Rhinebeck Bancorp (RBKB) terminates executive long-term deferred compensation plan
Rhea-AI Filing Summary
Rhinebeck Bancorp, Inc. reports that on May 19, 2026 the Board of Directors of Rhinebeck Bank, its wholly owned subsidiary, terminated the Rhinebeck Bank Executive Long-Term Incentive and Retention Plan, a non-qualified deferred compensation plan subject to Section 409A of the Internal Revenue Code. The plan credited contributions to bookkeeping accounts for participating officers, with balances vesting 20% annually over five years. Participation was limited to designated officers, and among named executive officers only Jamie Bloom and Kevin Nihill participated. Upon termination, participants’ account balances became fully vested. In accordance with Section 409A, no distributions will occur earlier than 12 months after the Termination Date, and all distributions will be completed within 24 months of that date, aside from payments that would have occurred even without termination.
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8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Termination Date: May 19, 2026
Vesting schedule: 20% annually over five years
Earliest distribution timing: 12 months after Termination Date
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4 metrics
Termination Date
May 19, 2026
Date the Rhinebeck Bank Executive Long-Term Incentive and Retention Plan was terminated
Vesting schedule
20% annually over five years
Original vesting terms for participant account balances under the plan
Earliest distribution timing
12 months after Termination Date
No distributions permitted earlier than 12 months following May 19, 2026
Latest distribution timing
24 months after Termination Date
All distributions must be completed within 24 months of May 19, 2026
Key Terms
non-qualified deferred compensation plan, Section 409A, bookkeeping accounts, Termination Date
4 terms
non-qualified deferred compensation plan financial
"The Plan was a non-qualified deferred compensation plan, subject to Section 409A"
An arrangement where an employer agrees to pay part of an employee’s salary or bonus at a later date, often to attract or keep key staff. Think of it as a company IOU or a delayed paycheck held on the company’s books rather than in a protected retirement account; investors care because these promises create future cash obligations that are typically unsecured and depend on the company’s financial health, affecting risk, liabilities, and cash-flow planning.
Section 409A regulatory
"The Plan was a non-qualified deferred compensation plan, subject to Section 409A"
bookkeeping accounts financial
"contributions were credited to bookkeeping accounts for the participants"
Termination Date regulatory
"On May 19, 2026 (the “Termination Date”), the Board of Directors"
Termination date is the specific calendar day when a contract, agreement, option or other legal arrangement stops being in effect and any remaining rights or obligations expire. For investors it matters because that date sets deadlines for exercising rights, receiving payments, closing positions or avoiding penalties—similar to the day a lease or warranty ends, after which parties no longer have the same protections or claims.
FAQ
What plan did Rhinebeck Bancorp (RBKB) terminate on May 19, 2026?
Rhinebeck Bancorp terminated the Rhinebeck Bank Executive Long-Term Incentive and Retention Plan on May 19, 2026, a non-qualified deferred compensation plan for designated bank officers with five-year graded vesting.
Which executives of RBKB participated in the terminated long-term incentive plan?
The filing states that only Jamie Bloom and Kevin Nihill were named executive officers participating in the Executive Long-Term Incentive and Retention Plan at the time of its termination.
How did plan termination affect vesting for RBKB executives?
In connection with the termination of the executive long-term incentive plan, the participants’ account balances fully vested. Previously, balances vested 20% annually over a five-year period under the plan’s original terms.
When will RBKB executives receive distributions from the terminated plan?
Under Section 409A rules, no distributions will be made earlier than 12 months after the May 19, 2026 Termination Date, and all distributions will occur within 24 months, except those already scheduled absent termination.
What type of plan was the terminated RBKB executive incentive plan?
The executive long-term incentive and retention plan was a non-qualified deferred compensation plan, with contributions credited to bookkeeping accounts for each participant and subject to Section 409A of the Internal Revenue Code.
AI-generated analysis. How Rhea-AI works. Not financial advice.
