SUNNYSIDE BANCORP, INC. (OTCMKTS:SNNY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
On March 20, 2018, Sunnyside Federal Savings and Loan Association of Irvington, the wholly owned subsidiary of Sunnyside Bancorp, Inc., entered into amendments to the employment agreements previously entered into with Timothy D. Sullivan, President and Chief Executive Officer, Gerardina Mirtuono, Senior Vice President and Chief Operating Officer and Edward Lipkus, Vice President and Chief Financial Officer.
The employment agreements were amended to provide that in the event of a change in control, as such term is defined in the agreements, the executive will become fully vested in all restricted stock awards granted under the Company’s 2014 Equity Incentive Plan and the term of each agreement will automatically renew as follows: three (3) years for each of Mr. Sullivan and Ms. Mirtuono and one (1) year for Mr. Lipkus.
The foregoing description of the amendments is a summary and it is qualified in its entirety to the amendments which are attached to this Current Report on Form 8-K as Exhibits 10.1, 10.2 and 10.3.
| Item 9.01. | Financial Statements and Exhibits. |
| (a) | Financial Statements of Businesses Acquired. Not applicable. |
| (b) | Pro Forma Financial Information. Not applicable. |
| (c) | Shell Company Transactions. Not applicable. |
| (d) | Exhibits. |
Sunnyside Bancorp, Inc. ExhibitEX-10.1 2 ex10-1.htm SUNNYSIDE FEDERAL SAVINGS AND LOAN ASSOCIATION OF IRVINGTON SUNNYSIDE BANCORP,…To view the full exhibit click here
About SUNNYSIDE BANCORP, INC. (OTCMKTS:SNNY)
Sunnyside Bancorp, Inc. (Sunnyside Bancorp) is a savings and loan holding company for Sunnyside Federal Savings and Loan Association of Irvington (the Bank). The Bank’s business consists of taking deposits from the general public and investing those deposits, together with funds generated from operations, in one- to four-family residential real estate loans and commercial and multi-family real estate loans, and, to a much more limited extent, commercial loans, home equity lines of credit and other loans. The Bank originates both fixed-rate and adjustable-rate one- to four-family residential real estate loans. The Bank offers a range of deposit accounts, which include statement savings accounts, negotiable order of withdrawal (NOW) accounts, noninterest-bearing demand accounts, money market accounts and certificates of deposit.
