WILLIAM PENN BANCORPORATION (OTCMKTS:WMPN) 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
(c) On May 19, 2021, the Board of Directors of William Penn Bancorporation (the “Company”) and its wholly owned subsidiary, William Penn Bank (the “Bank”), approved the promotion of Jonathan T. Logan, Senior Vice President and Chief Financial Officer of the Company and the Bank, to Executive Vice President and Chief Financial Officer of the Company and the Bank, effective immediately.
(e) On May 19, 2021, the Company and the Bank entered into a Separation and Release Agreement (the “Agreement”) with Gregory S. Garcia (the “Executive”). As previously disclosed, the Executive resigned as Executive Vice President and Chief Operating Officer of the Company and the Bank effective as of May 19, 2021.
to the terms of the Agreement, the Executive will receive (i) a lump sum amount of $100,000, less required payroll withholdings, which is equal to six months of Executive’s current annual base salary, and (ii) twelve months of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) charge in effect on the date of the Executive’s termination of employment with the Company and the Bank for the type of Bank-provided group health plan coverage selected by Executive for himself and any eligible dependents that was in effect on the date of the Executive’s termination of employment, less required payroll withholdings; provided, however, that the Executive’s right to receive such COBRA benefit shall terminate at such time as Executive commences health plan coverage with another employer following the Executive’s termination date. In addition, under the terms of the Agreement, the Executive is permitted to retain the current interest rate on the residential mortgage loan that he entered into with the Bank in connection with his personal residence, and such interest rate shall not recalibrate to a higher percentage rate despite his departure from the Company and the Bank.
The Agreement also provides for a customary general release of claims against the Company and the Bank from the Executive.
The Agreement will become effective on May 27, 2021 unless it is revoked by the Executive prior to that date in accordance with the terms of the Agreement.
The Company will file a copy of the Agreement as an exhibit to its Annual Report on Form 10-K for the fiscal year ending June 30, 2021.
About WILLIAM PENN BANCORPORATION (OTCMKTS:WMPN)
William Penn Bancorp, Inc. is the holding company for William Penn Bank (the Bank). The Company acts as an independent community financial services provider. The Company offers traditional banking and related financial services to individual, business and government customers. Through its branch and automated teller machine network, the Bank offers a range of commercial and retail financial services, including the taking of time, savings and demand deposits; the making of commercial, consumer and mortgage loans, and the providing of other financial services. The Bank’s services include online banking, retirement accounts and other services. Its online banking features include account summary, account activity, transfer funds, bank alerts and stop payments. It also offers a FREE bill pay service, which allows users to pay bills without using a separate login. The Bank’s retirement accounts consist of traditional individual retirement accounts (IRAs) and Roth IRAs.
