STATE BANCORP INC - FORM 10-K - EX-99.1 - March 10, 2011

Attached files

file filename
10-K - STATE BANCORP INCi00106_statebancorp-10k.htm
EX-23 - STATE BANCORP INCi00106_ex23.htm
EX-32 - STATE BANCORP INCi00106_ex32.htm
EX-24 - STATE BANCORP INCi00106_ex24.htm
EX-99.2 - STATE BANCORP INCi00106_ex99-2.htm
EX-31.2 - STATE BANCORP INCi00106_ex31-2.htm
EX-31.1 - STATE BANCORP INCi00106_ex31-1.htm
EX-14.2 - STATE BANCORP INCi00106_ex14-2.htm
EX-10.13 - STATE BANCORP INCi00106_ex10-13.htm
EX-10.31 - STATE BANCORP INCi00106_ex10-31.htm
EX-10.27 - STATE BANCORP INCi00106_ex10-27.htm
EX-10.12.2 - STATE BANCORP INCi00106_ex10-122.htm
EX-10.12.1 - STATE BANCORP INCi00106_ex10-121.htm

EXHIBIT 99.1

CERTIFICATION PURSUANT TO 31 C.F.R. § 30.15

I, Thomas M. O’Brien, President and Chief Executive Officer of State Bancorp, Inc., certify, based on my knowledge, that:

          (i) The Executive Compensation Committee of State Bancorp, Inc. (the “Compensation Committee”) has discussed, reviewed, and evaluated with senior risk officers at least every six months during any part of the most recently completed fiscal year that was a TARP period, senior executive officer (SEO) compensation plans and employee compensation plans and the risks these plans pose to State Bancorp, Inc.;

          (ii) The Compensation Committee of State Bancorp, Inc. has identified and limited during any part of the most recently completed fiscal year that was a TARP period, any features of the SEO compensation plans that could lead SEOs to take unnecessary and excessive risks that could threaten the value of State Bancorp, Inc. and has identified any features of the employee compensation plans that pose risks to State Bancorp, Inc. and has limited those features to ensure that State Bancorp, Inc. is not unnecessarily exposed to risks;

          (iii) The Compensation Committee has reviewed at least every six months during any part of the most recently completed fiscal year that was a TARP period, the terms of each employee compensation plan and identified any features of the plan that could encourage the manipulation of reported earnings of State Bancorp, Inc. to enhance the compensation of an employee and has limited any such features;

          (iv) The Compensation Committee of State Bancorp, Inc. will certify to the reviews of the SEO compensation plans and employee compensation plans required under (i) and (iii) above;

          (v) The Compensation Committee of State Bancorp, Inc. will provide a narrative description of how it limited during any part of the most recently completed fiscal year that included a TARP period the features in

 

 

 

(A) SEO compensation plans that could lead SEOs to take unnecessary and excessive risks that could threaten the value of State Bancorp, Inc.;

 

 

 

(B) Employee compensation plans that unnecessarily expose State Bancorp, Inc. to risks; and

 

 

 

(C) Employee compensation plans that could encourage the manipulation of reported earnings of State Bancorp, Inc. to enhance the compensation of an employee;

          (vi) State Bancorp, Inc. has required that bonus payments, to SEOs or any of the next twenty most highly compensated employees, as defined in the regulations and guidance established under section 111 of EESA (bonus payments), be subject to a recovery or “clawback” provision during any part of the most recently completed fiscal year that was a TARP period if the bonus payments were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria;

          (vii) State Bancorp, Inc. has prohibited any golden parachute payment, as defined in the regulations and guidance established under section 111 of EESA, to an SEO or any of the next five most highly compensated employees during any part of the most recently completed fiscal year that was a TARP period;

          (viii) State Bancorp, Inc. has limited bonus payments to its applicable employees in accordance with section 111 of EESA and the regulations and guidance established thereunder during any part of the most recently completed fiscal year that was a TARP period;

          (ix) State Bancorp, Inc. and its employees have complied with the excessive or luxury expenditures policy, as defined in the regulations and guidance established under section 111 of EESA, during any part of the most recently completed fiscal year that was a TARP period; and any expenses that, pursuant to this policy, required approval of the board of directors, a

committee of the board of directors, an SEO, or an executive officer with a similar level of responsibility, were properly approved;

          (x) State Bancorp, Inc. will permit a non-binding shareholder resolution in compliance with any applicable Federal securities rules and regulations on the disclosures provided under the Federal securities laws related to SEO compensation paid or accrued during any part of the most recently completed fiscal year that was a TARP period;

          (xi) State Bancorp, Inc. will disclose the amount, nature, and justification for the offering during any part of the most recently completed fiscal year that was a TARP period, of any perquisites, as defined in the regulations and guidance established under section 111 of EESA, whose total value exceeds $25,000 for any employee who is subject to the bonus payment limitations identified in paragraph (viii);

          (xii) State Bancorp, Inc. will disclose whether State Bancorp, Inc., the Board of Directors of State Bancorp, Inc., or the Compensation Committee of State Bancorp, Inc. has engaged during any part of the most recently completed fiscal year that was a TARP period, a compensation consultant, and the services the compensation consultant or any affiliate of the compensation consultant provided during this period;

          (xiii) State Bancorp, Inc. has prohibited the payment of any gross-ups, as defined in the regulations and guidance established under section 111 of EESA, to the SEOs and the next twenty most highly compensated employees during any part of the most recently completed fiscal year that was a TARP period;

          (xiv) State Bancorp, Inc. has substantially complied with all other requirements related to employee compensation that are provided in the agreement between State Bancorp, Inc. and Treasury, including any amendments;

          (xv) State Bancorp, Inc. will submit to Treasury a complete and accurate list of the SEOs and the twenty next most highly compensated employees for the current fiscal year and the most recently completed fiscal year, with the non-SEOs ranked in descending order of level of annual compensation and with the name, title and employer of each SEO and most highly compensated employee indentified; and

          (xvi) I understand that a knowing and willful false or fraudulent statement made in connection with this certification may be punished by fine, imprisonment, or both.

 

 

 

3/10/11

/s/ Thomas M. O’Brien

Date

 

 

Thomas M. O’Brien,

 

President and Chief Executive Officer

STATE BANCORP INC Reports