An update from Pathfinder Bancorp ( (PBHC) ) is now available.
Pathfinder Bank and its parent company, Pathfinder Bancorp, Inc., have secured new employment agreements with key executives James A. Dowd and Justin Bigham. Dowd, serving as President and CEO, has a rolling three-year contract with a salary of $415,000, plus bonuses, benefits, and a company car. If terminated without cause or for ‘good reason,’ he could receive severance equating to up to three years’ salary and bonuses, with additional perks. Justin Bigham, the CFO, has a change in control agreement ensuring a hefty severance package if he’s terminated post a company takeover. Both agreements include provisions for non-compete and confidentiality, ensuring the bank’s interests are protected.
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