Corporate GovernanceJul 17, 2026, 05:16 PM
Pioneer State Bank CEO Willett Gets New Employment, Comp Deals
AI Summary
Pioneer State Bank entered into new employment and compensation arrangements with its President and CEO, Phillip K. Willett, securing his continued employment through July 14, 2029. The agreements include an annual base salary of $170,155, eligibility for a bonus pool, and significant severance and change of control benefits. A Supplemental Executive Retirement Plan (SERP) also provides an annual benefit of $150,000 upon retirement.
Key Highlights
- CEO Phillip K. Willett's employment extended through July 14, 2029.
- Annual base salary set at $170,155, subject to increase.
- Eligible for bonus pool based on individual and company performance.
- Severance payment of nine months base salary for certain terminations.
- Change of Control Agreement offers 2.99x W-2/1099 compensation upon specific termination.
- SERP provides $150,000 annual benefit for 120 months upon normal retirement at age 62.
- SERP fully vests upon attaining age 60 or a change of control.
Price Impact