The company terminated a severance agreement it had with Chief Administrative Officer Frank Lennon. The agreement was created in the late 1990s and included gross-up of excise taxes, a provision by which the company paid the taxes on any golden parachute Lennon would have received if Brink’s had been taken over by another company. Brink’s said that doing away with the agreement is part of sticking to its “pay-for-performance philosophy and strong corporate governance.”
Joseph Kunkel, a senior vice president, exercised options for 150,000 shares for a total purchase price of $2.46 million. He then sold 150,000 shares at market price at $32.35 each for a total sale of $4.82 million. Kunkel still owns more than 127,000 shares of CarMax stock.
Central Virginia Bankshares (CVBK)
The parent company of Central Virginia Bank released its latest proxy, in which it disclosed the total compensation packages given to its top executives in 2011.
President and CEO Herb Marth received $329,662 in total compensation last year. That included a $260,000 base salary, $42,000 in stock awards and other perks.
CFO Robert Eastep received $152,158 in total compensation during 2011, including a $138,000 base.
Senior Credit Officer Leslie Cundiff received $146,868 in total compensation last year.
That’s down from $181,000 and includes a $137,800 base salary.
CVB’s annual shareholders meeting will be May 22 at its headquarters on Anderson Highway in Powhatan.
Eastern Virginia Bankshares (EVBS)
The holding company of EVB reported first quarter profit of $439,000, up from $100,000 in the same period of 2010. Its total nonperforming assets fell to $28.37 million from $37.8 million a year ago. Total assets were $1.07 billion, down from $1.08 billion. Total deposits fell almost $6 million to $843.73 million. The size of its loan portfolio shrank more than $44 million to $721.15 million.
Linda Schreiner, a senior vice president, exercised options for 20,000 shares at $31.37 per share or $627,000. She also sold 19,769 shares for $32.05 or $633,000.
CFO Mark Rajkowski exercised options for 75,160 shares for $9.08 per share or $682,000. He then sold those shares for $32 each for a total of $2.4 million.
Village Bank & Trust Financial (VBFC)
The holding company of Midlothian-based Village Bank disclosed the total compensation packages paid to its top executives in 2011. The company held the base salaries of the top three steady from 2010 as the bank continues to work through losses and troubled loans.
President and CEO Tom Winfree received $239,165 in total compensation last year. That’s up less than $3,000 from the previous year and includes a $210,106 base salary.
CFO Harril Whitehurst received $210,662 in total compensation during 2011. His base salary held steady at $175,000, and his total package was up just slightly from 2010.
COO Raymond Sanders received $205,409 in total compensation. His base salary was $170,000.
Village’s annual shareholders meeting will be May 22 at its Watkins Centre headquarters on Midlothian Turnpike.