MID PENN BANCORP Files 8-K on Officer/Director Changes

TL;DR

**MPB filed an 8-K about officer/director changes, watch for details on leadership shifts.**

AI Summary

MID PENN BANCORP, INC. filed an 8-K on January 5, 2024, reporting an event that occurred on December 29, 2023. This filing indicates a change related to the 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.' While the specific details of the changes are not provided in this excerpt, the filing signals potential shifts in leadership or executive compensation. This matters to investors because changes in key personnel or their compensation structures can impact a company's strategic direction, operational stability, and financial performance, potentially affecting stock value.

Why It Matters

Changes in executive leadership or compensation can signal strategic shifts or stability concerns, directly influencing investor confidence and the company's future performance.

Risk Assessment

Risk Level: medium — The filing indicates changes in leadership or compensation, which can introduce uncertainty regarding future company direction and stability.

Analyst Insight

A smart investor would monitor MID PENN BANCORP, INC. for subsequent filings or press releases that provide specific details about the reported officer/director changes and compensatory arrangements, as these specifics will determine the actual impact on the company's outlook and stock value.

Key Numbers

• 2023-12-29 — Earliest Event Reported Date (Indicates when the reported event, related to officer/director changes, occurred.)
• 2024-01-05 — Filing Date (The date the 8-K was officially submitted to the SEC.)
• 001-13677 — SEC File Number (Unique identifier for MID PENN BANCORP's filings with the SEC.)

Key Players & Entities

• MID PENN BANCORP, INC. (company) — the registrant filing the 8-K
• December 29, 2023 (date) — date of the earliest event reported
• January 5, 2024 (date) — date the 8-K was filed
• 1-13677 (dollar_amount) — Commission File Number
• 25-1666413 (dollar_amount) — I.R.S. Employer Identification Number
• MPB (company) — Trading Symbol for Common Stock
• The NASDAQ Stock Market LLC (company) — exchange where Common Stock is registered

Forward-Looking Statements

• Further details regarding the specific personnel changes or compensation arrangements will be disclosed in subsequent filings or press releases. (MID PENN BANCORP, INC.) — high confidence, target: Q1 2024
• The market may react neutrally until specific details of the changes are made public. (MPB stock price) — medium confidence, target: January 2024

FAQ

Key Financial Figures

• $1.00 — nge on which registered Common Stock, $1.00 par value per share MPB The NASDAQ
• $12,000.00 — ement dated September 6, 2022, equal to $12,000.00 annually for fifteen (15) years; and (3
• $70,196.64 — loyment in 2022, which is approximately $70,196.64. Ms. Johnson's departure is not the r

Filing Documents

• d27570d8k.htm (8-K) — 24KB
• 0001193125-24-003454.txt ( ) — 139KB
• mpb-20231229.xsd (EX-101.SCH) — 3KB
• mpb-20231229_lab.xml (EX-101.LAB) — 17KB
• mpb-20231229_pre.xml (EX-101.PRE) — 11KB
• d27570d8k_htm.xml (XML) — 3KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 5, 2024, Mid Penn Bancorp, Inc. (the "Company") announced that the Company and Allison S. Johnson, the Company's Senior Executive Vice President and Chief Financial Officer, mutually agreed that Ms. Johnson would leave the Company to pursue other opportunities, effective December 29, 2023. In connection with Ms. Johnson's departure, the Company and Ms. Johnson entered into a Separation Agreement and General Release, dated January 4, 2024 (the "Separation Agreement"). In consideration for, among other things, her compliance with certain restrictive covenants and a typical release of claims, Ms. Johnson will (1) continue to receive her current base salary through April 28, 2024; (2) be entitled to receive an Early Termination Benefit under her Supplemental Executive Retirement Plan Agreement dated September 6, 2022, equal to $12,000.00 annually for fifteen (15) years; and (3) be entitled to retain the unvested portion of the balance of the retention bonus awarded to her in connection with her commencement of employment in 2022, which is approximately $70,196.64. Ms. Johnson's departure is not the result of any disagreement with the Company on any matter related to the Company's financial performance. The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which will be filed with the Company's Annual Report for the fiscal year ending December 31, 2023. The Company has identified and will make a subsequent announcement regarding Ms. Johnson's successor.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MID PENN BANCORP, INC. Date: January 5, 2024 /s/ Rory G. Ritrievi Rory G. Ritrievi President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR