BCB Bancorp, Inc. (NASDAQ:BCBP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
BCB Community Bank (the “Bank”), the wholly-owned subsidiary of
BCB Bancorp, Inc. (the “Company”), entered into an employment
agreement with Thomas Keating (the “Agreement”) for a term of
one year, commencing as of July 1, 2017. Under the Agreement, Mr.
Keating will serve as Chief Financial Officer of the Bank. The
Agreement provides Mr. Keating with a base salary of $237,600,
plus a discretionary performance bonus up to 50% of his base
salary. In addition, Mr. Keating is entitled to participate in
the employee benefit plans offered by the Bank, and will be
reimbursed for business expenses incurred.
In the event of Mr. Keating’s involuntary termination of
employment for reasons other than cause, disability or death, Mr.
Keating will receive: (i) a lump sum severance payment equal to
his annual base salary; and (ii) continued life insurance
coverage and non-taxable medical and dental insurance coverage
that will cease upon the earlier of (A) the end of the term of
the Agreement or (B) the date on which substantially comparable
coverage is made available to Mr. Keating through his subsequent
employment.
Upon the occurrence of a change in control of the Company or the
Bank, Mr. Keating will receive a lump sum payment equal to his
annual base salary, which would be paid in lieu of the cash
severance payment described above. However, the change in control
payment would be reduced to the extent necessary to avoid
penalties under Section 280G of the Internal Revenue Code.
The foregoing description is qualified in its entirety by
reference to the Agreement that is attached hereto as Exhibit
10.1, and is incorporated by reference into this Item 5.02.
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Exhibit Number |
Description |
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Exhibit 10.1 |
Employment Agreement between BCB Community Bank and Thomas Keating dated June 22, 2017 |
BCB BANCORP INC ExhibitEX-10.1 2 ex10_emplyagr62217.htm EMPLOYMENT AGREEMENT-KEATING EMPLOYMENT AGREEMENT BETWEEN BCB COMMUNITY BANK AND THOMAS KEATING This Employment Agreement (the “Agreement”) is made effective as of the 1st day of July,…To view the full exhibit click here About BCB Bancorp, Inc. (NASDAQ:BCBP)
BCB Bancorp, Inc. is the holding company parent of BCB Community Bank (the Bank). The Bank is a community-oriented financial institution. Its business is to offer Federal Deposit Insurance Corporation (FDIC)-insured deposit products and to invest funds held in deposit accounts at the Bank, together with funds generated from operations, in loans and investment securities. It offers loans, including commercial and multi-family real estate loans, one- to four-family mortgage loans, home equity loans, construction loans, consumer loans and commercial business loans; FDIC-insured deposit products, such as savings and club accounts, interest and non-interest bearing demand accounts, money market accounts, certificates of deposit and individual retirement accounts, and retail and commercial banking services, including wire transfers, money orders, safe deposit boxes, a night depository, debit cards, online banking, gift cards, fraud detection and automated teller services.