VALLEY NATIONAL BANCORP (NYSE:VLY) 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. |
announced the retirement of Peter Crocitto, Senior Executive Vice
President and Chief Operating Officer of the Company, effective
as of February 28, 2017. Following his retirement, Mr. Crocitto
has agreed to serve as a consultant to the Company for a period
of two years (the Consulting Period), to the terms of a
Consulting and Retirement Agreement dated January 4, 2017 (the
Agreement).
therein, the Company has agreed to: (i) vest all previously
unvested time-based awards of restricted stock and allow
performance-based restricted stock units to vest in accordance
with the terms of the awards; (ii) provide Mr. Crocitto with,
consistent with normal practice, cash and equity awards based on
2016 performance; (iii) pay Mr. Crocitto $48,000 per month during
the Consulting Period; and (iv) provide other reasonable benefits
and reimbursements to Mr. Crocitto. Under the Agreement, Mr.
Crocitto agreed to certain non-competition, non-solicitation,
non-disparagement and confidentiality provisions.
complete text of the Consulting and Retirement Agreement, which
is filed as Exhibit 10.1 to this Current Report on Form 8-K, and
is incorporated herein by reference. A press release announcing
the retirement of Mr. Crocitto is attached hereto as Exhibit 99.1
and is incorporated herein by reference.
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(d)
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Exhibits
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10.1
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Consulting and Retirement Agreement, dated as of
January 4, 2017, between Valley National Bancorp, Valley National Bank and Peter Crocitto. |
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99.1
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Press Release dated January 4, 2017.
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About VALLEY NATIONAL BANCORP (NYSE:VLY)
Valley National Bancorp is the bank holding company for Valley National Bank (the Bank). The Bank provides a range of commercial, retail, insurance and wealth management financial services products. The Company’s segments include Consumer Lending; Commercial Lending; Investment Management, and Corporate and Other Adjustments. The consumer lending segment includes its residential mortgages, home equity loans and automobile loans. The commercial lending segment primarily includes floating rate and adjustable rate commercial and industrial loans, as well as fixed rate owner occupied and commercial real estate loans. The investment management segment includes the Company’s investments in various types of securities, its federal funds sold and interest-bearing deposits with banks (primarily the Federal Reserve Bank of New York). The Bank has over 230 branches serving northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn, Queens and Long Island, and Florida. VALLEY NATIONAL BANCORP (NYSE:VLY) Recent Trading Information
VALLEY NATIONAL BANCORP (NYSE:VLY) closed its last trading session down -0.05 at 11.63 with 1,792,695 shares trading hands.
