Bancorp says commercial lending head Jeffrey Nager gets $2.5 million severance payout
TBBK•The Bancorp disclosed that commercial lending head Jeffrey Nager will receive a $2.5 million lump-sum severance payment under an agreement that takes effect Oct. 10 unless revoked.
1. Severance terms
The agreement, signed Oct. 2, provides for a $2.5 million lump-sum payment within 30 days of its effective date, net of taxes and withholdings. It also includes up to six months of outplacement services and customary release, non-disparagement, non-solicitation and confidentiality provisions.
