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Princeton Bancorp, Inc. (NASDAQ:BPRN), a Pennsylvania-based state commercial bank with a market capitalization of $216 million, announced Monday amendments to its executive employment agreements. The bank’s stock, currently trading at $31.50, has experienced an 8% decline over the past week, though InvestingPro analysis suggests positive net income growth ahead. The changes, effective January 22, 2025, involve the bank’s top executive officers and clarify severance benefits in the event of a change in control.
The amendments affect Edward J. Dietzler, President and CEO; Daniel J. O’Donnell, EVP, General Counsel and COO; Stephanie Adkins, EVP and Chief Lending Officer; and George S. Rapp, EVP and CFO. The revisions specify medical severance benefits provided upon involuntary termination without cause or voluntary termination for good reason after a change in control.
Additionally, the amendments correct an error from the 2023 restatement of employment agreements for Mr. Dietzler and Mr. O’Donnell, restoring the original severance multiplier. Now, if a change in control leads to their qualifying termination, the executives will receive a severance benefit multiplied by three rather than the previously stated two.
The detailed terms of these amendments will be included in the company’s Annual Report on Form 10-K for the year ended December 31, 2024. The employment agreements from the previous year’s Form 10-K include definitions for "Change in Control" and "Good Reason," which are pertinent to these amendments.
This announcement is based on the company’s recent SEC filing and provides shareholders and the public with the latest information on executive compensation arrangements at Princeton Bancorp. For investors seeking deeper insights into Princeton Bancorp’s financial health and governance metrics, InvestingPro offers comprehensive analysis, including additional ProTips and detailed financial metrics.
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