CEO Nitin Mhatre gets new 3-year contract with lump-sum severance of base+bonuses for remaining term

Beacon Financial Corp

New three-year employment agreement for CEO Nitin Mhatre, effective Jan 21, 2024, replaces prior 2021 agreement.
Base salary unchanged at $835,000 per year; term expires Jan 2027 unless extended.
Severance on termination without cause/good reason changed to lump sum of base salary plus annual bonuses for remaining agreement term.
Change-in-control severance: 3x (base salary + avg/target bonus) if terminated within 24 months post-change.
Agreement requires release of claims; medical/dental continued at no cost during severance period.

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