secwatch.observer — SEC 8-K summary
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Issuer:     FIDELITY D & D BANCORP INC (FDBC)
CIK:        0001098151
Form:       8-K
Filed at:   2024-07-02T23:59:59+00:00
Accession:  0001437749-24-021945
Event type: other_material
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Fidelity D&D Bancorp enters SERP and split-dollar life insurance agreements with EVP Turkington
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- SERP credits $5,417 per month at 4% annual interest from June 1, 2024 until age 70; Board can adjust amount.
- Normal retirement benefit: 180 monthly installments; early termination after 4th plan year yields 60 installments at age 70.
- Change in control triggers lump sum of SERP plus present value of future credits, paid over 36 months.
- Split dollar agreement: beneficiary gets death benefit equal to lesser of 3x base salary or net BOLI proceeds; includes $50K group term.
- Post-separation death benefit (if vested) equals greater of 2x highest base salary or net death proceeds.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1098151/000143774924021945/0001437749-24-021945-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1098151/000143774924021945/fdbc20240702_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-021945

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