Proxy details Chittenden compensation

March 14, 2006

NH Business Review Staff,

Paul A. Perrault, chairman, president and chief executive officer of Chittenden Corporation, parent company of Ocean National Bank, received $1.6 million in compensation last year, according to the annual proxy filed last week with the Securities and Exchange Commission.

More than half of that compensation came from salary and benefits, and the rest is from stock options.

John W. Kelly, president of Chittenden Bank, received more than $735,000; Kirk Walters, executive vice president, received $575,000; John P. Barnes, another executive vice president, received $566,000; and Danny H. O’Brien, president of Ocean National, received $451,000.

Executive pay is tied to the corporation’s performance, according to the proxy statement. – BOB SANDERS

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