BB&T in Winston-Salem, N.C., has provided five top executives with nearly 3 million reasons to successfully integrate Susquehanna Bancshares in Lititz, Pa.
The $184 billion-asset company disclosed in a regulatory filing Monday that it had approved $2.6 million in cash and restricted stock incentives if management can integrate Susquehanna by mid-2016. BB&T still needs regulatory approval to buy the $18.6 billion-asset Susquehanna.
Kelly King, BB&T's chairman and chief executive, is in line to receive about $1 million in incentives if the merger is completed and certain objectives, to be determined by the compensation committee, are met, the filing said.
Chris Henson, BB&T's chief operating officer, and Ricky Brown, the company's president, could each receive up to $450,000. Clark Starnes 3rd, the chief risk officer, and Daryl Bible, the chief financial officer, are eligible for up to $335,000 each.
"The occurrence of the conversion shall be determined by the compensation committee," the filing said. "When making this determination, the compensation committee may reduce incentive program awards, including to zero, based on the ... committee's assessment of BB&T's then-current performance."
BB&T agreed last year to buy Susquehanna for $2.5 billion.