Rhinebeck Bancorp's subsidiary, Rhinebeck Bank, has terminated its Executive Long-Term Incentive and Retention Plan. The action, effective May 19, 2026, resulted in the immediate and full vesting of all participant account balances. The named executive officers participating in the plan were Jamie Bloom and Kevin Nihill.
Key Details
- Event Date: The plan was terminated by the Board of Directors on May 19, 2026.
- Accelerated Vesting: All participant accounts became 100% vested, accelerating the original 20% annual vesting schedule over five years.
- Distribution Timeline: In compliance with Section 409A of the Internal Revenue Code, distributions will be made no earlier than 12 months and no later than 24 months from the termination date.