Princeton Bancorp, Inc. Announces Amendments to Executive Employment Agreements

Princeton Bancorp, Inc. (NASDAQ:BPRN) revealed in an 8-K filing to the Securities and Exchange Commission on January 22, 2025, that it has enacted changes to the employment agreements of its named executive officers. The amendments pertain particularly to President and Chief Executive Officer Edward J. Dietzler, Executive Vice President, General Counsel, and Chief Operating Officer Daniel J. O’Donnell, Executive Vice President and Chief Lending Officer Stephanie Adkins, and Executive Vice President and Chief Financial Officer George S. Rapp.

The revised agreements address medical severance benefits in the scenarios of involuntary termination without Cause or voluntary resignation for Good Reason following a Change in Control. Furthermore, adjustments were made to the employment contracts of Mr. Dietzler and Mr. O’Donnell to rectify an error made during the 2023 amendment and restatement, reinstating the Change in Control severance multiplier that had been inadvertently omitted.

Following the modifications, in the event of a Change in Control resulting in the executive’s involuntary termination without Cause or voluntary resignation for Good Reason, the severance benefit multiplier has increased to three (3) times the individual’s compensation, up from the previous two (2) times multiplier stipulated in the prior agreements.

While the summary provided sheds light on the changes made to the executives’ employment contracts, it is essential to note that the full details will be available through the exhibits to be filed within the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The previous employment agreements, accessible as Exhibits 10.5, 10.6, 10.7, and 10.8 in the 10-K document for the year ended December 31, 2023, include a glossary defining critical terms such as “Change in Control” and “Good Reason”.

Daniel J. O’Donnell, Executive Vice President, and Chief Operating Officer of Princeton Bancorp, Inc., undersigned the report on behalf of the Company on February 3, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Princeton Bancorp’s 8K filing here.

About Princeton Bancorp

Princeton Bancorp, Inc operates as the bank holding company for The Bank of Princeton that provides various banking products and services. It accepts various deposit products, including checking, savings, attorney trust, and money market accounts, as well as certificates of deposit. The company also offers traditional retail banking services, one-to-four-family residential mortgage loans, multi-family and commercial mortgage loans, construction loans, and commercial business loans, as well as consumer loans, including home equity loans and lines of credit.