Eagle Bancorp, the holding company for Eagle Bank, has recently signed a new employment contract with Chief Executive Susan Riel. This contract will run through the end of 2026 and includes a higher base salary.
According to a securities filing on Thursday, Riel’s amended employment agreement entitles her to an annual salary that exceeds $907,000. This is a significant increase from her previous base salary of $725,000, as stated in a filing from 2020.
Under the terms of the new agreement, it will automatically extend for an additional year each January, unless either the bank or Riel gives notice of non-renewal.
One notable change in the contract is the elimination of a guaranteed retirement benefit that was included in Riel’s previous agreement. Instead, the new contract provides for a cash severance payment if she is terminated without cause or if she resigns for good reason.
In addition to Riel’s new contract, Eagle Bancorp has also reached a new compensation agreement with Chairman Norman Pozez. This agreement will run through 2024 and will automatically renew each year. It includes an annual retainer of $1.32 million, as stated in a securities filing.
