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The latest update is out from Gouverneur Bancorp Inc (GOVB).
Gouverneur Bancorp, Inc. has announced the election of Robert W. Barlow as a director of both the Company and its subsidiary, Gouverneur Savings and Loan Association, after his recent appointment as President and CEO in March 2024. Additionally, a Change in Control Agreement with Barlow has been set up, detailing compensation benefits in case of involuntary termination or voluntary departure under specific conditions following a change in control. The agreement includes provisions for a lump sum payment, pro rata bonus, and a net after-tax benefit clause to prevent excess parachute payments as per tax regulations.
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