Riverview Bancorp in Vancouver, Wash., agreed to pay a salary to its former president and CEO over the next year.
The $1.6 billion-asset company disclosed in a regulatory filing that it will pay Kevin Lycklama his $410,000 monthly salary for the next 12 months – or roughly $4.9 million.
Lycklama, in exchange, agreed to certain waiver and release of claims, as well as post-employment covenants with respect to confidential data and non-solicitation of certain customers and employees.
Riverview said last month that its board had ended Lycklama’s employment, voting to remove him “without cause.” His termination was effective Sept. 6.