Additionally, Mid Penn Bancorp has introduced a new Executive Annual Incentive Plan aimed at enhancing profitability and growth. The plan aligns executive financial interests with company performance through annual cash and/or equity bonuses, contingent on meeting specific performance objectives. These objectives, which may include metrics like net income and efficiency ratio, will be determined by the Compensation Committee of the Board. The incentive plan also includes discretionary bonuses and a three-year vesting period for equity awards, with recovery provisions in place. These developments reflect Mid Penn Bancorp's ongoing strategy to attract and retain key contributors to its success. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.