ITEM 5.02 - DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
(c)
On
the Past Five Years Since
McClelland W. 51 Senior Executive Vice 2021 N/A(1)
Wilcox, President President,
2021 -April 2023 ); Previously President and CEO ofSavoy Bank
(1) Officers serve at the pleasure of the Board of Directors
There are no arrangements or understandings between
There are no "related party transactions" between
In connection with the foregoing,
? In the event of a termination without cause,
two (2.0) times the sum of his (i) then current base salary, (ii) the highest
o cash bonus payment paid to him over the previous three years, and (iii) the
highest full grant date value of any equity award granted over the previous
three years (if any); and
o Twenty four months continuation of
life insurance, and any other like benefits.
? In the event of a change in control
2.99 times the sum of his (i) then current base salary, (ii) the highest cash
o bonus payment paid to him over the previous three years, and (iii) the highest
full grant date value of any equity award granted over the previous three years
(if any); and
o Thirty six months continuation of
life insurance, and any other like benefits.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the form of Agreement attached hereto as Exhibit 10.1.
ITEM 9.01 - FINANCIAL STATEMENTS AND EXHIBITS
(d)
Exhibit 10.1 Second Amended and Restated Employment Agreement by and between
Mr. Wilcox andHanover Community Bank
Exhibit 99.1 Press release dated
Exhibit 104 Cover Page Interactive Data File (formatted as inline XBRL)
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