Hudson United Bancorp of Mahwah, N.J., said Monday that it had made lump sum payments to its four top executives, including its president and chief executive officer, Kenneth T. Neilson, in exchange for their agreement to terminate change-in-control clauses in their employment contracts.
In a securities filing with the Securities and Exchange Commission, Hudson United said the payments ranged from $306,800 to $2.6 million, though it did not specify who received what amount.
In addition to Mr. Neilson, Thomas Nelson, who heads the $8.8 billion-asset company's private-label credit card subsidiary; James Mayo, its executive vice president for operations and technology; and Thomas J. Shara Jr., its chief loan officer, received payments.
The clauses had guaranteed that all four executives would have retained their salaries, jobs, and titles in the event of a change of control.
