secwatch.observer — SEC 8-K summary
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Issuer:     MID PENN BANCORP INC (MPB)
CIK:        0000879635
Form:       8-K
Filed at:   2025-10-24T23:59:59+00:00
Accession:  0000879635-25-000173
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/879635/000087963525000173/0000879635-25-000173-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/879635/000087963525000173/mpb-20251024.htm
  HTML page:      https://secwatch.observer/filing/0000879635-25-000173

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer