Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Appointment of Executive Officer
On March 28, 2024, HarborOne Bancorp, Inc. (the “Company”) issued a press release announcing that Stephen W. Finocchio is joining the Company to serve as Executive Vice President and Chief Financial Officer of the Company and HarborOne Bank (the “Bank”), effective as of April 15, 2024. Mr. Finocchio will also serve as the Company’s Principal Accounting Officer.
Mr. Finocchio, age 55, previously served as the Senior Managing Director, Treasurer for Berkshire Hills Bancorp from 2022 to 2024 and as Senior Vice President, Treasurer from 2021 to 2022. Mr. Finocchio held various roles at State Street Corporation from 2010 to 2021, including Managing Director - Global Treasury and Capital Management from 2019 to 2021, Managing Director - Global Treasury, Head of Quantitative Analytics from 2015 to 2019, and Senior Consultant - Global Corporate Strategy from 2010 to 2015. Earlier in his career, he served as Managing Director - Structured Finance for State Street Global Markets, LLC from 1995 to 2010. Mr. Finocchio received a B.B.A. in Finance from the University of Massachusetts’ Isenberg School of Business and an M.B.A. from New York University’s Stern School of Business. He is also a Chartered Financial Analyst.
In addition, the Company intends to enter into a Change in Control Agreement with Mr. Finocchio (the “CIC Agreement”), whereby if Mr. Finocchio’s employment is involuntarily terminated for reasons other than for cause, disability or death (as such term is defined in the CIC Agreement), or if he voluntarily resigns for “good reason” (as such term is defined in the CIC Agreement) on or within 12 months after the effective date of a change in control of the Company, Mr. Finocchio would be entitled to a severance payment equal to his base salary and average three-year incentive, payable in a lump sum within ten days following the date of termination.
Mr. Finocchio will be paid an annual base salary of $400,000 and will be eligible to receive bonus and equity incentives under the Company’s incentive plans. In addition, Mr. Finocchio will be awarded 17,500 time-based restricted stock units pursuant to the Company’s 2020 Equity Incentive Plan. Mr. Finocchio also will be eligible to participate in the Company’s benefit programs as may be offered from time to time to other similarly situated employees.
Mr. Finocchio is not related by blood, marriage, or adoption to any of the Company’s directors or other executive officers. There are no related person transactions between the Company or the Bank, on the one hand, and Mr. Finocchio or his immediate family members, on the other hand, reportable under Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934.
A copy of the press release announcing the appointment of Mr. Finocchio as Executive Vice President and Chief Financial Officer is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01Financial Statements and Exhibits
(d)Exhibit
