Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-04-23

ENTERPRISE BANCORP INC /MA/ (EBT)

CEO Steven Larochelle was paid $1,100,366 in fiscal year 2024, the 12th percentile of its disclosed peer group (SEC filing 0001018399-25-000025 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,100,366
Steven Larochelle total, FY2024
12th
CEO pay percentile vs peers
—
CEO-to-median pay ratio
93.26%
Say-on-pay support, latest vote

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Companies that benchmark against EBT
No companies currently name EBT as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Steven Larochelle$484,799$0$305,004$0$267,488$0$43,075$1,100,366
Chief Executive Officer of the Company and the Bank
George Duncan428,4800138,5680170,21829,173109,709876,148
Executive Chairman of the Company and the Bank
John Clancy428,5360176,6160179,042089,396873,590
Former Chief Executive Officer of the Company and the Bank
Stephen Management366,2671,06055,0040161,670054,368638,369
and Chief Operating Officer of the Bank
Brian Bullock381,3161055,0040147,274038,489622,093
Chief Commercial Lending Officer
Joseph Lussier326,13052,53055,0040125,960032,114591,738
Treasurer and Chief Financial Officer of the Company and the Bank

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2024 totalFY2023 totalFY2022 totalΔ FY2023→2024
Steven Larochelle$1,100,366———
George Duncan876,148923,848972,554↓ −47,700
John Clancy873,5901,286,8781,423,524↓ −413,288
Stephen Management638,369665,600704,879↓ −27,231
Brian Bullock622,093———
Joseph Lussier591,738446,358460,354↑ +145,380

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Brian BullockOPTION2024-03-19—1,104——$55,004
Stephen J. IrishOPTION2024-03-19—1,104——55,004
Steven LarochelleOPTION2024-03-19—1,104——55,004
Joseph LussierOPTION2024-03-19—1,104——55,004
Steven LarochelleOPTION2024-06-05—5,075——250,019
John ClancyOPTION2024-03-19—3,546——176,616
George DuncanOPTION2024-03-19—2,782——138,569
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Brian Bullock$0$0$55,0040.0%
Stephen J. Irish0055,0040.0%
Steven Larochelle00305,0230.0%
Joseph Lussier0055,0040.0%
John Clancy00176,6160.0%
George Duncan00138,5690.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Steven LarochelleOption53728.22—
Steven LarochelleRSU13,644—70
Steven LarochelleOption18832.73—
Brian BullockRSU13,860—38
Brian BullockRSU7,246—37
Steven LarochelleOption19638.58—
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's executive compensation program is designed to attract, motivate, and retain highly qualified executive officers who are vital to achieving financial goals and enhancing long-term shareholder value while operating safely and soundly. Total compensation levels are intended to reflect market comparables, individual performance and responsibilities, and provide incentives to achieve business objectives within reasonable risk parameters.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantPearl Meyer and Partners
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-05-067,413,638535,58376,66393.26%Passed
20242024-05-077,736,080316,866379,93196.07%Passed
20232023-05-027,956,906261,053101,92696.82%Passed
20222022-05-038,550,641190,529128,49897.82%Passed
20212021-05-047,969,749227,573343,48097.22%Passed
20202020-05-057,941,469815,412114,69490.69%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20252025-05-0693.26%a
20242024-05-0796.07%b
20232023-05-0296.82%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

09

Board fee structure and ownership guideline

Annual cash retainer$23,100
Annual equity retainer$28,508
Per board meeting fee$1,000
Committee chair fees (audit / comp / nom-gov)7,500 / 6,000 / 6,000
Stock ownership guideline$5
10

Disclosed peer group — fiscal year 2024

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies ENTERPRISE BANCORP INC /MA/ names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including ENTERPRISE BANCORP INC /MA/.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Orrstown Financial Services, Inc.2025Thomas R. Quinn, Jr.$812,317$599,969$0$549,054$4,222,617
2Peapack-Gladstone Financial Corporation2025Douglas Kennedy936,000863,54001,205,3413,479,531
3Financial Institutions, Inc.2025Martin Birmingham798,2441,017,0620487,5442,385,669
4Camden National Corporation2025Simon Griffiths856,731700,2450603,6102,318,520
5Mid Penn Bancorp, Inc.2025Rory Ritrievi773,077257,2000334,4002,209,726
6Univest Financial Corporation2025Jeffrey Schweitzer830,000539,5330663,2342,097,674
7HarborOne Bancorp, Inc.2024Joseph Casey740,385295,493—270,2401,996,521
8Bar Harbor Bankshares2025Curtis Simard760,000494,000—627,0001,925,946
9Washington Trust Bancorp, Inc.2025Edward O. Handy III810,165486,8680440,0001,864,227
10Western New England Bancorp, Inc.2025James Hagan818,603288,3190494,5831,859,294
11The First Bancorp, Inc.2025Richard Moore550,000774,3810224,3811,639,497
12CNB Financial Corporation2025Michael D. Peduzzi653,993270,6720309,2731,500,484
13The First of Long Island Corporation2023Christopher Becker620,000620,0000155,0001,497,065
14Chemung Financial Corporation2025Anders Tomson720,300230,044001,417,130
15ENTERPRISE BANCORP INC /MA/2024Steven Larochelle484,799305,0040267,4881,100,366
16Peoples Financial Services Corporation2025Gerard Champi557,000162,4000204,0201,068,323
17BCB Bancorp, Inc.2025Michael Shriner675,000050,6250772,063

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
ENTERPRISE BANCORP INC /MA/not disclosedRestricted Stock 50 · PRSU 50not disclosedPearl Meyer and Partners
Bar Harbor Bankshares150%PSU 50 · RSU 50NoAon Corporation
BCB Bancorp, Inc.not disclosedOptions 100not disclosedMeridian Compensation Partners
Camden National Corporationnot disclosednot disclosedNoMeridian Compensation Partners, LLC
Chemung Financial Corporationnot disclosedRSU 100not disclosedAon
CNB Financial Corporation47.29%PSU 50 · RSU 50NoMeridian Compensation Partners, LLC
Financial Institutions, Inc.104.4%RSU 50 · PSU 50Nonot disclosed
HarborOne Bancorp, Inc.73%RSA 50 · PSU 50NoPearl Meyer & Partners, LLC
Mid Penn Bancorp, Inc.104.5%RSU 100not disclosedMeridian Compensation Partners
Orrstown Financial Services, Inc.67%RSU 50 · PSU 50NoAon
Peapack-Gladstone Financial Corporation120%RSU 100Yes — TSRAon
Peoples Financial Services Corporation104%PSU 50 · RSU 50NoPearl Meyer & Partners, LLC
The First Bancorp, Inc.108.8%RSU 100not disclosedMeridien Compensation Partners
The First of Long Island Corporationnot disclosedPRSU 66.67 · RSU 33.33NoPearl Meyer & Partners LLC
Univest Financial Corporation122.9%PSU 70 · RSU 30NoAon plc
Washington Trust Bancorp, Inc.108.6%PSU 50 · RSU 50NoMeridian
Western New England Bancorp, Inc.134.3%PSU 50 · RSU 50NoPearl Meyer & Partners, LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at ENTERPRISE BANCORP INC /MA/ in fiscal 2024?
As disclosed, Steven Larochelle, Chief Executive Officer of the Company and the Bank, was the highest-paid executive with total compensation of $1,100,366.
How does ENTERPRISE BANCORP INC /MA/'s chief executive pay compare to its disclosed peer group?
The filing shows the CEO's pay ranked at the 12th percentile of the disclosed peer group.
What is ENTERPRISE BANCORP INC /MA/'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio is not disclosed in this filing.
How did shareholders vote on ENTERPRISE BANCORP INC /MA/'s executive compensation?
Shareholders voted 93.26% in support of the executive compensation proposal.
How much does ENTERPRISE BANCORP INC /MA/ spend in total on board compensation for fiscal 2024?
The company reported total board compensation of $0 for fiscal 2024.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Steven LarochelleDEF 14A2025-04-010001018399-25-000025Section “Executive Compensation”. As printed: 1,100,366. Filing ↗machine: span 513496–513505
2Section 01, George DuncanDEF 14A2025-04-010001018399-25-000025Section “Executive Compensation”. As printed: 876,148. Filing ↗machine: span 484868–484875
3Section 01, John ClancyDEF 14A2025-04-010001018399-25-000025Section “Executive Compensation”. As printed: 873,590. Filing ↗machine: span 499218–499225
4Section 01, Stephen ManagementDEF 14A2025-04-010001018399-25-000025Section “Executive Compensation”. As printed: 638,369. Filing ↗machine: span 520177–520184
5Section 01, Brian BullockDEF 14A2025-04-010001018399-25-000025Section “Executive Compensation”. As printed: 622,093. Filing ↗machine: span 548231–548238
6Section 01, Joseph LussierDEF 14A2025-04-010001018399-25-000025Section “Executive Compensation”. As printed: 591,738. Filing ↗machine: span 534092–534099
7Section 03, Brian Bullock OPTIONDEF 14A2025-04-010001018399-25-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 727887–727893
8Section 03, Stephen J. Irish OPTIONDEF 14A2025-04-010001018399-25-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 731857–731863
9Section 03, Steven Larochelle OPTIONDEF 14A2025-04-010001018399-25-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 719923–719929
10Section 03, Joseph Lussier OPTIONDEF 14A2025-04-010001018399-25-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 736296–736302
11Section 03, Steven Larochelle OPTIONDEF 14A2025-04-010001018399-25-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 723906–723913
12Section 03, John Clancy OPTIONDEF 14A2025-04-010001018399-25-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 715938–715945
13Section 03, George Duncan OPTIONDEF 14A2025-04-010001018399-25-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 711954–711961
14Section 06, 2025 voteForm 8-K2025-05-070001018399-25-000061Item 5.07 · say-on-pay result. As reported: 93.26% (votes for as printed: 7,413,638). Filing ↗
15Section 06, 2024 voteForm 8-K2024-05-080001018399-24-000043Item 5.07 · say-on-pay result. As reported: 96.07% (votes for as printed: 7,736,080). Filing ↗
16Section 06, 2023 voteForm 8-K2023-05-030001018399-23-000043Item 5.07 · say-on-pay result. As reported: 96.82% (votes for as printed: 7,956,906). Filing ↗
17Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
18Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
19Orrstown Financial Services, Inc., Section 10b CEO totalDEF 14A2026-03-270001628280-26-021726CEO total compensation as printed in Orrstown Financial Services, Inc.'s own proxy. As printed: 4,222,617. Filing ↗machine: t36 · r2 · c9 · span 634951–634960
20Peapack-Gladstone Financial Corporation, Section 10b CEO totalDEF 14A2026-03-160001193125-26-108191CEO total compensation as printed in Peapack-Gladstone Financial Corporation's own proxy. As printed: 3,479,531. Filing ↗machine: span 1034121–1034130
21Financial Institutions, Inc., Section 10b CEO totalDEF 14A2026-04-060001193125-26-143723CEO total compensation as printed in Financial Institutions, Inc.'s own proxy. As printed: 2,385,669. Filing ↗machine: r4 · c21 · span 1897204–1897213
22Camden National Corporation, Section 10b CEO totalDEF 14A2026-04-030000750686-26-000017CEO total compensation as printed in Camden National Corporation's own proxy. As printed: 2,318,520. Filing ↗machine: r4 · c24 · span 977361–977370
23Mid Penn Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-128769CEO total compensation as printed in Mid Penn Bancorp, Inc.'s own proxy. As printed: 2,209,726. Filing ↗machine: r3 · c35 · span 723945–723954
24Univest Financial Corporation, Section 10b CEO totalDEF 14A2026-03-130000102212-26-000015CEO total compensation as printed in Univest Financial Corporation's own proxy. As printed: 2,097,674. Filing ↗machine: r2 · c51 · span 398636–398645
25HarborOne Bancorp, Inc., Section 10b CEO totalDEF 14A2025-04-010001558370-25-004227CEO total compensation as printed in HarborOne Bancorp, Inc.'s own proxy. As printed: 1,996,521. Filing ↗
26Bar Harbor Bankshares, Section 10b CEO totalDEF 14A2026-03-190001104659-26-032086CEO total compensation as printed in Bar Harbor Bankshares's own proxy. As printed: 1,925,946. Filing ↗
27Washington Trust Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-170000737468-26-000040CEO total compensation as printed in Washington Trust Bancorp, Inc.'s own proxy. As printed: 1,864,227. Filing ↗machine: t46 · r3 · c17 · span 562234–562243
28Western New England Bancorp, Inc., Section 10b CEO totalDEF 14A2026-04-030001999371-26-007628CEO total compensation as printed in Western New England Bancorp, Inc.'s own proxy. As printed: 1,859,294. Filing ↗machine: r1 · c6 · span 574668–574677
29The First Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-190000811589-26-000062CEO total compensation as printed in The First Bancorp, Inc.'s own proxy. As printed: 1,639,497. Filing ↗machine: span 385715–385724
30CNB Financial Corporation, Section 10b CEO totalDEF 14A2026-03-160000736772-26-000035CEO total compensation as printed in CNB Financial Corporation's own proxy. As printed: 1,500,484. Filing ↗machine: span 677260–677269
31The First of Long Island Corporation, Section 10b CEO totalDEF 14A2024-03-080001437749-24-007157CEO total compensation as printed in The First of Long Island Corporation's own proxy. As printed: 1,497,065. Filing ↗machine: r2 · c31 · span 470805–470814
32Chemung Financial Corporation, Section 10b CEO totalDEF 14A2026-04-230000763563-26-000009CEO total compensation as printed in Chemung Financial Corporation's own proxy. As printed: 1,417,130. Filing ↗machine: span 469180–469189
33ENTERPRISE BANCORP INC /MA/ (subject), Section 10b CEO totalDEF 14A2025-04-010001018399-25-000025CEO total compensation as printed in ENTERPRISE BANCORP INC /MA/'s own proxy. As printed: 1,100,366. Filing ↗machine: span 513496–513505
34Peoples Financial Services Corporation, Section 10b CEO totalDEF 14A2026-04-100001104659-26-041794CEO total compensation as printed in Peoples Financial Services Corporation's own proxy. As printed: 1,068,323. Filing ↗machine: t226 · r8 · c16 · span 1077916–1077925
35BCB Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-240001174947-26-000413CEO total compensation as printed in BCB Bancorp, Inc.'s own proxy. As printed: 772,063. Filing ↗machine: t128 · r1 · c7 · span 422363–422370
36Section 10a, Orrstown Financial Services, Inc. reciprocityDEF 14A—0001628280-26-021726Orrstown Financial Services, Inc.'s most recent proxy was read; its disclosed peer group does not include ENTERPRISE BANCORP INC /MA/. Filing ↗
37Section 10a, Chemung Financial Corporation reciprocityDEF 14A—0000763563-26-000009Chemung Financial Corporation's most recent proxy was read; its disclosed peer group does not include ENTERPRISE BANCORP INC /MA/. Filing ↗
38Section 10a, HarborOne Bancorp, Inc. reciprocityDEF 14A—0001558370-25-004227HarborOne Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include ENTERPRISE BANCORP INC /MA/. Filing ↗
39Section 10a, Financial Institutions, Inc. reciprocityDEF 14A—0001193125-26-143723Financial Institutions, Inc.'s most recent proxy was read; its disclosed peer group does not include ENTERPRISE BANCORP INC /MA/. Filing ↗
40Section 10a, Peapack-Gladstone Financial Corporation reciprocityDEF 14A—0001193125-26-108191Peapack-Gladstone Financial Corporation's most recent proxy was read; its disclosed peer group does not include ENTERPRISE BANCORP INC /MA/. Filing ↗
41Section 10a, Peoples Financial Services Corporation reciprocityDEF 14A—0001104659-26-041794Peoples Financial Services Corporation's most recent proxy was read; its disclosed peer group does not include ENTERPRISE BANCORP INC /MA/. Filing ↗
42Section 10a, Camden National Corporation reciprocityDEF 14A—0000750686-26-000017Camden National Corporation's most recent proxy was read; its disclosed peer group does not include ENTERPRISE BANCORP INC /MA/. Filing ↗
43Section 10a, Mid Penn Bancorp, Inc. reciprocityDEF 14A—0001193125-26-128769Mid Penn Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include ENTERPRISE BANCORP INC /MA/. Filing ↗
44Section 10a, The First Bancorp, Inc. reciprocityDEF 14A—0000811589-25-000016The First Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include ENTERPRISE BANCORP INC /MA/. Filing ↗
45Section 10a, CNB Financial Corporation reciprocityDEF 14A—0000736772-26-000035CNB Financial Corporation's most recent proxy was read; its disclosed peer group does not include ENTERPRISE BANCORP INC /MA/. Filing ↗
46Section 10a, Washington Trust Bancorp, Inc. reciprocityDEF 14A—0000737468-26-000040Washington Trust Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include ENTERPRISE BANCORP INC /MA/. Filing ↗
47Section 10a, The First of Long Island Corporation reciprocityDEF 14A—0001437749-24-007157The First of Long Island Corporation's most recent proxy was read; its disclosed peer group does not include ENTERPRISE BANCORP INC /MA/. Filing ↗
48Section 10a, Bar Harbor Bankshares reciprocityDEF 14A—0001104659-26-032086Bar Harbor Bankshares's most recent proxy was read; its disclosed peer group does not include ENTERPRISE BANCORP INC /MA/. Filing ↗
49Section 10a, Western New England Bancorp, Inc. reciprocityDEF 14A—0001999371-26-007628Western New England Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include ENTERPRISE BANCORP INC /MA/. Filing ↗

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