|
TIME AND DATE
|
| | 10:00 a.m., local time, on Tuesday, May 10, 2022 | | | ||
|
PLACE
|
| |
The Stone Terrace by John Henry’s, 2275 Kuser Road, Hamilton, New Jersey 08690
|
| | ||
|
ITEMS OF BUSINESS
|
| |
The approval of the William Penn Bancorporation 2022 Equity Incentive Plan.
|
| | ||
|
RECORD DATE
|
| |
To vote, you must have been a shareholder at the close of business on March 1, 2022. Shareholders of record as of the close of business on that date are entitled to receive this notice of meeting and vote their shares at the special meeting and any adjournments or postponements of the special meeting.
|
| | ||
|
PROXY VOTING
|
| |
It is important that your shares be represented and voted at the special meeting. You can vote your shares online or via telephone or by completing and returning a proxy card or voting instruction card. Voting instructions are printed on the notice of internet availability of proxy materials sent to you and are included in the accompanying proxy statement. You can revoke a proxy at any time before its exercise at the meeting by following the instructions in the proxy statement.
|
| | ||
| | | | BY ORDER OF THE BOARD OF DIRECTORS | | |||
| | | |
![]()
Jonathan T. Logan
Corporate Secretary |
| |
| | |
Restricted Stock Awards
|
| |||||||||
Non-Employee Director
|
| |
Dollar
Value(1) |
| |
Number of
Awards |
| ||||||
Craig Burton
|
| | | $ | 176,303 | | | | | | 13,904 | | |
D. Michael Carmody, Jr.
|
| | | | 176,303 | | | | | | 13,904 | | |
Charles Corcoran
|
| | | | 176,303 | | | | | | 13,904 | | |
Glenn Davis
|
| | | | 176,303 | | | | | | 13,904 | | |
William J. Feeney
|
| | | | 176,303 | | | | | | 13,904 | | |
Christopher M. Molden
|
| | | | 176,303 | | | | | | 13,904 | | |
William C. Niemczura
|
| | | | 176,303 | | | | | | 13,904 | | |
William B.K. Parry, Jr.
|
| | | | 176,303 | | | | | | 13,904 | | |
Terry L. Sager
|
| | | | 176,303 | | | | | | 13,904 | | |
Vincent P. Sarubbi
|
| | | | 176,303 | | | | | | 13,904 | | |
All Non-Employee Directors as a Group (10 persons)
|
| | | $ | 1,763,030 | | | | | | 139,040 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($)(1) |
| |
Nonequity
Incentive Plan Compensation ($)(2) |
| |
All Other
Compensation ($)(3) |
| |
Total
($) |
| ||||||||||||||||||
Kenneth J. Stephon
President and Chief Executive Officer |
| | | | 2021 | | | | | | 428,076 | | | | | | 1,250 | | | | | | 168,000 | | | | | | 48,653 | | | | | | 645,979 | | |
| | | 2020 | | | | | | 368,319 | | | | | | 1,250 | | | | | | 123,187 | | | | | | 55,343 | | | | | | 548,099 | | | ||
Jonathan T. Logan(4)
Executive Vice President and Chief Financial Officer |
| | | | 2021 | | | | | | 178,366 | | | | | | 16,250 | | | | | | 26,250 | | | | | | 19,818 | | | | | | 240,684 | | |
| | | 2020 | | | | | | 33,985 | | | | | | — | | | | | | — | | | | | | — | | | | | | 33,985 | | | ||
Jill M. Ross(5)
Former Executive Vice President and Chief Retail and Commercial Officer |
| | | | 2021 | | | | | | 192,904 | | | | | | 1,250 | | | | | | — | | | | | | 192,192 | | | | | | 386,346 | | |
| | | 2020 | | | | | | 182,560 | | | | | | 36,250 | | | | | | 65,312 | | | | | | 34,229 | | | | | | 318,351 | | | ||
Gregory S. Garcia(6)
Former Executive Vice President and Chief Operating Officer |
| | | | 2021 | | | | | | 193,715 | | | | | | 1,250 | | | | | | — | | | | | | 163,757 | | | | | | 358,722 | | |
| | | 2020 | | | | | | 189,735 | | | | | | 1,250 | | | | | | 53,437 | | | | | | 32,556 | | | | | | 276,978 | | |
| | |
Mr. Stephon
|
| |
Mr. Logan
|
| |
Ms. Ross
|
| |
Mr. Garcia
|
| ||||||||||||
Health insurance premiums
|
| | | $ | 14,000 | | | | | $ | 8,600 | | | | | $ | 17,500 | | | | | $ | 11,277 | | |
Employer contributions to 401(k) Plan
|
| | | | 25,044 | | | | | | 11,218 | | | | | | 19,175 | | | | | | 23,287 | | |
Employee stock ownership plan allocations
|
| | | | 9,609 | | | | | | — | | | | | | 4,304 | | | | | | 9,357 | | |
Severance payments
|
| | | | — | | | | | | — | | | | | | 151,213 | | | | | | 119,836 | | |
| | |
Date of Corporate
Approval |
| |
Estimated Possible Payments
Under Non-Equity Incentive Plan Awards(1) |
| |||||||||||||||
Name
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| ||||||||||||
Kenneth J. Stephon
|
| |
June 17, 2020
|
| | | $ | 84,000 | | | | | $ | 168,000 | | | | | $ | 252,000 | | |
Jonathan T. Logan
|
| |
June 17, 2020
|
| | | | 13,125 | | | | | | 26,250 | | | | | | 39,375 | | |
Jill M. Ross
|
| |
June 17, 2020
|
| | | | 26,250 | | | | | | 52,500 | | | | | | 78,750 | | |
Gregory S. Garcia
|
| |
June 17, 2020
|
| | | | 25,000 | | | | | | 50,000 | | | | | | 75,000 | | |
Name
|
| |
Fees Earned or
Paid in Cash |
| |
Total
|
| ||||||
Craig Burton
|
| | | $ | 44,540 | | | | | $ | 44,540 | | |
D. Michael Carmody, Jr.
|
| | | | 44,540 | | | | | | 44,540 | | |
Charles Corcoran
|
| | | | 44,540 | | | | | | 44,540 | | |
Glenn Davis
|
| | | | 44,540 | | | | | | 44,540 | | |
William J. Feeney
|
| | | | 49,640 | | | | | | 49,640 | | |
Christopher M. Molden
|
| | | | 44,540 | | | | | | 44,540 | | |
William C. Niemczura
|
| | | | 44,540 | | | | | | 44,540 | | |
William B.K. Parry, Jr.
|
| | | | 44,540 | | | | | | 44,540 | | |
Terry L. Sager
|
| | | | 44,540 | | | | | | 44,540 | | |
Vincent P. Sarubbi
|
| | | | 44,540 | | | | | | 44,540 | | |
Name and Address
|
| |
Number of Shares
Owned |
| |
Percent of Common
Stock Outstanding(1) |
| ||||||
William Penn Bank Employee Stock Ownership Plan
10 Canal Street, Suite 104 Bristol, Pennsylvania 19007 |
| | | | 1,090,219(2) | | | | | | 7.2% | | |
Name
|
| |
Number of Shares
Owned(1) |
| |||
Directors: | | | | | | | |
Craig Burton
|
| | | | 22,640(2) | | |
D. Michael Carmody, Jr.
|
| | | | 10,075(3) | | |
Charles Corcoran
|
| | | | 49,017 | | |
Glenn Davis
|
| | | | 37,677(4) | | |
William J. Feeney
|
| | | | 55,619 | | |
Christopher M. Molden
|
| | | | 13,521 | | |
William C. Niemczura
|
| | | | 11,140 | | |
William B.K. Parry, Jr.
|
| | | | 47,168(5) | | |
Terry L. Sager
|
| | | | 52,546 | | |
Vincent P. Sarubbi
|
| | | | 8,825(6) | | |
Kenneth J. Stephon
|
| | | | 73,629 | | |
Executive Officers Who Are Not Directors: | | | | | | | |
Jeannine Cimino
|
| | | | 13,494 | | |
Amy J. Hannigan
|
| | | | 20,296 | | |
Jonathan T. Logan
|
| | | | 9,770 | | |
Alan B. Turner
|
| | | | 20,600(7) | | |
All directors and executive officers as a group (15 persons)
|
| | | | 446,017 | | |
Name
|
| |
Shares Allocated
under the William Penn Bank ESOP |
| |
Shares Held in the
William Penn Bank 401(k) Retirement Savings Plan |
| ||||||
Craig Burton
|
| | | | — | | | | | | — | | |
D. Michael Carmody, Jr.
|
| | | | — | | | | | | — | | |
Charles Corcoran
|
| | | | 13,653 | | | | | | — | | |
Glenn Davis
|
| | | | — | | | | | | — | | |
William J. Feeney
|
| | | | — | | | | | | — | | |
Christopher M. Molden
|
| | | | — | | | | | | — | | |
William C. Niemczura
|
| | | | — | | | | | | — | | |
William B.K. Parry, Jr.
|
| | | | — | | | | | | — | | |
Terry L. Sager
|
| | | | 26,257 | | | | | | — | | |
Vincent P. Sarubbi
|
| | | | — | | | | | | — | | |
Kenneth J. Stephon
|
| | | | 5,574 | | | | | | 23,348 | | |
Jonathan T. Logan
|
| | | | 946 | | | | | | 1,674 | | |
Amy J. Hannigan
|
| | | | — | | | | | | 1,617 | | |
Alan B. Turner
|
| | | | — | | | | | | — | | |
Jeannine Cimino
|
| | | | — | | | | | | 444 | | |
| | |
Page
|
| |||
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-5 | | | |
| | | | A-5 | | | |
| | | | A-5 | | | |
| | | | A-6 | | | |
| | | | A-6 | | | |
| | | | A-6 | | | |
| | | | A-6 | | | |
| | | | A-6 | | | |
| | | | A-6 | | | |
| | | | A-8 | | | |
| | | | A-8 | | | |
| | | | A-9 | | | |
| | | | A-9 | | | |
| | | | A-9 | | | |
| | | | A-9 | | | |
| | | | A-9 | | | |
| | | | A-9 | | | |
| | | | A-10 | | | |
| | | | A-10 | | | |
| | | | A-11 | | | |
| | | | A-11 | | | |
| | | | A-11 | | | |
| | | | A-11 | | | |
| | | | A-11 | | | |
| | | | A-11 | | | |
| | | | A-11 | | | |
| | | | A-12 | | | |
| | | | A-12 | | | |
| | | | A-12 | | | |
| | | | A-12 | | | |
| | | | A-12 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-13 | | |
| | |
Page
|
| |||
| | | | A-13 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-15 | | | |
| | | | A-15 | | | |
| | | | A-15 | | | |
| | | | A-16 | | | |
| | | | A-17 | | | |
| | | | A-17 | | | |
| | | | A-17 | | | |
| | | | A-17 | | | |
| | | | A-17 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-21 | | |