PIONEER BANCORP, INC.

(PBFS)
Delayed Nasdaq  -  04:00 2022-08-09 pm EDT
9.830 USD   +0.20%
05/31PIONEER BANCORP, INC./MD : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)
AQ
05/11PIONEER BANCORP, INC./MD Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)
AQ
05/11Pioneer Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2022
CI
SummaryQuotesChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

PIONEER BANCORP, INC./MD : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

05/31/2022 | 04:34pm EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

          Appointment of Certain Officers; Compensatory Arrangements of Certain
          Officers


On May 24, 2022, Pioneer Bank (the "Bank"), the wholly owned subsidiary of Pioneer Bancorp, Inc. (the "Company"), and Frank Sarratori, Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary of the Company and the Bank, entered into a Separation Agreement and General Release (the "Agreement"), pursuant to which Mr. Sarratori will resign from employment effective as of June 24, 2022 (the "Separation Date"). The Agreement includes a general release of claims by Mr. Sarratori subject to a 7-day revocation period beginning on the date of the Agreement.

Pursuant to the Agreement, Mr. Sarratori will sign a subsequent release of claims within five (5) days following the Separation Date. The Bank will pay Mr. Sarratori a lump sum of $350,000, less required withholdings, payable on the Bank's first regular pay date at least eight (8) days after the Bank receives the executed subsequent general release of claims, and a lump sum of $100,000, less required withholdings, payable twelve (12) months following the Separation Date. For a period ending the earlier of (i) 18 months following the first day of the month following the Separation Date, or (ii) the date that Mr. Sarratori becomes eligible for group health and/or dental coverage as an employee of another entity, the Bank will pay the full cost of Mr. Sarratori's monthly premiums for continued health, dental, and/or vision insurance coverage, provided that Mr. Sarratori timely elects continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). In addition, for a period ending the earlier of (i) 18 months following the first day of the month following the Separation Date, or (ii) the date that Mr. Sarratori becomes eligible for group life insurance coverage as an employee of another entity, the Bank will reimburse Mr. Sarratori for his life insurance premiums, including an additional amount to cover any taxes resulting from the reimbursements, provided Mr. Sarratori timely exercises his life insurance conversion right and makes all required premium payments.

The Agreement includes confidentiality and non-disparagement provisions and a release of claims. Further, for a period of twelve (12) months following the Separation Date, Mr. Sarratori agrees not to solicit employees of the Bank for employment at another entity. Following the Separation Date, Mr. Sarratori will continue to provide reasonable assistance to the Bank and will cooperate with the Bank in relation to its prosecution or defense of any litigation or other controversies. The payments made to Mr. Sarratori under the Agreement are subject to forfeiture and/or clawback if Mr. Sarratori materially breaches the Agreement, including the confidentiality and non-solicitation provisions.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the copy of the Agreement that is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 5.02.

--------------------------------------------------------------------------------

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.          Description

  10.1              Separation Agreement and General Release, by and between
                  Pioneer Bank and Frank Sarratori, dated May 24, 2022

104               Cover Page Interactive Data File (embedded within the Inline
                  XBRL document)

© Edgar Online, source Glimpses

All news about PIONEER BANCORP, INC.
05/31PIONEER BANCORP, INC./MD : Change in Directors or Principal Officers, Financial Statements..
AQ
05/11PIONEER BANCORP, INC./MD Management's Discussion and Analysis of Financial Condition a..
AQ
05/11Pioneer Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months En..
CI
02/09PIONEER BANCORP, INC./MD Management's Discussion and Analysis of Financial Condition a..
AQ
02/09Pioneer Bancorp, Inc. Reports Earnings Results for the Second Quarter and Six Months En..
CI
2021PIONEER BANCORP, INC./MD : Submission of Matters to a Vote of Security Holders, Financial ..
AQ
2021PIONEER BANCORP, INC./MD Management's Discussion and Analysis of Financial Condition a..
AQ
2021Pioneer Bancorp, Inc. Reports Earnings Results for the First Quarter Ended September 30..
CI
2021NORTH AMERICAN MORNING BRIEFING : Stock Futures -3-
DJ
2021PIONEER BANCORP : MD Management's Discussion and Analysis of Financial Condition and Resul..
AQ
More news