | | | | — | | | | | | | 1,737 | | | | | | | 69,862 | | | | | | | 248,399 | | | |
| |
Amy D. Jackson
|
| | | | | 2,753 | | | | | | | 110,726 | | | | | | | — | | | | | | | — | | | | | | | 2,754 | | | | | | | 110,766 | | | | | | | — | | | | | | | — | | | | | | | 1,489 | | | | | | | 59,888 | | | | | | | 281,379 | | | |
| |
Bradley C.
Arnett |
| | | | | — | | | | | | | — | | | | | | | 1,685 | | | | | | | 67,771 | | | | | | | — | | | | | | | — | | | | | | | 1,069 | | | | | | | 42,995 | | | | | | | — | | | | | | | — | | | | | | | 110,766 | | | |
| Year | | | | Summary compensation table total for PEO(1) ($) | | | | Compensation actually paid to PEO(2) ($) | | | | Average summary compensation table total for non-PEO named executive officers(1) ($) | | | | Average compensation actually paid to non-PEO named executive officers(2) ($) | | | | Value of initial fixed $100 investment based on: | | | | Net income(5) ($ Thousands) | | | | Average Growth in Adjusted Earnings per Share | | ||||||||||||||||||||||||||||
| Total shareholder return(3) ($) | | | | Peer group total shareholder return(4) ($) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (a) | | | | (b) | | | | (c) | | | | (d) | | | | (e) | | | | (f) | | | | (g) | | | | (h) | | | | (i) | | ||||||||||||||||||||||||
| 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | | ( | | | |||||||
| 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | | | | ||||||||
| 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | | | | ||||||||
| 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | | | | ||||||||
| 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | | | |
| Year | | | | PEO | | | | Non-PEO NEOS | |
| 2024 | | | | | | | | Bradley M. Rust, Michael F. Beckwith, Amy D. Jackson and Bradley C. Arnett | |
| 2023 | | | | D. Neil Dauby | | | | Bradley M. Rust, Keith A. Leinenbach, Michael F. Beckwith, Amy D. Jackson and Clay M. Barrett | |
| 2022 | | | | D. Neil Dauby | | | | Bradley M. Rust, Randall L. Braun, Keith A. Leinenbach, Amy D. Jackson and Clay M. Barrett | |
| 2021 | | | | Mark A. Schroeder | | | | D. Neil Dauby, Bradley M. Rust, Randall L. Braun and Keith A. Leinenbach | |
| 2020 | | | | Mark A. Schroeder | | | | D. Neil Dauby, Clay W. Ewing, Bradley M. Rust, Randall L. Braun and Keith A. Leinenbach | |
| Description | | | | 2024 | | | | 2023 | | | | 2022 | | | | 2021 | | | | 2020 | | |||||||||||||||
| Deduct the amounts reported in the SCT for “stock awards” (column (e)) and “option awards” (column (f)) | | | | | | ( | | | | | | | ( | | | | | | | ( | | | | | | | ( | | | | | | | ( | | |
| Add the fair value (“FV”) as of the end of the applicable FY of all awards granted during such FY that are outstanding and unvested as of the end of the FY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Add/Deduct the change as of the end of the applicable FY (from the end of the prior FY) in FV of any awards granted in any prior FY that are outstanding and unvested as of the end of such FY | | | | | | | | | | | | ( | | | | | | | ( | | | | | | | | | | | | | ( | | | ||
| Add/Deduct the change as of the vesting date (from the end of the prior FY) in FV of any awards granted in any prior FY for which all applicable vesting conditions were satisfied at the end of or during the applicable FY | | | | | | ( | | | | | | | ( | | | | | | | | | | | | | | | | | | | ( | | | ||
| Total | | | | | | | | | | | | ( | | | | | | | ( | | | | | | | ( | | | | | | | ( | | |
| Description | | | | 2024 | | | | 2023 | | | | 2022 | | | | 2021 | | | | 2020 | | |||||||||||||||
| Deduct the amounts reported in the SCT for “stock awards” (column (e)) and “option awards” (column (f)) | | | | | | ( | | | | | | | ( | | | | | | | ( | | | | | | | ( | | | | | | | ( | | |
| Add the fair value (“FV”) as of the end of the applicable FY of all awards granted during such FY that are outstanding and unvested as of the end of the FY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Add/Deduct the change as of the end of the applicable FY (from the end of the prior FY) in FV of any awards granted in any prior FY that are outstanding and unvested as of the end of such FY | | | | | | | | | | | | ( | | | | | | | ( | | | | | | | | | | | | | ( | | | ||
| Add/Deduct the change as of the vesting date (from the end of the prior FY) in FV of any awards granted in any prior FY for which all applicable vesting conditions were satisfied at the end of or during the applicable FY | | | | | | | | | | | | ( | | | | | | | | | | | | | | | | | | | ( | | | |||
| Deduct aggregate change in the Actuarial Present Values reported under the “Change in Pension Value” Column of the SCT | | | | | | ( | | | | | | | ( | | | | | | | ( | | | | | | | ( | | | | | | | ( | | |
| Total | | | | | | | | | | | | ( | | | | | | | ( | | | | | | | ( | | | | | | | ( | | |
![[MISSING IMAGE: bc_peopaidvstsr-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0000714395/000110465925025554/bc_peopaidvstsr-pn.jpg)
![[MISSING IMAGE: bc_peopaidvsnetincome-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0000714395/000110465925025554/bc_peopaidvsnetincome-pn.jpg)
![[MISSING IMAGE: bc_peopaidvseps-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0000714395/000110465925025554/bc_peopaidvseps-pn.jpg)
![[MISSING IMAGE: lc_companypeergrouptsr-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0000714395/000110465925025554/lc_companypeergrouptsr-pn.jpg)
|
Name
|
| | |
Fees
Earned or Paid in Cash ($) |
| | |
Stock Awards
($)(1) |
| | |
Option
Awards ($) |
| | |
Non-Equity
Incentive Compensation ($) |
| | |
Change in
Pension Value and Non- qualified Deferred Compensation Earnings ($) |
| | |
All Other
Compensation ($) |
| | |
Total
($) |
|
| Zachary W. Bawel | | | |
48,550
|
| | |
39,973
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
88,523
|
|
| Angela Curry | | | |
34,350
|
| | |
39,973
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
74,323
|
|
| Susan J. Ellspermann | | | |
44,400
|
| | |
39,973
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
84,373
|
|
| Marc D. Fine | | | |
47,450
|
| | |
39,973
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
87,423
|
|
| Jason M. Kelly | | | |
41,150
|
| | |
39,973
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
81,123
|
|
| Diane B. Medley | | | |
37,100
|
| | |
39,973
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
77,073
|
|
| M. Darren Root | | | |
44,550
|
| | |
39,973
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
84,523
|
|
| Christina M. Ryan | | | |
31,800
|
| | |
39,973
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
71,773
|
|
| Thomas W. Seger(2) | | | |
58,650
|
| | |
39,973
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
98,623
|
|
| Jack W. Sheidler | | | |
43,400
|
| | |
39,973
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
83,373
|
|
| Tyson J. Wagler | | | |
41,600
|
| | |
39,973
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
—
|
| | |
81,573
|
|
| |
![]() |
| | |
Our Board recommends that you vote FOR approval of the resolution approving the compensation of our Named Executive Officers (Proposal 2 on the proxy card).
|
| |
| |
![]() |
| | |
Our Board recommends that you vote FOR the proposal to approve Crowe as the Company’s registered independent public accounting firm for 2025 (Proposal 3 on the proxy card).
|
| |
![[MISSING IMAGE: px_25germanproxy01pg1-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000714395/000110465925025554/px_25germanproxy01pg1-4c.jpg)
![[MISSING IMAGE: px_25germanproxy01pg2-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000714395/000110465925025554/px_25germanproxy01pg2-4c.jpg)