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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.
See more data about LSBK stock on TipRanks’ Stock Analysis page.