Business Context and Reporting Period
This Form 8-K Current Report was filed by Kearny Financial Corp. on June 21, 2021, covering events occurring on June 16, 2021. The registrant is a financial holding company with its principal executive offices in Fairfield, New Jersey. Its common stock trades on the NASDAQ under the symbol KRNY.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on a specific corporate governance and compensation event rather than periodic financial performance.
Material Changes
The primary material change reported is the approval of a new Supplemental Executive Retirement Plan by Kearny Bank (the wholly owned subsidiary of the Company). This plan is effective as of July 1, 2021, and applies to Craig L. Montanaro, the President and Chief Executive Officer.
Management Commentary and Unusual Items
- Plan Details: The plan provides a lump sum payment equal to the present value of an annual benefit of 50% of the Executive's highest annual base salary, payable monthly over 180 months, if employment terminates on or after age 65.
- Early Termination: If the Executive terminates before age 65 (including due to disability), the Bank will pay the "Accrual Balance" in a lump sum.
- Change in Control: The plan includes provisions for a lump sum payment if employment is terminated without cause or for good reason following a change in control.
- Reference: The full terms are detailed in Exhibit 10.1 attached to the filing.
Investor Verification Checklist
- Review Exhibit 10.1 for the complete legal text of the Supplemental Executive Retirement Plan.
- Verify the impact of this new liability on the Company's future cash flow and pension obligations.
- Confirm the current base salary of Craig L. Montanaro to estimate the potential payout magnitude.
- Check for any related proxy statements or shareholder disclosures regarding executive compensation.