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Mid Penn Bancorp, Inc. (NASDAQ:MPB), a profitable regional bank with a market capitalization of $689 million, reported changes to executive compensation arrangements on Friday, according to a statement based on a Securities and Exchange Commission filing.
The company and its primary operating subsidiary, Mid Penn Bank, amended supplemental executive retirement plan agreements for three executives: Justin Webb, Scott Micklewright, and Jordan Space. Under the revised agreements, the annual normal retirement benefit for each executive is set at $125,000. For Webb and Micklewright, the annual benefit will increase by 2.0% each year after full vesting until the benefit is fully paid. The vesting schedule for each executive remains unchanged. According to InvestingPro data, the bank maintains strong financial health with an overall score of GOOD, suggesting prudent management of resources.
Additionally, the company amended and restated its change in control agreement with Jordan Space. The updated agreement increases the lump sum cash payment to be made to Mr. Space in the event of a termination of employment following a change in control. The amount is now equal to 2.5 times his highest annual base salary in effect during the twelve months before termination. The period during which Mr. Space and his beneficiaries may continue to participate in the bank’s medical, vision, and dental programs has been extended to thirty months. No other terms of the original agreement were changed.
Mid Penn Bancorp is a Pennsylvania-based state commercial bank. Its common stock is listed on the NASDAQ under the symbol MPB.
This information is based on a press release statement filed with the Securities and Exchange Commission.
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