---
schema_version: "secwatch.filing_event.v1"
accession: "0000943374-24-000109"
form_type: "8-K"
ticker: "BBT"
cik: "0001108134"
company_name: "Beacon Financial Corp"
filed_at: "2024-03-22T23:59:59+00:00"
generated_at: "2026-06-04T08:58:24.000083+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000943374-24-000109
- form_type: 8-K
- ticker: BBT
- cik: 0001108134
- company_name: Beacon Financial Corp
- filed_at: 2024-03-22T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1108134/000094337424000109/0000943374-24-000109-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1108134/000094337424000109/form8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000943374-24-000109
- JSON: https://secwatch.observer/filing/0000943374-24-000109.json
- Plain text: https://secwatch.observer/filing/0000943374-24-000109.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.