Chittenden doles out $5.65m in exec pay packages

Chittenden Corporation’s chief executive officer, Paul Perrault, received more than $2 million in compensation in 2006, according to a filing with the Securities and Exchange Commission.

All in all, the bank’s five top executives earned compensation packages totaling more than $5.65 million.

The Vermont-based bank – which owns Portsmouth-based Ocean National Bank – plans to announce awards based the company’s 2006 performance on March 21. Much of the 2006 compensation was based on the bank’s 2005 performance.

Salary and an incentive bonus pay out accounted for most of the compensation. Perrault’s package, for instance, included $626,000 in salary and a $610,000 bonus for 2005 performance that was paid out in 2006. He also received stock and option awards of $632,000 and some $163,164 in other compensation including various perks such as a car, tax preparation assistance, a country club membership and a home security.

The 10-member board that approved the compensation package, also paid itself nearly half-million dollars in salary and options, including $45,280, to Charles Smith, the former president of the former Granite Bank, who is retiring this year. – BOB SANDERS

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