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Enterprise Bancorp Executive Compensation (FY24)

EBTC · Executive and director compensation, fiscal 2022 to 2024
Chief executive, fiscal 2024
◇
Steven Larochelle
Median of the other named officers
$638,369
5 officers, excluding the chief executive
Latest say-on-pay support
=
May 6, 2025
Chief executive pay ratio
◇
To the median employee
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Data as of October 21, 2026Latest filing (8-K): May 7, 2025
8 filings cited on this page
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246 figures on this page: 240 cited to the filing that reported them, 6 calculated from figures it prints. See the citations
What changed from fiscal 2023 to fiscal 2024
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive of record: John Clancy → Steven Larochelle
Say-on-pay support: 96.1% → 93.3% (2.8 points lower)
CEO pay ratio: 15:1 → 17:1 (13.3% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Enterprise Bancorp's chief executive and what were they paid?
Steven Larochelle was paid $1,100,366 in total compensation as Chief Executive Officer of the Company and the Bank for fiscal 2024.
What was Enterprise Bancorp's say-on-pay result?
For fiscal 2024, shareholders backed the say-on-pay proposal with 93.3% of votes cast for or against in favor at the meeting held May 6, 2025.
Which companies are in Enterprise Bancorp's peer group?
Companies named in the disclosed peer group include Bar Harbor Bankshares, BCB Bancorp, Inc., Camden National Corporation, Chemung Financial Corporation and CNB Financial Corporation, among others.
What is Enterprise Bancorp's chief executive pay ratio?
For fiscal 2024, the company reported a chief executive pay ratio of 17:1.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John Clancy
Chief Executive Officer of the Company and the Bank
◇—◇◇◇—◇◇
George Duncan
Executive Chairman of the Company and the Bank
◇—◇◇◇◇◇◇
Stephen Irish
Senior Managing Director Wealth Management and Chief Operating Officer of the Bank
◇—◇◇◇—◇◇
Richard Main
President of the Company and the Bank
◇—◇◇◇◇◇◇
Joseph Lussier
Treasurer and Chief Financial Officer of the Company and the Bank
◇—◇◇◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John Clancy
Chief Executive Officer of the Company and the Bank
◇—◇—◇—◇◇
George Duncan
Executive Chairman of the Company and the Bank
◇◇◇—◇◇◇◇
Stephen Irish
Senior Managing Director Wealth Management and Chief Operating Officer of the Bank
◇—◇—◇—◇◇
Richard Main
President of the Company and the Bank
◇—◇—◇◇◇◇
Joseph Lussier
Treasurer and Chief Financial Officer of the Company and the Bank
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Steven Larochelle
Chief Executive Officer of the Company and the Bank
◇—◇—◇—◇◇
George Duncan
Executive Chairman of the Company and the Bank
◇—◇—◇◇◇◇
John Clancy
Former Chief Executive Officer of the Company and the Bank
Departed during or after this year
◇—◇—◇—◇◇
Stephen Irish
Senior Managing Director Wealth Management and Chief Operating Officer of the Bank
◇◇◇—◇—◇◇
Brian Bullock
Chief Commercial Lending Officer
◇◇◇—◇—◇◇
Joseph Lussier
Treasurer and Chief Financial Officer of the Company and the Bank
◇◇◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2024
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brian H. BullockPSU◇—◇◇——◇
George L. DuncanPSU◇—◇◇——◇
John ClancyPSU◇—◇◇——◇
Joseph R. LussierPSU◇—◇◇——◇
Stephen J. IrishPSU◇—◇◇——◇
Steven R. LarochellePSU◇—◇◇——◇
Steven R. LarochellePSU◇—◇◇——◇
Fiscal 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2024 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
George DuncanOption◇—◇—
Option◇—◇—
Option◇—◇—
RSU◇◇——
Option◇—◇—
Option◇—◇—
Option◇—◇—
Option◇—◇—
John ClancyOption◇—◇—
Option◇—◇—
Option◇—◇—
Option◇—◇—
Option◇—◇—
Option◇—◇—
Option◇—◇—
Option◇—◇—
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Brian Bullock
Chief Commercial Lending Officer · Change-in-control agreement
Change-in-control multiple◇
George Duncan
Executive Chairman of the Company and the Bank · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance cash amount◇
Equity acceleration on change in control◇
John Clancy
Former Chief Executive Officer of the Company and the Bank · Terms as described in the company’s compensation discussion · citing a 2025 filing
Equity acceleration on change in control◇
Joseph Lussier
Treasurer and Chief Financial Officer of the Company and the Bank · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance cash amount◇
Equity acceleration on change in control◇
Stephen Irish
Senior Managing Director Wealth Management and Chief Operating Officer of the Bank · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance cash amount◇
Equity acceleration on change in control◇
Steven Larochelle
Chief Executive Officer of the Company and the Bank · Employment agreement
Change-in-control multiple◇

Director compensation

What each non-employee director was paid.
Fiscal 2024
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
James F. Conway III
Lead independent director
◇◇————◇
Carol L. Reid
◇◇————◇
Carole A. Cowan
◇◇————◇
Gino J. Baroni
◇◇————◇
Joseph C. Lerner
◇◇————◇
Normand E. Deschene
◇◇————◇
Michael T. Putziger
◇◇————◇
Jacqueline F. Moloney
◇◇————◇
John A. Koutsos
◇◇————◇
Mary Jane King
◇◇————◇
Nickolas Stavropoulos
◇◇————◇
Kenneth S. Ansin
◇◇————◇
John T. Grady Jr
◇◇————◇
John T. Grady
◇◇————◇
John R. Clementi
◇◇————◇
Shelagh E. Mahoney
◇—————◇
John P. Clancy Jr, Steven R. Larochelle, George L. Duncan and Richard W. Main served on the board in fiscal 2024 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Board meeting fee◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2024
  • Bar Harbor Bankshares BHB
  • BCB Bancorp, Inc. BCBP
  • Camden National Corporation CAC
  • Chemung Financial Corporation CHMG
  • CNB Financial Corporation CCNE
  • Financial Institutions, Inc. FISI
  • First Bank FRBA
  • HarborOne Bancorp, Inc. HONE
  • Messrs symbol not shown
  • Mid Penn Bancorp, Inc. MPB
  • Orrstown Financial Services, Inc. ORRF
  • Peapack-Gladstone Financial Corporation PGC
  • Peoples Financial Services Corporation PFIS
  • The First Bancorp, Inc. FBNC
  • The First of Long Island Corporation FLIC
  • Univest Financial Corporation UVSP
  • Washington Trust Bancorp, Inc. WASH
  • Western New England Bancorp, Inc. WNEB

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2024May 6, 2025=◇◇◇
2023May 7, 2024=◇◇◇
2022May 2, 2023=◇◇◇
2021May 3, 2022=◇◇◇
2020May 4, 2021=◇◇◇
2019May 5, 2020=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇

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Sample answer — “What is the CEO’s total compensation?”
- Steven Larochelle (Chief Executive Officer of the Company and the Bank), FY2024 total compensation $1,100,366 (base salary $484,799) [exec_comp, SEC accession 0001018399-25-000025, filed 2025-04-01]

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What this page does not include

Everything above is a fact Enterprise Bancorp disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Enterprise Bancorp sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
246 figures on this page: 240 cited to the filing that reported them, 6 calculated from figures it prints.
240 cited to the filing
6 calculated from the filing

Documents cited

  1. 0001018399-25-000061
    Item 5.07. Submission of Matters to a Vote of Security Holders.
  2. 0001018399-25-000025
    Compensation Discussion and Analysis · OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END · POTENTIAL PAYMENTS UPON TERMINATION · Pay Ratio Disclosure
  3. 0001018399-24-000043
    Item 5.07. Submission of Matters to a Vote of Security Holders.
  4. 0001018399-24-000026
  5. 0001018399-23-000043
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001018399-22-000030
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0001018399-21-000047
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001018399-20-000036
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Enterprise Bancorp executive compensation, FY2022–FY2024.” https://intel.velarion.ai/comp/EBTC (accessed 2026).
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8 filings cited on this page
Method: intel.velarion.ai/methodology
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Peers Enterprise Bancorp discloses

The companies named in EBTC's own disclosed peer group.

Bar Harbor BanksharesBCB Bancorp, Inc.Camden National CorporationChemung Financial CorporationCNB Financial CorporationFinancial Institutions, Inc.First BankHarborOne Bancorp, Inc.Mid Penn Bancorp, Inc.Orrstown Financial Services, Inc.Peapack-Gladstone Financial CorporationPeoples Financial Services CorporationThe First Bancorp, Inc.The First of Long Island CorporationUnivest Financial CorporationWashington Trust Bancorp, Inc.Western New England Bancorp, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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