secwatch.observer — SEC 8-K summary
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Issuer:     Stellar Bancorp, Inc. (STEL)
CIK:        0001473844
Form:       8-K
Filed at:   2023-11-03T23:59:59+00:00
Accession:  0001473844-23-000056
Event type: leadership
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Stellar Bancorp VP Chairman Martinez to retire; new Jaggers employment agreement with $450K base, $500K min bonus
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- George Martinez will not stand for reelection at 2024 annual meeting; retires as Bank Vice Chairman Dec 31, 2023.
- Travis Jaggers' new employment agreement extends term to June 30, 2024, with base salary $450K effective Sep 1, 2023.
- Jaggers guaranteed minimum annual bonus of $500K; prorated bonus upon termination without cause, for good reason, or term expiration.
- Martinez decision not due to any disagreement with the Company; will continue as Company director until 2024 annual meeting.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1473844/000147384423000056/0001473844-23-000056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1473844/000147384423000056/stel-20231030.htm
  HTML page:      https://secwatch.observer/filing/0001473844-23-000056

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