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Fifth District Bancorp , Inc. (NASDAQ:FDSB), a $72 million market cap financial institution whose stock has gained nearly 27% over the past year, amended its executive compensation agreement with Chief Financial Officer Melissa Burns, according to a statement released Wednesday based on a Securities and Exchange Commission filing.
On Monday, Fifth District Savings Bank, the bank subsidiary of Fifth District Bancorp, and Ms. Burns entered into an amendment to the Second Amended and Restated Executive Salary Continuation Agreement. The agreement, originally adopted on February 29, 2024, provides for supplemental retirement benefits if Ms. Burns separates from service on or after reaching age 65.
The amendment increases the annual retirement benefit from $80,316 to $94,000. No other changes to the agreement were disclosed in the filing.
The terms of the amendment were summarized in the SEC filing, which also noted that the full text of the amendment is attached as an exhibit.
Fifth District Bancorp is incorporated in Maryland and is headquartered in New Orleans, Louisiana. Trading at $12.92, the stock currently appears overvalued according to InvestingPro’s Fair Value analysis. Its common stock is listed on The Nasdaq Stock Market under the symbol FDSB.
This information is based on a press release statement included in the company’s SEC filing.
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