Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
In connection with George Lista's continued service as President of SB One
Insurance Agency, SB One Bancorp (the "Company") and SB One Bank entered into an
Employment Agreement dated January 29, 2020 with George Lista (the "Employment
Agreement"). The Employment Agreement provides for the payment of an annual base
salary in the amount of $250,000 and an annual auto allowance of $15,300. The
Employment Agreement further provides for participation in the incentive plan
for executive officers of SB One Bank and any other employee benefit, incentive
or retirement plans offered to employees generally or to senior management of SB
One Bank. In the event that Mr. Lista's employment is terminated by the Company
or SB One Bank without cause before a change in control of the Company, or if
Mr. Lista resigns for "good reason" as defined in the Employment Agreement, the
Company or SB One Bank will continue to pay Mr. Lisa his then current base
salary, and continue his health and other insurance benefits, for a period of
one year. In the event that Mr. Lista's employment is terminated by the Company
or SB One Bank upon the occurrence of a change in control of the Company or if
Mr. Lista resigns for cause within 18 months following the occurrence of a
change in control of the Company, he is entitled to a lump sum payment equal to
two times his then-current base salary. In the event of the termination of his
employment with SB One Bank, for a period of one year following the date of such
termination he will be subject to certain non-competition, non-solicitation,
non-hire and cooperation covenants.
The foregoing summary of the terms and conditions of the Employment Agreement is
qualified in its entirety by reference to the full text of the Employment
Agreement, which is attached hereto as Exhibit 10.1 and incorporated by
reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
10.1 Employment Agreement dated January 29, 2020, by and between the
Company, SB One Bank and George Lista.
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