Mid Penn Bancorp Inc 8-K, filed Jan 5, 2024
Mid Penn Bancorp Inc (MPB)
About this 8-K
Mid Penn Bancorp Inc filed this 8-K on January 5, 2024, reporting on events of December 29, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
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MID PENN BANCORP, INC.
FORM 8-K
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 5, 2024, Mid Penn Bancorp, Inc. (the “Company”) announced that the Company and Allison S. Johnson, the Company’s Senior Executive Vice President and Chief Financial Officer, mutually agreed that Ms. Johnson would leave the Company to pursue other opportunities, effective December 29, 2023.
In connection with Ms. Johnson’s departure, the Company and Ms. Johnson entered into a Separation Agreement and General Release, dated January 4, 2024 (the “Separation Agreement”). In consideration for, among other things, her compliance with certain restrictive covenants and a typical release of claims, Ms. Johnson will (1) continue to receive her current base salary through April 28, 2024; (2) be entitled to receive an Early Termination Benefit under her Supplemental Executive Retirement Plan Agreement dated September 6, 2022, equal to $12,000.00 annually for fifteen (15) years; and (3) be entitled to retain the unvested portion of the balance of the retention bonus awarded to her in connection with her commencement of employment in 2022, which is approximately $70,196.64.
Ms. Johnson’s departure is not the result of any disagreement with the Company on any matter related to the Company’s financial performance.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which will be filed with the Company’s Annual Report for the fiscal year ending December 31, 2023.
The Company has identified and will make a subsequent announcement regarding Ms. Johnson’s successor.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MID PENN BANCORP, INC. | ||||||
| Date: January 5, 2024 | /s/ Rory G. Ritrievi | |||||
| Rory G. Ritrievi | ||||||
| President and Chief Executive Officer | ||||||