Rhinebeck Bancorp: Non-renewal of change in control agreements

What happened Rhinebeck Bancorp filed an 8-K reporting that on Oct 1, 2026 the board of directors of Rhinebeck Bank, the wholly owned subsidiary of Rhinebeck Bancorp, Inc., provided notice of non-renewal to each employee who has a change in control agreement with the Bank. The filing names Kevin Nihill, Executive Vice President and Chief Financial Officer of the Bank and Rhinebeck Bancorp, Inc., as an affected employee. As a result of the notice of non-renewal, the term of each agreement will expire on Dec 31, 2027.

Key details

• The notice of non-renewal was provided on Oct 1, 2026.
• The agreements at issue will expire on Dec 31, 2027.
• The filing specifically identifies Kevin Nihill, Executive Vice President and Chief Financial Officer of the Bank and Rhinebeck Bancorp, Inc.
• The filing states the decision is "part of a broader change in corporate philosophy" and that the Bank "intends to develop a new change in control benefit arrangement to replace the agreements for each affected employee."

Why it may matter

• Item 5.02 was reported: departure of directors or certain officers; appointment of certain officers; compensatory arrangements of certain officers. This item covers changes to agreements and arrangements for officers related to change in control benefits. The filing does not show why the insider traded or why the company acted.