Mid Penn Bancorp grants CEO Ritrievi $404k annual SERP and split dollar life insurance

MID PENN BANCORP INC

New 2025 SERP provides CEO Rory Ritrievi a $404,480 annual retirement benefit, vesting ratably over 10 years after age 73, with 2% annual increase post-vesting.
Split dollar agreement pays death benefit to Ritrievi's beneficiary: lesser of SERP Differential or Net Death Proceeds; terminates at separation from service.
SERP accelerates vesting on change-in-control or disability; includes non-compete and non-solicitation covenants with forfeiture for violation.
Benefit paid monthly over 15 years starting at later of separation or age 73; no excise tax gross-up for excess parachute payments under IRC Section 280G.

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