Rhinebeck Bancorp, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Rhinebeck Bancorp, Inc. (NASDAQ: RBKB) on August 14, 2026, reporting an event that occurred on May 19, 2026. The registrant is a Maryland corporation with principal executive offices in Poughkeepsie, New York. The report specifically addresses the termination of an executive compensation plan by its wholly owned subsidiary, Rhinebeck Bank.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a corporate governance and compensation event rather than financial performance results.
Material Changes
On May 19, 2026, the Board of Directors of Rhinebeck Bank terminated the Rhinebeck Bank Executive Long-Term Incentive and Retention Plan. Key details of this change include:
- Plan Type: A non-qualified deferred compensation plan subject to Section 409A of the Internal Revenue Code.
- Participants: Limited to designated officers; specifically Jamie Bloom and Kevin Nihill were the only named executive officers participating.
- Vesting: Upon termination, all participants' account balances fully vested immediately.
- Distribution Schedule: In compliance with Section 409A, no distributions will be made earlier than 12 months following the termination date (May 19, 2027), except for distributions that would have occurred had the plan not been terminated. All distributions must be completed no later than 24 months following the termination date (May 19, 2028).
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or discussion of general business risks. The primary contingency noted is the regulatory requirement to adhere to Section 409A distribution timelines following the plan termination.
Investor Verification Checklist
- Verify the total value of the vested account balances for Jamie Bloom and Kevin Nihill in subsequent filings (e.g., 10-K or 10-Q).
- Confirm the specific distribution dates and amounts once the 12-month waiting period concludes in May 2027.
- Review future proxy statements to determine if a replacement long-term incentive plan has been adopted.