William Parent

When Rockland Trust closes on its acquisition of Blue Hills Bank, President and CEO William Parent is going to be a very rich man.

The parent company of Rockland Trust announced in September that it would acquire the parent company of Blue Hills Bank in a part cash, part stock deal valued at nearly $730 million, representing 178 percent of Blue Hills Bancorp’s tangible book value.

Parent is slated to make approximately $7.75 million, including stock that will vest upon the closing of the deal, according to recent regulatory filing.

Per his employment agreement, Parent will receive a lump sum cash severance payment equal to three times the sum of his current annual base salary and his average annual short-term incentive cash compensation, which comes out to roughly $2.12 million. Under the terms of the agreement, that amount will be reduced by $1 million – the amount he will make from his non-competition agreement – for a total cash severance payment of $1.12 million.

Parent will receive another $3.06 million in supplemental retirement benefits, roughly $2.06 million in stock that will vest upon the closing of the merger and almost $500,000 from the Blue Hills Bank employee stock ownership plan.

The employee stock ownership plan and vesting stock are based on stock prices that could change before the merger closes.

Other Blue Hills executives are expected to profit as well if they do not continue on with Rockland Trust once the merger is complete.

James Kivlehan, executive vice president of retail banking at Blue Hills, will receive roughly $810,000 plus another $400,000 from the Blue Hills employee stock ownership plan. Blue Hills’ Executive Vice President of Commercial Banking Kevin Malone will make roughly $820,000, plus an additional $63,000 from the stock ownership plan.

CFO Lauren B. Messmore would receive $605,396 and nearly $480,000 from the stock ownership plan, and Chief Risk Officer Thomas Sommerfield would get roughly $688,000 plus close to $500,000 from the stock ownership plan if the merger goes through successfully.

Blue Hills’ Executive Vice President of Home Lending Robert Driscoll has signed a letter of agreement to work for Rockland upon the closing of the merger. As part of the agreement, Driscoll will get an initial lump sum payment of $190,000 and then three separate payments of $150,000 following the first, second and third anniversary dates of the closing of the merger, as well as roughly $487,000 from the employee stock ownership plan.

The deal is currently projected to close on March 31, 2019, according to the regulatory filing.