Form 8-K - Current report
February 02 2024 - 4:15PM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 2, 2024
LAKELAND BANCORP INC
(Exact Name of Registrant as Specified in its Charter)
New Jersey
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000-17820
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22-2953275
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(State or Other Jurisdiction of Incorporation)
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(Commission File No.)
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(I.R.S. Employer Identification No.)
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250 Oak Ridge Rd, Oak Ridge, New Jersey
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07438
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant's telephone number, including area code: (973) 697-2000
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Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading symbol(s)
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Name of each exchange on which registered
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Common stock, no par value
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LBAI
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The Nasdaq Stock Market LLC
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On February 2, 2024, Lakeland Bancorp, Inc. (the “Company”), its wholly owned subsidiary, Lakeland Bank (the “Bank”),
and Ronald E. Schwarz, Senior Executive Vice President and Chief Operating Officer of the Company and Bank, entered in an amendment (the “Amendment”) to Mr. Schwarz’s change in control agreement, dated as of June 12, 2009, as amended (the “CIC
Agreement”). The Amendment extends the term of the CIC Agreement to August 7, 2024. There were no other changes to the CIC Agreement.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the form of
Amendment which is attached hereto as Exhibit 10.1 of this Current Report on Form 8-K and is incorporated by reference into this Item 5.02.
Item 9.01 Financial
Statements and Exhibits.
(a) Financial statements of businesses acquired. None.
(b) Pro
forma financial information. None.
(c) Shell
company transactions: None.
(d) Exhibits.
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104.1
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Cover Page Interactive Data File (formatted as inline XBRL)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
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LAKELAND BANCORP, INC.
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DATE: February 2, 2024
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By:
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/s/ Timothy J. Matteson
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Timothy J. Matteson
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Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary
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EXHIBIT 10.1
AMENDATORY AGREEMENT
TO CHANGE IN CONTROL AGREEMENT
This AMENDATORY
AGREEMENT (the “Amendatory Agreement”) is made and entered into as of the 2nd day of February, 2024 by and among Lakeland Bancorp, Inc. (“Bancorp”), Lakeland Bank (the “Bank” and, collectively with Bancorp, the “Company”) and
Ronald E. Schwarz (the “Executive”).
WITNESSETH:
WHEREAS, the
Company and the Executive entered into a certain Change in Control Agreement, dated as of June 12, 2009, which Agreement has been amended from time to time thereafter (as amended, the “Agreement”); and
WHEREAS, the
Agreement provides for certain terms and conditions of the Executive’s employment in the event of a “Change in Control” (as defined therein); and
WHEREAS, the
Company and the Executive desire to amend the Agreement to clarify certain terms of the severance to be paid thereunder; and
WHEREAS,
Section 16 of the Agreement permits the Agreement to be amended by a writing executed by the parties thereto;
NOW, THEREFORE, the Company and
the Executive hereby agree that, effective as of the date first above written, the following sections are hereby amended:
1.
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Section 1(c) of the Agreement (definition of the “Contract Period”) is hereby amended by deleting the noted subsection in its entirety and
replacing it with the following:
Contract Period. “Contract Period” shall mean the period commencing the day immediately preceding a Change in Control and ending of the earlier of
(i) the second anniversary of the Change in Control, (ii) August 7, 2024, or (iii) the death of the Executive.”
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Except as specifically provided herein to the contrary, the Agreement shall continue in full force and effect.
[Signature Page Follows]
IN WITNESS WHEREOF,
the Company has caused this Amendatory Agreement to be executed and the Executive has hereunto set his hand, all as of the date first above written.
EXECUTIVE:
/s/ Ronald E. Schwarz
Ronald E. Schwarz
LAKELAND BANCORP, INC.
By: /s/ Thomas J. Shara
Thomas J. Shara, President and CEO
LAKELAND BANK
By: /s/ Thomas J. Shara
Thomas J. Shara, President and CEO
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