secwatch.observer — SEC 8-K summary
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Issuer:     Carter Bankshares, Inc. (CARE)
CIK:        0001829576
Form:       8-K
Filed at:   2026-06-24T20:06:20+00:00
Accession:  0001829576-26-000061
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Carter Bankshares amends employment agreements for CEO Van Dyke, CFO Bell, and other officers
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- CEO Litz H. Van Dyke, CFO Wendy S. Bell, President Bradford N. Langs, COO Matthew M. Speare, and CCO Tony E. Kallsen entered amended agreements.
- Agreements update base salary floors, expand clawback provisions, and remove gross-up on auto allowance.
- Definition of 'Cause' clarified to include breach of duty of loyalty and narrowed to require 'willful' action for certain failures.
- Severance provisions updated to comply with new Virginia law effective July 1, 2026, adding one month of severance.
- Confidentiality and noncompetition restrictive covenants updated to comply with law changes and best practices.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1829576/000182957626000061/0001829576-26-000061-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1829576/000182957626000061/care-20260618.htm
  HTML page:      https://secwatch.observer/filing/0001829576-26-000061

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