secwatch.observer — SEC 8-K summary
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Issuer:     BANK OF THE JAMES FINANCIAL GROUP INC (BOTJ)
CIK:        0001275101
Form:       8-K/A
Filed at:   2023-01-06T23:59:59+00:00
Accession:  0001562762-23-000003
Event type: leadership
Sentiment:  neutral
Materiality: 0.25
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Bank of the James finalizes Sorenson Salary Continuation Agreement: $60,000/yr for 15 years upon retirement at 65
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- Executive EVP-General Counsel Sorenson eligible for $60,000 annual retirement benefit for 15 years upon retirement at age 65 or older.
- Lesser benefits provided for voluntary termination before 65, disability, or change in control; death benefit paid to beneficiary.
- Benefit vested per schedule; Employer may cease accrual if Executive no longer qualifies as highly compensated under ERISA.
- Agreement effective January 1, 2023; payments expected to be funded by bank-owned life insurance on Sorenson.
- Amendment filed to disclose previously unfinalized contract terms from the August 1, 2022 appointment.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1275101/000156276223000003/0001562762-23-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1275101/000156276223000003/botj-20220801x8ka.htm
  HTML page:      https://secwatch.observer/filing/0001562762-23-000003

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