LAKELAND BANCORP, INC. (NASDAQ:LBAI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
In accordance with previously announced management team
transitions, ThomasF. Splaine,Jr. assumed the position of Chief
Financial Officer of Lakeland Bancorp, Inc. (the Company) and its
wholly-owned subsidiary, Lakeland Bank (the Bank), effective
March15, 2017. JosephF. Hurley, who has served as Executive Vice
President and Chief Financial Officer of the Company and the Bank
since 1999, is expected to retire in July 2017.
Mr.Splaine, age51, joined the Company as First Senior Vice
President and Chief Accounting Officer of the Company and the
Bank in May 2016. He previously served as Senior Vice President,
Financial Planning and Analysis and Investor Relations of
Investors Bancorp, Inc. from January 2015 to December 2015, and
as Senior Vice President and Chief Financial Officer of Investors
from 2008 to 2015.
Mr.Splaine entered into a Change in Control Agreement, dated as
of March15, 2017 (the Agreement), with the Company and the Bank,
which provides for certain terms and conditions of his employment
in the event of a change in control (as defined in the
Agreement). The Agreement provides that Mr.Splaines employment
becomes fixed for a period (the contract period) ending on the
earlier of (i)his death, (ii)the second anniversary of the date
of a change in control, or (iii)his attainment of age65. During
the contract period, each Mr.Splaine is to be employed in the
same position as held by him immediately prior to such event, and
is entitled to base salary equal to the annual salary in effect
immediately prior to the change in control and bonus equal to the
highest annual bonus paid during the three most recent fiscal
years prior to the change in control. In addition, during the
contract period, Mr.Splaine is entitled to certain other benefits
and perquisites as in effect as of the change in control. If
during the contract period, Mr.Splaines employment is terminated
without cause, or he resigns for good reason (each as defined in
the Agreement), he will be entitled to continued life and health
insurance benefits for the balance of the contract period and a
lump sum cash payment equal to two times the sum of his highest
salary and bonus paid to him during any of the three most recent
calendar years prior to the change in control. For purposes of
the Agreement, the term change in control has the same meaning as
under the Companys Equity Compensation Program. The Agreement
contains confidentiality and non-compete covenants in favor of
A copy of the Agreement is filed as Exhibit10.1 to this Current
Report on Form8-K.
Item9.01. Financial Statements and Exhibits.
Change in Control Agreement, dated as of March15, 2017, among
Lakeland Bancorp, Inc., Lakeland Bank and ThomasF.
About LAKELAND BANCORP, INC. (NASDAQ:LBAI)
Lakeland Bancorp, Inc. is the bank holding company for Lakeland Bank (Lakeland). Lakeland operates under a state bank charter and provides full banking services. Lakeland generates commercial, mortgage and consumer loans and receives deposits from customers located in Northern and Central New Jersey. Lakeland also provides non-deposit products, such as securities brokerage services, including mutual funds and variable annuities. Through Lakeland, the Company offers a range of lending, depository and related financial services to individuals and small to medium sized businesses located in northern and central New Jersey. Lakeland’s equipment financing division provides a solution to small and medium sized companies, who prefer to lease equipment over other financial alternatives. Lakeland’s asset based loan department provides commercial borrowers with another lending alternative. It also offers wire transfer, Internet banking, mobile banking and night depository services. LAKELAND BANCORP, INC. (NASDAQ:LBAI) Recent Trading Information
LAKELAND BANCORP, INC. (NASDAQ:LBAI) closed its last trading session 00.00 at 20.20 with 164,351 shares trading hands.