secwatch.observer — SEC 8-K summary
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Issuer:     Ponce Financial Group, Inc. (PDLB)
CIK:        0001874071
Form:       8-K
Filed at:   2024-11-27T23:59:59+00:00
Accession:  0000950170-24-131379
Event type: other_material
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Ponce Financial enters change-in-control agreement with CFO Sergio Vaccaro
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- Agreement effective Nov 26, 2024; initial 12-month term, auto-renews unless terminated 90 days before anniversary.
- Upon change in control followed by termination without cause or for good reason, CFO receives lump sum of 1.5 times average annual compensation over last 5 years.
- Also entitled to continuation of life, medical, and disability coverage for 12 months post-termination.
- Payments subject to regulatory restrictions under Section 9 and compliance with Code Section 409A.
- Agreement supersedes prior agreements; Ponce Bank and Ponce Financial Group both liable for payments.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1874071/000095017024131379/0000950170-24-131379-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1874071/000095017024131379/pdlb-20241127.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-131379

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