secwatch.observer — SEC 8-K summary
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Issuer:     Stellar Bancorp, Inc. (STEL)
CIK:        0001473844
Form:       8-K
Filed at:   2022-03-18T23:59:59+00:00
Accession:  0001104659-22-035591
Event type: leadership
Sentiment:  neutral
Materiality: 0.75
Item codes: 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CBTX enters merger-related executive comp agreements with CEO Franklin, CFO Pigott
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- CEO Franklin post-merger salary $645,000; target bonus 85%; equity awards min 125% of base.
- Franklin receives $550,000 closing equity award (50% time-based, 50% performance-based) with three-year vest.
- Severance for Franklin: lump sum greater of $1.5M or 2x base, plus pro-rata bonus and 18 months health premiums.
- CFO Pigott gets $960,000 cash severance plus accelerated equity vesting if terminated without cause within 18 months post-merger.
- Bylaws amended to align shareholder amendment rights in certificate and bylaws post-merger.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1473844/000110465922035591/0001104659-22-035591-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1473844/000110465922035591/tm229581d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-035591

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