Sterling Bancorp Structures CFO’s Termination Compensation Plan

The latest announcement is out from Sterling Bancorp (SBT).

Sterling Bank and Trust has entered into an agreement with CFO Karen Knott, outlining terms for compensation and benefits in the event of her termination or resignation, especially in the case of a change of control at the bank. This agreement, effective until 2027, includes a year’s base salary post-change of control and salary continuance in the event of disability, subject to regulatory and company policies. Additionally, the agreement features standard non-compete and confidentiality clauses. The bank’s forward-looking statements indicate anticipation of future events that could impact its business and financial performance, although they caution that these are not guarantees and are subject to various risks and uncertainties.

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