secwatch.observer — SEC 8-K summary
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Issuer:     Provident Bancorp, Inc. /MD/ (—)
CIK:        0001778784
Form:       8-K
Filed at:   2024-02-09T23:59:59+00:00
Accession:  0000943374-24-000059
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Provident Bancorp CFO Carol Houle departs; Reilly becomes sole CEO
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- Co-President/Co-CEO/CFO Carol Houle separated effective Feb 9, 2024; receives $576,732 separation pay subject to regulatory OK.
- Houle forfeits all unvested restricted stock and stock options; retains vested options and SERP benefits.
- Joseph B. Reilly becomes sole President and CEO; had been Co-President/Co-CEO since Jan 2023.
- Separation agreement includes mutual non-disparagement, confidentiality, and general release of claims.
- Houle also gets $168,329 2023 annual bonus, paid regardless of separation agreement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1778784/000094337424000059/0000943374-24-000059-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1778784/000094337424000059/form8k_020924.htm
  HTML page:      https://secwatch.observer/filing/0000943374-24-000059

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer