pab bankshares, inc. - SNL Financial
pab bankshares, inc. - SNL Financial
pab bankshares, inc. - SNL Financial
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The following table summarizes in tabular form the compensation awarded to, earned by, or paid to the<br />
Company’s named executive officers for services rendered for the fiscal years ended December 31, 2009, 2008 and 2007.<br />
Executive Officer Summary Compensation Table<br />
For the Fiscal Years Ended December 31, 2009, 2008 and 2007<br />
Option All Other<br />
Name and Pr<strong>inc</strong>ipal Position Salary Bonus Awards 1 Compensation 2 Total<br />
Year ($) ($) ($) ($)<br />
($)<br />
Donald J. Torbert, Jr. 3 2009 172,780 - 86,815 19,116 278,711<br />
Pr<strong>inc</strong>ipal Executive Officer 2008 172,780 - - 20,981 193,761<br />
2007 172,780 58,950 23,883 23,541 279,154<br />
Nicole S. Stokes 4 2009 105,362 - 33,112 11,515 149,989<br />
Pr<strong>inc</strong>ipal <strong>Financial</strong> Officer<br />
R. Wesley Fuller 2009 172,780 -<br />
54,003<br />
-<br />
17,056 243,839<br />
2007 172,780 58,950 23,883 24,087 279,700<br />
George D. Henderson 2009 158,744 - 48,436 4,902 212,082<br />
Executive Vice President 2008 155,000 - - 6,148 161,148<br />
2007 148,560 53,450 19,107 11,744 232,861<br />
David Hammond 5 2009 113,094 - 35,347 12,726 161,167<br />
Executive Vice President<br />
M. Burke Welsh, Jr . 6 2009 82,216 -<br />
- 734,715 816,931<br />
Former Pr<strong>inc</strong>ipal Executive<br />
Officer 2008 309,800 - - 15,189 324,989<br />
2007 309,800 120,750 30,252 21,413 482,215<br />
(1) The values disclosed in the table represent the aggregate grant date fair value of awards in accordance with FASB Accounting Standards<br />
Codification 718 of options granted in 2009, 2008 and 2007 under the Company’s 1999 Stock Option Plan. For further discussion and details<br />
regarding the accounting treatment and underlying assumptions relative to stock-based compensation, see Note 18, “Stock Plans and Stock-based<br />
Employee Compensation,” of the notes to Consolidated <strong>Financial</strong> Statements <strong>inc</strong>luded in Part II, Item 8, “<strong>Financial</strong> Statements and Supplementary<br />
Data,” of this Report. During 2009, Mr. Welsh forfeited 15,912 unvested options due to his retirement from the Company and elected not to<br />
exercise 54,004 vested options available at his retirement. There were no forfeitures by named executive officers during 2008 or 2007.<br />
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