Lake Shore Bancorp (LSBK) has provided an announcement.
Lake Shore Savings Bank has signed a three-year employment agreement with Kim C. Liddell as President and CEO, with provisions for annual extensions based on performance reviews. Liddell will earn a $550,000 base salary, performance-based bonuses, and additional benefits including a housing allowance. The agreement outlines substantial severance packages under various termination conditions, including a tripling of benefits in the event of a change in control. Furthermore, a supplemental executive retirement plan (SERP) is in place, ensuring Liddell payments upon retirement at age 67 or after, with provisions for early termination scenarios.
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