NAMED EXECUTIVE OFFICER COMPENSATION SUMMARY COMPENSATION TABLE
The aggregate compensation paid or payable by CWB to the President and CEO, CFO, and the next three most highly compensated executive officers of CWB in fiscal 2023 follows:
Non-Equity Incentive Plan Compensation Annual Incentive Plans ($)
Share-Based Awards (1) ($)
Stock Option- Based Awards (2) ($)
Pension Value ($)
All Other Compensation (3) ($)
Total Compensation ($)
Salary ($)
Year
2023
820,000
1,045,500
348,500
648,000
-
219,276
3,081,276
Christopher H. Fowler President and CEO
2022
815,000
870,000
290,000
689,300
-
202,805
2,867,105
2021
800,000
870,000
290,000
985,000
-
179,396
3,124,396
2023
390,000
270,000
90,000
253,600
-
49,680
1,053,280
R. Matthew Rudd CFO
2022
351,250
243,750
81,250
229,700
-
37,788
943,738
2021
316,166
207,188
69,063
260,600
-
30,733
883,750
2023
505,050
345,150
115,050
345,400
-
113,387
1,424,037
Stephen H.E. Murphy Group Head, CPW
2022
457,375
336,675
112,225
309,500
-
96,035
1,311,810
2021
448,900
336,675
112,225
444,000
-
81,516
1,423,316
2023
360,000
270,000
90,000
226,900
-
61,542
1,008,442
M. Carolina Parra CRO
2022
346,438
570,000
290,000
232,400
-
851,512
2,290,350
2021
-
-
-
-
-
-
-
2023
347,500
255,000
85,000
214,000
-
45,325
946,825
Jeffrey I.L. Wright Group Head, CS&SB
2022
315,373
204,367
49,028
183,600
-
33,126
785,494
2021
275,740
114,240
47,600
217,435
-
27,586
682,601
(1) Share-based awards for 2021, 2022, and 2023 are comprised of PSUs only, with the exception of Ms. Parra who received a one-time RSU award as per her employment agreement, and Mr. Wright who was granted RSUs pursuant to the terms of his employment agreement. The grant price of each RSU and PSU is the weighted average price of a CWB common share on the date on which the RSU or PSU was granted and the four trading days preceding the grant date. Details on the PSUs and RSUs (new hire award for Ms. Parra granted in fiscal 2022 and Mr. Wright’s RSU grant in 2022 ) granted to the NEOs during the last three fiscal years follow: Fiscal Year Grant Date RSUs Granted RSU Value at Grant 2021 N/A N/A N/A 2022 06-Jun-2022 2,863 $30.281 2022 13-Dec-2021 8,101 $37.033 2023 N/A N/A N/A Fiscal Year Grant Date PSUs Granted PSU Value at Grant 2021 14-Dec-2020 72,864 $29.067 2022 13-Dec-2021 53,985 $37.033 2023 12-Dec-2022 90,188 $24.234 (2) A binomial stock option pricing method is used to estimate the value of stock options at the grant date. Details on the stock options granted to the NEOs during the last three fiscal years as well as the inputs used to value the stock options granted follow: Fiscal Year 2023 Fiscal Year 2022 Fiscal Year 2021 Grant date 12-Dec-2022 13-Dec-2021 14-Dec-2020 Stock Options granted 174,211 122,808 120,287 Stock Option value $4.182 $7.055 $5.869 Valuation inputs Exercise price $24.234 $37.033 $29.067 Expected life (years) 5 5 5 Stock price volatility 33.73% 33.7209% 35.07% Dividend yield 5.37% 3.34% 3.97% Risk-free interest rate 3.12% 1.2420% 0.447% The risk-free interest rate is based on the Government of Canada Yield Curve over the expected life of the stock options as at the stock option grant date. (3) “All Other Compensation” includes CWB's contribution to the ESPP and Group RRSP, the value of notional contributions to the Supplemental Retirement Plan, and certain other immaterial amounts. It does not include perquisites or other personal benefits provided to the NEO that are generally available to all employees, or that do not exceed the lesser of $50,000 or 10% of the total salary for any of the NEOs.
57 | Canadian Western Bank- Management Proxy Circular
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