secwatch.observer — SEC 8-K summary
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Issuer:     Beacon Financial Corp (BBT)
CIK:        0001108134
Form:       8-K
Filed at:   2024-03-22T23:59:59+00:00
Accession:  0000943374-24-000109
Event type: leadership
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1108134/000094337424000109/0000943374-24-000109-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1108134/000094337424000109/form8k.htm
  HTML page:      https://secwatch.observer/filing/0000943374-24-000109

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