Southern Missouri Bancorp Announces Changes in Control Severance Agreements for Key Executives

Southern Missouri Bancorp, Inc. (NASDAQ:SMBC), the parent company of Southern Bank, has made amendments to its change in control severance agreements involving several executives, according to a recent 8-K filing at the Securities and Exchange Commission (SEC).

The Bank’s wholly-owned subsidiary, Southern Missouri Bancorp, Inc., has entered an agreement providing Chief Financial Officer, Stefan Chkautovich, with a change in control severance, effective from February 18, 2025. Similarly, Chief Credit Officer Mark Hecker has agreed to an amended and restated change in control severance agreement on the same day. This agreement revises Mr. Hecker’s previous severance agreement with the bank, originally dated April 20, 2021.

These agreements, due for an initial expiry on December 31, 2025, will see the promise of renewal every year on the same date. Renewals are made possible if both the Bank and the executive neglect to provide 60 days written notice prior to the annual renewal date. If a change in control materializes within the severance agreement’s term, the agreement will then automatically be extended until the one-year anniversary of the change in control’s completion.

In the case of termination of either Mr. Chkautovich’s or Mr. Hecker’s employment within one year following a change in control, the Bank commits to award a lump-sum cash severance equal to one times Mr. Chkautovich’s cash compensation or two times Mr. Hecker’s cash compensation. Moreover, the executives and their dependents are ensured a continued participation in all group insurance, life insurance, health, dental, vision and accident insurance, and disability insurance plans offered by the Bank.

The same day, an amended and restated change in control severance agreement was also made for the Bank’s Chief Risk Officer, Lance Greunke, which supersedes and replaces his previous agreement.

These agreements also entail non-solicitation obligations, stipulating that for the agreement term and a period of twelve months post-termination for Mr. Chkautovich and of twenty-four months for Mr. Hecker, the executive will not solicit any employee of the Bank to leave or entice any Bank customer to transact with a competitor.

Details of the agreements provided in this press release are subject to the full text of the agreements themselves.

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

Southern Missouri Bancorp Company Profile

Southern Missouri Bancorp, Inc operates as the bank holding company for Southern Bank that provides banking and financial services to individuals and corporate customers in the United States. The company offers deposits products, including interest-bearing and noninterest-bearing transaction accounts, saving accounts, certificates of deposit, retirement savings plans, and money market deposit accounts.