BOSTON--(BUSINESS WIRE)--Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (the “Company”) announced today (the “Grant Date”) that the Company granted Anthony DeChellis, the newly-appointed Chief Executive Officer and President of the Company, inducement awards pursuant to the Boston Private Financial Holdings, Inc. 2010 Inducement Stock Plan, as amended. The grants were made as an inducement material to Mr. DeChellis’ employment as Chief Executive Officer and President of the Company in accordance with NASDAQ Listing Rule 5635(c)(4). The grants consist of (i) a number of shares of Company common stock equal to $1,000 in order that Mr. DeChellis will be in compliance with applicable legal requirements for directors of a Massachusetts bank and trust company; (ii) a number of restricted stock units with an aggregate Grant Date fair value of $750,000 that vest in four equal installments on the first, second, third, and fourth anniversaries of the Grant Date; (iii) a number of stock options with an aggregate Grant Date fair value of $500,000 that vest ratably on the first, second, third and fourth anniversaries of the Grant Date; and (iv) a number of stock options with an aggregate Grant Date fair value of $1,250,000 that will vest if (A) the closing price of Company stock is at or above $18.00 per share for 20 consecutive trading days prior to the four-year anniversary of the Grant Date, and (B) at the time that the foregoing condition is met, the Company’s Tier 1 risk-based capital ratio is at least 6.0%, or such other level as may be required by any governmental agency or other governmental entity.
About Boston Private Financial Holdings, Inc.
Boston Private Financial Holdings, Inc. is a national financial services organization that owns Wealth Management, Trust, and Private Banking affiliates with offices in Boston, New York, Los Angeles, San Francisco, San Jose, South Florida, and Wisconsin. The Company has total assets of greater than $8 billion, and manages over $22 billion of client assets. The Company’s affiliates serve the high net worth marketplace with high quality products and services of unique appeal to private clients. The Company also provides strategic oversight and access to resources, both financial and intellectual, to support affiliate management, marketing, compliance and legal activities. (NASDAQ: BPFH)
For more information about BPFH, visit the Company's website at www.bostonprivate.com.