MID PENN BANCORP 8-K: Officer/Director Changes, Compensation Reported
Ticker: MPB · Form: 8-K · Filed: Jan 12, 2024 · CIK: 879635
| Field | Detail |
|---|---|
| Company | Mid Penn Bancorp INC (MPB) |
| Form Type | 8-K |
| Filed Date | Jan 12, 2024 |
| Risk Level | medium |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $1.00, $310,241, $80,000 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: corporate-governance, executive-compensation, leadership-change
TL;DR
**MPB filed an 8-K on Jan 12, 2024, signaling potential changes in leadership or executive pay.**
AI Summary
MID PENN BANCORP, INC. filed an 8-K on January 12, 2024, to report an event related to the departure or election of directors or officers and compensatory arrangements. This filing indicates potential changes in leadership or executive compensation, which can influence the company's strategic direction and financial performance. For investors, understanding these changes is crucial as they can impact future stock value and company stability.
Why It Matters
Changes in executive leadership or compensation can signal shifts in company strategy or financial health, directly affecting investor confidence and stock valuation.
Risk Assessment
Risk Level: medium — Changes in leadership or compensation can introduce uncertainty, but the specific details are not yet disclosed, making the immediate impact unclear.
Analyst Insight
Investors should monitor subsequent filings or company announcements for specific details regarding the reported changes in directors, officers, or compensatory arrangements to assess their potential impact on the company's future performance and strategy.
Key Numbers
- $1.00 — par value per share (par value of MID PENN BANCORP, INC. Common Stock)
Key Players & Entities
- MID PENN BANCORP, INC. (company) — the registrant filing the 8-K
- January 12, 2024 (date) — date of earliest event reported and filing date
- NASDAQ Stock Market LLC (company) — exchange where MPB Common Stock is registered
- MPB (company) — trading symbol for MID PENN BANCORP, INC.
FAQ
What was the specific date of the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on January 12, 2024, which is also the date of the report.
What is the trading symbol for MID PENN BANCORP, INC. on the NASDAQ Stock Market LLC?
The trading symbol for MID PENN BANCORP, INC. on The NASDAQ Stock Market LLC is MPB.
What is the par value per share of MID PENN BANCORP, INC.'s Common Stock?
The par value per share of MID PENN BANCORP, INC.'s Common Stock is $1.00.
What specific items are covered under the 'ITEM INFORMATION' section of this 8-K filing?
The 'ITEM INFORMATION' section covers 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers'.
What is the state of incorporation for MID PENN BANCORP, INC.?
MID PENN BANCORP, INC. is incorporated in Pennsylvania.
Filing Stats: 1,656 words · 7 min read · ~6 pages · Grade level 12.3 · Accepted 2024-01-12 08:43:29
Key Financial Figures
- $1.00 — nge on which registered Common Stock, $1.00 par value per share MPB The NASDAQ
- $310,241 — ently receives an annual base salary of $310,241.88, which may be increased from time to
- $80,000 — al retirement benefit under the SERP is $80,000 annually, which vests over a period of
Filing Documents
- d694884d8k.htm (8-K) — 33KB
- 0001193125-24-007130.txt ( ) — 151KB
- mpb-20240112.xsd (EX-101.SCH) — 3KB
- mpb-20240112_lab.xml (EX-101.LAB) — 17KB
- mpb-20240112_pre.xml (EX-101.PRE) — 11KB
- d694884d8k_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. Appointment of Chief Operating Officer On January 12, 2024, Mid Penn Bancorp, Inc. (the "Company") announced the appointment of Jordan D. Space, the Company's Executive Vice President and Chief Corporate Development Officer, to the position of Chief Operating Officer. Mr. Space, 40, joined Mid Penn Bank in 2022. In his role as Executive Vice President and Chief Corporate Development Officer, Mr. Space assisted the CEO in the development of new lines of business across the organization to increase market share and strengthen Mid Penn's brand presence throughout its markets. Prior to joining the Bank, Mr. Space served as Executive Vice President and Market President for S&T Bank and Chief Lending Officer of Integrity Bank. He began his career in the Commercial and Private Banking division of M&T Bank Corporation. Mr. Space was recognized as one of Central Penn Business Journal's Power 30 in Banking and Finance and holds a Bachelor's Degree in Finance from the University of Pittsburgh. Mr. Space is a party to an employment agreement, change in control agreement and supplemental executive retirement plan agreement, each dated September 6, 2022. Employment Agreement . The term of the employment agreement is two years and, unless notice of nonrenewal is timely delivered, will automatically renew for a total of two years on each anniversary of September 6, 2022. Mr. Space currently receives an annual base salary of $310,241.88, which may be increased from time to time. In addition to base salary, the employment agreement provides for, among other things, participation in bonus programs and other benefit plans and arrangements generally applicable to executive officers of the Bank. In the event of his involuntary termination of employment without "cause" or in the event of a voluntary termination for "good r
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 12, 2024 /s/ Rory G. Ritrievi Rory G. Ritrievi President and Chief Executive Officer