(e)
Employment Agreements with John J. Brogan, Joseph Javitz and Sandra Sievewright.
On June 29, 2017, BCB Community Bank (the "Bank"), the wholly-owned subsidiary of BCB Bancorp, Inc. (the "Company"), entered into employment agreements (the "Agreements") with John J. Brogan and Sandra Sievewright and on June 30, 2017, with Joseph Javitz (collectively, "Executives"), effective as of July 1, 2017. The term of the Agreements will be one year and will run from July 1, 2017 to June 30, 2018. Under the Agreements, Mr. Brogan will serve as General Counsel of the Bank, Mr. Javitz will serve as Chief Lending Officer of the Bank and Ms. Sievewright will serve as Chief Risk Officer and Chief Compliance Officer of the Bank. The Agreements provide Mr. Brogan with an annual base salary of $205,000, Mr. Javitz with an annual base salary of $237,600 and Ms. Sievewright with an annual base salary of $162,000. The Executives will also be entitled to discretionary performance bonuses. The bonuses for the Executives may be in amounts of up to 50% of their base salaries. In addition, the Executives are entitled to participate in the employee benefit plans offered by the Bank, and will be reimbursed for business expenses incurred. The Bank will also provide the Executives with life, medical, dental and disability coverage.
In the event of involuntary termination of employment for reasons other than cause, disability or death, the Executives will each receive cash lump sum payments equal to their base salaries. In addition, Executives will receive continued life insurance coverage and non-taxable medical and dental insurance coverage that will cease upon the earlier of (A) the end of the term of their Agreement, or (B) the date on which substantially comparable coverage is made available to them through their subsequent employment.
Upon the occurrence of a change in control of the Company or the Bank, the Executives will each receive a lump sum payment equal to their base salaries, which would be paid in lieu of the cash severance payment described above. However, the change in control payments would be reduced to the extent necessary to avoid penalties under Section 280G of the Internal Revenue Code.
Addendum to the Employment Agreement with Thomas Coughlin.
On June 29, 2017, the Bank entered into an addendum to the employment agreement, dated as of July 1, 2015 (the "Addendum"), with Thomas Coughlin, the Bank's Chief Executive Officer and President. All terms of such agreement remain the same other than Mr. Coughlin's annual base salary was increased to $432,000 effective July 1, 2017, and a clause related to arbitration has been added.
The foregoing description is qualified in its entirety by reference to the Agreements and the Addendum that are attached hereto as Exhibits 10.1, 10.2,10.3 and 10.4 and are incorporated by reference into this Item 5.02.