Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(e) On June 16, 2021, Kearny Bank (the "Bank"), the wholly owned subsidiary of
Kearny Financial Corp. (the "Company"), approved a supplemental executive
retirement plan, effective as of July 1, 2021 (the "Plan"), with Craig L.
Montanaro, President and Chief Executive Officer of the Company and the Bank
(the "Executive"). Under the terms of the Plan, if the Executive terminates
employment on or after age 65, the Bank will pay the Executive a lump sum equal
to the present value of an annual benefit of 50% of the Executive's highest
annual base salary that would have been payable monthly over a period of 180
months following this termination. If the Executive terminates employment
before age 65, including due to disability, the Bank will pay the Executive the
Accrual Balance (as such term is defined in the Plan) in a lump sum following
termination of employment. The Plan also provides for a lump sum payment if the
Executive's employment is terminated without cause or for good reason following
a change in control.
The foregoing description of the Plan does not purport to be complete and is
qualified in its entirety by reference to the agreement attached hereto as
Exhibit 10.1 of this Current Report on Form 8-K, and is incorporated by
reference into this Item 5.02.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
10.1 Supplemental Executive Retirement Plan by and between Kearny Bank and
Craig L. Montanaro effective as of July 1, 2021
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