shocked

shocked.

At the top, chief executive Peyton R. Patterson pulled down a direct grant
of restricted stock worth $10.8 million last year, the largest portion of her
$12.2 million compensation package, according to a shareholder proxy filed with
the U.S. Securities and Exchange Commission.In addition, Patterson also was
granted options to buy 1.9 million shares of the bank's stock. The grant could
be worth between $17 million and $43 million if NewAllance shares rise between 5
percent and 10 percent."This was always part of the script," said John S.
Carusone, president of the Bank Analysis Center in Hartford. "Mergers and
conversions generate considerable wealth for the principals involved."Two years
ago, New Haven Savings Bank's plans to convert to a public company, buy two
Hartford-area banks and rename itself NewAlliance sparked an outcry. Opponents
of the conversion questioned the motives for the change because a select group
of high-ranking insiders stood to gain millions in stock-based compensation.The
bank tried to calm the protest by agreeing to put off for a year payments to
senior managers and directors in stock. But last spring, shareholders approved a
stock compensation plan at NewAlliance's annual meeting, clearing the way for
the stock awards in 2005.Much of the protest focused on the direct grants of
stock, which come in the form of restricted stock. Under the grants disclosed in
the proxy, the restricted stock is held by the bank and will be given out in
increments through 2012.The first 15 percent was given out on Jan. 1.According
to a report from the board's compensation committee contained in the proxy, the
restricted stock grants and other stock-based awards are designed to align the
interests of senior managers and directors with those of other
shareholders.