Bank First Corporation Files Form 8-K: Executives Receive Enhanced Severance Terms
Bank First Corporation, a Wisconsin-based bank, has filed a Form 8-K with the Securities and Exchange Commission, detailing changes in the severance terms for its Chief Executive Officer, Michael B. Molepske, and Chief Financial Officer, Kevin M. LeMahieu. The new agreements, effective as of April 12, 2022, provide enhanced severance benefits for both executives in the event of a change in control or termination without cause. The agreements ensure that the executives receive a significant payout, including a multiple of their base salary, bonus, and health insurance coverage, upon a change in control.
Key Takeaways:
- Bank First Corporation has filed a Form 8-K to disclose changes in the severance terms for its executives, effective April 12, 2022.
- Michael B. Molepske and Kevin M. LeMahieu, the bank's CEO and CFO, respectively, will receive a lump sum severance payment equal to 3x and 2x their base salary, respectively, in the event of a change in control or termination without cause.
- Each executive will also receive a lump sum amount equal to their average bonus over the previous three years and reimbursement of health insurance coverage premiums for three and two years, respectively.
- In the event of a change in control, both executives' outstanding, unvested stock awards will become fully vested.
- The agreements will be filed as exhibits to the Company's Quarterly Report on Form 10-Q for the period ending June 30, 2022.
Statistics:
- 3x base salary for Michael B. Molepske
- 2x base salary for Kevin M. LeMahieu
- Average bonus over the previous three years
- Three-year health insurance coverage premium reimbursement for Mr. Molepske, and two-year for Mr. LeMahieu
- Unvested stock awards become fully vested in the event of a change in control
Sources:
- Form 8-K filed by Bank First Corporation with the Securities and Exchange Commission on April 15, 2022