secwatch.observer — SEC 8-K summary
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Issuer:     Gouverneur Bancorp, Inc./MD/ (GOVB)
CIK:        0001978811
Form:       8-K
Filed at:   2024-04-19T23:59:59+00:00
Accession:  0001104659-24-049478
Event type: leadership
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Gouverneur Bancorp appoints Robert W. Barlow as director and enters change-in-control agreement
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- Robert W. Barlow, previously appointed President and CEO in March 2024, elected as director of the Company and Bank on April 15, 2024.
- Bank entered Change in Control Agreement with Barlow; initial one-year term, auto-renewing unless non-renewal notice given.
- Termination without cause or for good reason within 24 months post-change-in-control triggers lump sum equal to base salary plus highest annual bonus in prior two years.
- Agreement includes net-after-tax benefit provision to avoid excess parachute payments under Section 280G.
- No transactions involving Barlow that would require disclosure under Item 404(a) of Reg S-K.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1978811/000110465924049478/0001104659-24-049478-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1978811/000110465924049478/tm2412281d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-049478

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