UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 8-K

___________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

Date of report (Date of earliest event reported):  August 18, 2020

 

METROPOLITAN BANK HOLDING CORP.

(Exact name of the registrant as specified in its charter)

(212) 659-0600

(Registrant’s telephone number)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

On August 18, 2020, Metropolitan Bank Holding Corp. (the “Company”) and Metropolitan Commercial Bank (the “Bank”), a wholly-owned subsidiary of the Company, entered into a change in control agreement (the “Agreement”) with Gregory A. Sigrist, Executive Vice President and Chief Financial Officer (the “Executive”), effective August 11, 2020.

The Agreement provided that if the Executive’s employment is terminated by the Executive for good reason (as such term is defined in the Agreement) or by the Company for a reason other than for cause (as such term is defined in the Agreement) during the term of the Agreement, then within ten business days after the date of termination, the Executive will receive a lump sum severance equal to one times the greater of the Executive’s base salary as of the date of termination or the base salary in effect immediately prior to the date of a change in control.  Notwithstanding the foregoing, the payments required under the Agreement will be reduced to the extent necessary to avoid penalties under Section 280G of the Internal Revenue Code. 

The foregoing description of the Agreement is not complete and is qualified in its entirety to reference the Agreement, which is attached hereto as Exhibit 10.1 and incorporated by reference herein.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

Exhibit                    Description

SIGNATURES