ISBC 2017 Form 10-K & 2018 Proxy Statement

53 Executive Compensation The following table sets forth for the calendar years ended December 31, 2017, 2016 and 2015 certain information as to the total remuneration earned to Named Executive Officers with respect to the applicable year. Summary Compensation Table Name and Principal Position Year Salary ($) Bonus ($) Stock Awards ($) (1) Option Awards ($) (1) Non-Equity Incentive Plan Compensation ($) (2) Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) (3) All Other Compensation ($) (4) Total ($) Kevin Cummings, 2017 1,075,000 — — — 2,134,090 2,282,000 215,557 5,706,647 President and 2016 1,000,000 — — — 1,820,000 1,982,000 265,911 5,067,911 Chief Executive Officer 2015 1,000,000 — 12,540,000 4,159,999 2,076,923 2,411,000 230,035 22,417,957 Domenick A. Cama, 2017 725,000 — — — 1,151,416 1,285,000 150,065 3,311,481 Senior Executive Vice President 2016 675,000 — — — 982,800 1,091,000 180,396 2,929,196 and Chief Operating Officer 2015 675,000 — 10,032,000 3,327,998 1,121,539 1,200,000 161,720 16,518,257 Richard S. Spengler, 2017 465,000 — 891,600 — 416,547 563,000 87,557 2,423,704 Executive Vice President and 2016 430,000 — — — 468,012 410,000 99,287 1,407,299 Chief Lending Officer 2015 430,000 — 6,687,996 2,225,599 535,846 295,000 94,231 10,268,672 Paul Kalamaras, 2017 450,000 — 827,400 — 516,510 347,000 82,693 2,223,603 Executive Vice President and 2016 415,000 — — — 460,650 663,000 94,333 1,632,983 Chief Retail Banking Officer 2015 415,000 — 6,687,996 2,225,599 516,223 541,000 84,559 10,470,377 Sean Burke, 2017 425,000 — 594,400 — 465,864 4,000 75,998 1,565,262 Senior Vice President and 2016 400,000 — — — 370,000 20,000 44,441 834,441 Chief Financial Officer 2015 (5) 376,923 — 5,852,004 1,955,198 376,923 — 38,159 8,599,207 (1) The amounts in this column reflect the aggregate grant date fair value computed in accordance with FASB ASC 718, of restricted stock and stock option awards granted pursuant to the 2015 Equity Incentive Plan. The grant date fair value for the stock awards granted in 2017 was $14.86 for Messrs. Spengler and Burke and $13.79 for Mr. Kalamaras. The grant date fair value for each option award and stock award granted in 2015 was $3.12 and $12.54, respectively. Assumptions used in the calculation of these amounts are included in Note 10 to Investors Bancorp’s audited financial statements for the calendar year ended December 31, 2017 included in Investors Bancorp’s Annual Report on Form 10-K. (2) The amounts were earned pursuant to the Executive Officer Annual Incentive Plan. (3) The amounts in this column reflect the aggregate change in the actuarial present value of the Named Executive Officer's accumulated benefit under all defined benefit and actuarial pension plans (including supplemental plans) from the measurement date in the immediately preceding calendar year to the measurement date in such calendar year, determined using the interest rate and mortality rate assumptions consistent with those used in Investors Bancorp’s financial statements. Effective December 31, 2016, the SERP II was frozen. For Mr. Cummings, Cama and Spengler, the benefit attributable to their 2016 year of service vests over two years. Earnings under the SERP I attributable to the Supplemental ESOP Benefit are not included in this column because the earnings were not “above-market,” as defined by the SEC. (4) The amounts in this column represent all other compensation not reported in prior columns in this table, including perquisites, the aggregate value of which exceeds $10,000, and employer contributions to defined contribution plans. See the “All Other Compensation” and “Perquisites” tables below for a breakdown of these amounts for the year ended December 31, 2017. (5) Mr. Burke was appointed Senior Vice President and Chief Financial Officer on January 26, 2015. Mr. Burke's full year annualized base salary was $400,000. Amounts included in the “Stock Awards” and “Option Awards” columns of the Summary Compensation Table represent the grant date fair value of the awards issued to the Named Executive Officers under the 2015 Equity Plan, as determined in accordance with applicable accounting standards. The 2015 Equity Plan was adopted following, and in connection with, the completion of the Company’s Second Step Conversion to stock form. Notwithstanding that (1) stock options and time-based restricted stock awards vest ratably over a seven- year period and the performance-based restricted stock awards are subject to a three-year performance period ending on December 31, 2017; and (2) the annual financial statement expense that we are required to recognize for these grants will be expensed ratably over the vesting period and will be significantly less than the amounts included in the “Stock Awards” and “Option Awards” columns for the year ended December 31, 2015, SEC rules require that we report the full grant date fair value of restricted stock and stock option awards in the year in which the grants are made even though the value cannot be received by the officers in that year. In addition, with respect to the performance-based restricted stock awards, the actual value, if any, realized by the Named Executive Officers will depend on the satisfaction of the performance metrics related to the awards. Moreover, PROXY STATEMENT