TCF financial Corp.
William Cooper, Chairman, CEO
Total compensation: $3,209,434 for the year ended Dec. 31
Salary: $1,500,000
Non-equity incentive pay: $0
Other compensation: $237,184
Value realized on vesting shares: $1,553,250
Total 2012 return to shareholders: 19.9 percent
Note: Cooper's total compensation for the year decreased 26 percent compared with last year. Cooper signed a new employment agreement with TCF in January 2012 that will run through December 31, 2015. Under the new agreement, Cooper's salary increased from $950,000 to $1.5 million. Meanwhile, an automatic renewal and tax gross-up provisions, which were "disfavored by shareholders," were eliminated.
The salary increase partially offset the fact Cooper and other executives did not earn incentive bonuses for the year. Executives were awarded long-term incentives in the form of performance-based restricted stock. Those shares will vest over multiple years and will be dependent on the company meeting certain financial goals.
