secwatch.observer — SEC 8-K summary
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Issuer:     ECB Bancorp, Inc. /MD/ (ECBK)
CIK:        0001914605
Form:       8-K
Filed at:   2023-07-19T23:59:59+00:00
Accession:  0000943374-23-000312
Event type: leadership
Sentiment:  neutral
Materiality: 0.10
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ECB Bancorp adopts deferred compensation plan for EVP and Chief Lending Officer
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- Plan for John Migliozzi effective July 1, 2023; annual Bank contribution intended to be 10% of salary and bonus.
- Account earns interest benchmarked to the 10-year Treasury rate as of December 1 of prior year.
- 100% vested at all times; forfeiture for Cause.
- Payment begins at age 70 (10 annual installments); lump sum upon death or change-in-control with Good Reason.
- Plan is unfunded, unsecured general obligation of Everett Co-operative Bank.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1914605/000094337423000312/0000943374-23-000312-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1914605/000094337423000312/form8k.htm
  HTML page:      https://secwatch.observer/filing/0000943374-23-000312

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