ENTERPRISE BANCORP, INC. (NASDAQ:EBTC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
>(b) On June 18, 2019, James A. Marcotte, Executive Vice President, Chief Financial Officer and Treasurer of Enterprise Bancorp, Inc. (the “Company”) and its wholly-owned subsidiary, Enterprise Bank and Trust Company (the “Bank”), informed the Board of Directors of the Company (the “Board”) of his decision to retire from his current role as Executive Vice President, Chief Financial Officer and Treasurer of the Company and all other positions he currently holds at the Bank and any of its affiliates, effective October 7, 2019. After October 7, 2019 Mr. Marcotte will continue to serve part-time as a senior advisor for a period of time to ensure the successful transition of responsibilities.
Mr. Marcotte has served as Chief Financial Officer of the Company and the Bank since he joined the organization in 2003. The Board, the Company and the Bank are deeply appreciative of Mr. Marcotte for his years of dedicated service and contributions to the Company and the Bank.
(d) Upon receiving notice of Mr. Marcotte’s upcoming retirement, the Boards of Directors of the Company and the Bank appointed Mr. Joseph R. Lussier as Executive Vice President, Chief Financial Officer and Treasurer of the Company and the Bank, effective October 7, 2019. With more than 25 years of experience in community banking and accounting, Mr. Lussier brings considerable expertise and institutional knowledge to his new role.
Mr. Lussier, age 49, began his service with the Bank in 1999 and currently serves as the Director of Finance for the Bank since March 2017. Prior to that position, Mr. Lussier served as Strategic Initiatives Director of the Bank from December 2010 to March 2017 and as Chief Investment Officer of Enterprise Investment Advisors from August 2007 to November 2010. Before joining the Bank, Mr. Lussier worked for six years at KPMG LLP. He is a graduate of Merrimack College and holds a BS in Business Administration with a concentration in Finance and Accounting. He is also a licensed Certified Public Accountant and Chartered Financial Analyst. Mr. Lussier is also involved in a number of community organizations, including Homeland Heroes Foundation and Franco American School Grotto Restoration.
Mr. Lussier does not have a direct or indirect material interest in any transaction with the Company or the Bank required to be disclosed to item 404(a) of Regulation S-K. Mr. Lussier is not related to any other director or executive officer of the Company or the Bank.
In connection with his appointment and effective October 7, 2019, Mr. Lussier will be paid a base salary of $200,000 and his incentive payout under the Enterprise Bank 2019 Variable Compensation Incentive Plan will be increased to 30% of his base salary for the period of October 1, 2019 to December 31, 2019, for a blended incentive payout of 22.50% of his base salary for 2019. In addition, Mr. Lussier is subject to a change in control/noncompetition agreement with the Company that provides for the payment of a lump sum equal to 1.5 times his previous highest annual compensation (as defined in the agreement to include the sum of the executive’s highest annual base salary and highest annual cash bonus paid within the most recent three years prior to the date of termination), together with certain other specified payments and benefits, including continuation of health and welfare benefits for 18 months on the same terms as were available to the executive as of the date of termination or, if more favorable, as of the date of the change in control, if the executive’s employment is terminated for any reason, whether at the initiative of the Company or of the executive and whether or not for cause, within two years after the date of a change in control of the Company. If Mr. Lussier’s employment is terminated for any reason within one year prior to the occurrence of a change in control, other than for cause, then he is entitled to receive all of the payments and benefits that he would have been entitled to receive if such termination had occurred within two years after the date of such change in control. The agreement also provides for certain confidentiality, non-compete and non-solicitation restrictions for one year following a termination of employment for any reason prior to a change in control.
10.1 Noncompetition Agreement dated as of May 19, 2014 by and among the Company, the Bank and Joseph R. Lussier.
ENTERPRISE BANCORP INC /MA/ Exhibit
EX-10.1 2 exhibit101noncompetitionag.htm EXHIBIT 10.1 Exhibit Exhibit 10.1CHANGE IN CONTROL/NONCOMPETITION AGREEMENTThis Change in Control/Noncompetition Agreement (this \”Agreement\”) entered into on the 19th day of May 2014 (the \”Effective Date\”) by and among Enterprise Bancorp,…
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About ENTERPRISE BANCORP, INC. (NASDAQ:EBTC)
Enterprise Bancorp, Inc. operates as the parent holding company of Enterprise Bank and Trust Company (the Bank). The Company is engaged in the business of gathering deposits from the general public and investing primarily in loans and investment securities and utilizing the resulting cash flows to conduct operations, expand the branch network, and pay dividends to stockholders. Through the Bank and its subsidiaries, it offers a range of commercial and consumer loan products, deposit products and cash management services. It also offers investment advisory and wealth management, trust and insurance services. It offers commercial mortgage loans; construction and land development loans; secured and unsecured commercial loans; lines of credit, and standby letters of credit. The Company provides a range of investment advisory and management services delivered through two channels, Enterprise Investment Advisors and Enterprise Investment Services.
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