Peoples Bancorp Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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Major Banks
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 2, 2024
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 1, 2024, Peoples Bancorp Inc. (“Peoples”) executed a change in control agreement with Tyler J. Wilcox, Peoples’ President and Chief Executive Officer (the “CIC Agreement”), which supersedes the prior change in control agreement with Mr. Wilcox dated as of January 1, 2019. The CIC Agreement provides that, if Mr. Wilcox is terminated by Peoples or its successors for any reason other than cause (as defined in the CIC Agreement) or by Mr. Wilcox for good reason (as defined in the CIC Agreement), within six months prior to or within 24 months after a defined change in control occurs, Peoples will provide the following benefits: (i) a lump-sum cash payment of two point ninety-nine (2.99) times the amount of Mr. Wilcox’s base annual compensation (as defined in the CIC Agreement), payable within 30 days following Mr. Wilcox’s termination date with such payment delayed until the first business day of the seventh month following the termination date if Mr. Wilcox is a “specified employee” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended; and (ii) continuing participation in life, medical and dental insurance for a period of 36 months substantially in the same form and expense to Mr. Wilcox as that received prior to the termination of employment date. Notwithstanding the foregoing, the benefits payable under the CIC Agreement are subject to potential reduction under certain circumstances described in the CIC Agreement.
Under the terms of the CIC Agreement, if Mr. Wilcox were to receive a change in control benefit as previously described, he would be subject to a non-compete covenant for a period of fifteen (15) months following the termination of employment date, during which he will not be permitted to directly or indirectly engage in the business of banking or any other business in which Peoples or any of its subsidiaries directly or indirectly engages during the term of Mr. Wilcox’s agreement within the geographic market of Peoples and its subsidiaries on the termination of employment date.
The foregoing summary of the provisions of the CIC Agreement is qualified in its entirety by reference to the complete text of the CIC Agreement, which is included as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
a) - c)
Not applicable
d) Exhibits
See index to Exhibits below.
INDEX TO EXHIBITS
| Exhibit Number | Description | ||||||||||
| Change in Control Agreement dated August 1, 2024, among Tyler Wilcox and Peoples Bancorp Inc. | |||||||||||
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.
| PEOPLES BANCORP INC. | ||||||||||||||
| Date: | August 2, 2024 | By:/s/ | KATIE BAILEY | |||||||||||
| Katie Bailey | ||||||||||||||
| Executive Vice President, Chief Financial Officer and Treasurer | ||||||||||||||