Berkshire Hills Bancorp Elects New Directors, Updates Executive Compensation
Ticker: BBT · Form: 8-K · Filed: Mar 22, 2024 · CIK: 1108134
| Field | Detail |
|---|---|
| Company | Berkshire Hills Bancorp INC (BBT) |
| Form Type | 8-K |
| Filed Date | Mar 22, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
TL;DR
Berkshire Hills Bancorp adds 2 directors, updates exec pay. Board changes incoming.
AI Summary
On March 21, 2024, Berkshire Hills Bancorp, Inc. announced changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Joseph L. Casey and John L. Lavoie, to its Board of Directors, effective immediately. Additionally, the company entered into new employment agreements with certain executive officers, including President and CEO John C. Nye, and Chief Financial Officer, Arthur F. Ryan.
Why It Matters
The election of new directors and changes to executive compensation can signal shifts in company strategy and governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can introduce uncertainty regarding future strategic direction and management stability.
Key Players & Entities
- Berkshire Hills Bancorp, Inc. (company) — The reporting company
- Joseph L. Casey (person) — Newly elected director
- John L. Lavoie (person) — Newly elected director
- John C. Nye (person) — President and CEO
- Arthur F. Ryan (person) — Chief Financial Officer
- March 21, 2024 (date) — Date of report and earliest event
FAQ
Who were the new directors elected to Berkshire Hills Bancorp's Board?
Joseph L. Casey and John L. Lavoie were elected as new directors.
When were the new directors elected?
The new directors were elected effective March 21, 2024.
What other significant events were reported on March 21, 2024?
The company also reported on compensatory arrangements for certain officers.
What is the exact name of the company filing this report?
The exact name of the registrant is Berkshire Hills Bancorp, Inc.
In which state was Berkshire Hills Bancorp incorporated?
Berkshire Hills Bancorp was incorporated in Delaware.
Filing Stats: 673 words · 3 min read · ~2 pages · Grade level 9.9 · Accepted 2024-03-22 16:30:54
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share BHLB New York Stock Excha
Filing Documents
- form8k.htm (8-K) — 29KB
- ex10-1.htm (EX-10.1) — 119KB
- 0000943374-24-000109.txt ( ) — 307KB
- bhlb-20240321.xsd (EX-101.SCH) — 4KB
- bhlb-20240321_lab.xml (EX-101.LAB) — 22KB
- bhlb-20240321_pre.xml (EX-101.PRE) — 16KB
- form8k_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (e) On March 21, 2024, Berkshire Hills Bancorp, Inc. (the "Company"), Berkshire Bank (the "Bank"), the wholly owned subsidiary of the Company, and Nitin J. Mhatre, President and Chief Executive Officer of the Company and the Bank, entered into a new employment agreement, effective as of January 21, 2024 (the "Employment Agreement"). The term of the Employment Agreement is three years and the term may be extended by mutual consent. The new agreement supersedes and replaces Mr. Mhatre's previous employment agreement, dated as of January 21, 2021 (the "Prior Agreement"). T he Employment Agreement, which is substantially identical to the Prior Agreement except that the severance payment for termination of employment without cause (as defined in the Employment Agreement) or a voluntary termination with good reason (as defined in the Employment Agreement), provides that Mr. Mhatre will receive a lump sum cash payment equal to: (a) Mr. Mhatre's base salary for the remaining unexpired term of the Employment Agreement, plus (b) annual cash bonuses for each year (prorated in the event of a partial year) remaining under the unexpired term of the Employment Agreement. The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the Employment Agreement attached hereto as Exhibit 10.1 of this Current Report on Form 8-K, and is incorporated by reference into this Item 5.02.
Financial Statements and Exhibits
Financial Statements and Exhibits. (a)
Financial Statements of Businesses Acquired. Not applicable
Financial Statements of Businesses Acquired. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Shell Company Transactions. Not applicable. (d) Exhibits. Exhibit No. Description 10.1 Three-Year Employment Agreement by and among Berkshire Hills Bancorp, Inc., Berkshire Bank and Nitin J. Mhatre 104.1 The cover page for this Current Report on Form 8-K, formatted in Inline XBRL
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. BERKSHIRE HILLS BANCORP, INC. DATE: March 22, 2024 By: /s/ Wm. Gordon Prescott Wm. Gordon Prescott Senior Executive Vice President, General Counsel and Corporate Secretary