Corporate GovernanceAug 6, 2026, 04:35 PM
Mid Penn Bancorp Details COO's Change in Control Agreement
AI Summary
Mid Penn Bancorp, Inc. filed an amendment to detail the change in control agreement for Dana R. Stewart, First Executive Vice President and Chief Operating Officer of Mid Penn Bank. The agreement, effective July 31, 2026, has a three-year term and includes a "double-trigger" severance provision. If triggered, Mr. Stewart would receive 2.25 times his annual base salary and 27 months of health benefits.
Key Highlights
- Change in control agreement for COO Dana R. Stewart executed July 31, 2026.
- Agreement has a fixed three-year term with automatic annual renewals.
- Features a "double-trigger" for severance payment.
- Severance equals 2.25 times Mr. Stewart's highest annual base salary.
- Includes 27 months of medical, vision, and dental benefits or cash equivalent.
- Imposes a 12-month employee non-solicitation covenant.
- Imposes a 6-month customer non-solicitation covenant if terminated without cause/for good reason.
Price Impact
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