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This excerpt taken from the PKBK DEF 14A filed Mar 26, 2008. Employment Agreements. The Bank has entered
into an employment agreement with Mr. Pantilione. Mr. Pantilione’s base
salary under the employment agreement for the year ended December 31, 2007 was
$300,000. Mr. Pantilione’s employment agreement has a term of three years
that is automatically extended for one year on January 1st of each year, unless notice
of termination of the automatic extension is given in accordance with the terms of the
employment agreement. The employment agreement may be terminated by the Bank for
“cause” as defined in the agreement. If the Bank terminates
Mr. Pantilione’s employment without just cause, he will be entitled to a
continuation of his salary from the date of termination through the remaining term of
the agreement. The employment agreement contains a provision stating that after
Mr. Pantilione’s employment is terminated in connection with any change in
control, he will be paid a lump sum amount equal to the balance of the annual
compensation due under the agreement plus an amount equal to 3.0 times the highest rate
of bonus awarded to him during the three years prior to such termination. If payment
had been made under the agreement as of December 31, 2007, the payment to
Mr. Pantilione would have equaled approximately $1,350,000. The employment
agreement also grants the right of the employee, within six months following a
termination without cause or a voluntary termination by the employee for good reason,
to require the Company to repurchase all of the employee’s shares of Common
Stock, warrants and options of the Company then owned by the employee at the closing
price of such stock on the business day immediately preceding the date of notice of the
employee’s exercise of this right. The employment agreement also grants the right
of the employee, within six months following a termination without cause or a voluntary
termination by the employee for good reason, to require the Company to repurchase all
of the employee’s shares of Common Stock, warrants and options of the Company
then owned by the employee at the closing price of such stock on the business day
immediately preceding the date of notice of the employee’s exercise of this
right. The employment agreement also contains an agreement not to
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compete with the Bank which restricts certain post-employment activities of the employee within the Counties of Gloucester, Camden, Salem or Cumberland, New Jersey, for two years following termination of employment with the Bank.
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