secwatch.observer — SEC 8-K summary
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Issuer:     ENTERPRISE BANCORP INC /MA/ (—)
CIK:        0001018399
Form:       8-K
Filed at:   2024-06-07T23:59:59+00:00
Accession:  0001018399-24-000049
Event type: leadership
Sentiment:  neutral
Materiality: 0.70
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Enterprise Bancorp CEO Jack Clancy retires; Steven Larochelle named successor effective June 5
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- CEO John P. Clancy Jr. retired after 35 years at the bank (17 as CEO); will serve as executive advisor through Sep 30, 2024.
- Steven R. Larochelle, former Chief Banking Officer, appointed CEO and director, effective immediately.
- Larochelle's employment agreement: base salary $600K, min total target direct comp $1.15M, 3-year initial term.
- Larochelle received restricted stock grant valued at $250K (June 5, 2024) plus $100K grant effective Jan 2, 2025.
- Clancy transition services agreement includes $200K annual salary through Sep 30, 2024, and COBRA benefits for 18 months.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1018399/000101839924000049/0001018399-24-000049-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1018399/000101839924000049/ebtc-20240605.htm
  HTML page:      https://secwatch.observer/filing/0001018399-24-000049

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