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Muncy Columbia Financial (NASDAQ:CLBK) Corp. (OTC:CCFN), through its subsidiary Journey Bank, amended retirement and compensation agreements for two senior executives, according to a press release statement filed with the SEC on Wednesday.
The company entered into new amendments with Lance O. Diehl, President and Chief Executive Officer, and Jeffrey T. Arnold, Executive Vice President and Treasurer. For Mr. Diehl, the Second Amendment to his 2022 Supplemental Executive Retirement Plan replaces the existing lump sum death benefit with a provision that, in the event of his death before separation, disability, or a change in control, his beneficiary will receive a death benefit equal to his accrued benefit at the time of death. As of now, that accrued benefit is $419,592.
The amendment also updates the plan’s forfeiture provisions. Benefits not yet paid under the plan will be forfeited if, without written consent, Mr. Diehl competes within a 50-mile radius of any Journey Bank branch, solicits the bank’s customers or employees, or otherwise violates noncompetition and nonsolicitation terms. These restrictions do not apply following a change of control as defined by Section 409A of the Internal Revenue Code.
A similar update was made to Mr. Diehl’s Supplemental Executive Retirement Agreement dated April 15, 2003, specifically amending the forfeiture provision.
For Mr. Arnold, the Fifth Amendment to his Supplemental Executive Retirement Agreement sets out death benefits for his beneficiary based on the timing of his death in relation to retirement age, benefit receipt, or a change of control. The accrued benefit for Mr. Arnold is currently $582,355, and his retirement benefit is defined as $90,000 per year for 15 years. The amendment also revises the change of control definition and the vesting provision, specifying that Mr. Arnold must be a senior executive officer to trigger vesting.
Both executives entered into participation agreements related to the 2019 Executive Split Dollar Life Insurance (NSE:LIFI) Plan, which provides specified death benefits to beneficiaries, subject to various conditions and limitations.
These changes were disclosed in an SEC Form 8-K filed Wednesday and are based on a press release statement from the company.
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