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PBIP > SEC Filings for PBIP > Form 8-K on 31-Aug-2012All Recent SEC Filings

Show all filings for PRUDENTIAL BANCORP INC OF PENNSYLVANIA | Request a Trial to NEW EDGAR Online Pro

Form 8-K for PRUDENTIAL BANCORP INC OF PENNSYLVANIA


31-Aug-2012

Change in Directors or Principal Officers, Financial State


Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(a)-(d) Not applicable.

(e) On August 28, 2012 and August 29, 2012, Prudential Savings Bank (the "Bank"), the wholly owned subsidiary of Prudential Bancorp, Inc. of Pennsylvania (the "Company"), entered into Endorsement Split Dollar Insurance Agreements with Joseph Corrato, Executive Vice President and Chief Financial Officer, and Jack Rothkopf, Controller, respectively (the "Agreements"). The Agreements provide that the officer's beneficiary will receive two times the officer's annualized base salary at the date of death (the "Executive's Interest") (provided such amount does not exceed the Net Death Proceeds, as such term is defined in the Agreements, of the insurance policy) while the Bank will receive any amount of death benefits in excess of the Executive's Interest. The Agreements may be terminated at any time by the Bank or the officer and, in such event, the Bank will collect the cash surrender value or the death proceeds of the policy, as applicable, at the date of termination of the policy. The Agreement with Mr. Corrato is a replacement for the Endorsement Split Dollar Insurance Agreement entered into effective as of January 1, 2006 ("Prior Agreement"); the terms of the Agreement are the same as the Prior Agreement.

For additional information, reference is made to the Agreements which are included as Exhibits 10.1 and 10.2 hereto and which are incorporated herein by reference thereto.

(f) Not applicable.



Item 9.01 Financial Statements and Exhibits

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) The following exhibit is included with this Report:

        Exhibit No.   Description
           10.1       Endorsement Split Dollar Insurance Agreement,
                      dated August 28, 2012, between Joseph Corrato
                      and the Bank
           10.2       Endorsement Split Dollar Insurance Agreement
                      dated August 29, 2012 between Jack Rothkopf and
                      the Bank


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