WESTERN NEW ENGLAND BANCORP, INC. (NASDAQ:WNEB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02(e).
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March20, 2017, Western New England Bancorp, Inc. (the Company)
and Westfield Bank (the Bank) entered into parallel Employment
Agreements with Louis Gorman, III, Senior Vice President and
Chief Credit Officer of the Company and the Bank (the Employment
Agreements). Each employment agreement provides for an initial
three-year term subject to separate one-year extensions as
approved by the Board at the end of each anniversary of the
effective date, with minimum annual salaries, discretionary cash
bonuses and other fringe benefits. The Employment Agreements
provide severance benefits in the event the employment of
Mr.Gorman is terminated without cause or for good reason (as each
is defined in the Employment Agreements). The Employment
Agreements also include severance protections for Mr.Gorman if
his employment is terminated in connection with a change in
ownership or control of the Company or the Bank. The Employment
Agreements do not provide for a tax indemnity.
The foregoing
summary of the Employment Agreements does not purport to be
complete and is qualified in its entirety by reference to the
Employment Agreements, copies of which are filed with this
Current Report on Form 8-K as Exhibits 10.1 and 10.2,
respectively, and are incorporated herein by reference.
| Item9.01. | Financial Statements and Exhibits. |
(d)Exhibits.
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Exhibit Number |
Description |
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| 10.1 |
Employment Agreement, dated March20, 2017, by and between Louis Gorman, III and Western New England Bancorp, Inc. |
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| 10.2 |
Employment Agreement, dated March20, 2017, by and between Louis Gorman, III and Westfield Bank. |
About WESTERN NEW ENGLAND BANCORP, INC. (NASDAQ:WNEB)
Western New England Bancorp, Inc., formerly Westfield Financial, Inc., is a Massachusetts-chartered stock holding company. The Company serves as a holding company for Westfield Bank (the Bank). It is a provider of banking products and services to business organizations and individuals, including products such as residential and commercial loans, consumer loans and a variety of deposit products. It focuses on residential real estate lending, as well as servicing commercial customers, including commercial and industrial lending and commercial deposit relationships. In addition, it provides online banking services. It operates through over 21 banking offices located in Agawam, Chicopee, East Longmeadow, Feeding Hills, Holyoke, Ludlow, Southwick, Springfield, Ware, West Springfield and Westfield, Massachusetts, and Granby and Enfield, Connecticut. It also has over 10 automated teller machine (ATM) locations in Holyoke, Southwick, Springfield, West Springfield and Westfield, Massachusetts. WESTERN NEW ENGLAND BANCORP, INC. (NASDAQ:WNEB) Recent Trading Information
WESTERN NEW ENGLAND BANCORP, INC. (NASDAQ:WNEB) closed its last trading session up +0.05 at 10.25 with 57,201 shares trading hands.