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
On May 10, 2021, William Penn Bancorporation (the “Company”) and its wholly owned subsidiary, William Penn Bank (the “Bank”), entered into a Separation Agreement and General Release (the “Agreement”) with Jill M. Ross (the “Executive”). As previously disclosed, the Executive resigned as Executive Vice President and Chief Retail and Commercial Officer of the Company and the Bank effective as of April 30, 2021.
to the terms of the Agreement, the Executive will receive, within 14 days following the effective date of the Agreement, (i) an amount of $105,000, less required payroll withholdings, which is equal to six months of Executive’s current annual base salary, (ii) one half of the estimated amount of the bonus Executive would have received for her work for the Company and the Bank in the fiscal year ending June 30, 2021, prorated to reflect the ten months of the fiscal year during which Executive was employed, which results in a bonus in the amount of $27,213.33, less required payroll deductions, and (iii) a lump sum in the amount of $24,000.00, which relates to the premium charged by the Bank for twelve months of continuation, to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), of Bank-provided group health plan coverage for Executive and any eligible dependents, less required payroll withholdings.
The Agreement also provides for a customary general release of claims against the Company and the Bank from the Executive, as well as against the Executive from the Company and the Bank.
The Agreement will become effective on May 18, 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.