Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
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On July 6, 2016, Berkshire Hills Bancorp, Inc. (the Company) and Berkshire Bank (the Bank) appointed James M. Moses to the positions of Senior Executive Vice President, Chief Financial Officer of the Company and the Bank. Mr. Moses previously served Webster Bank in asset/liability management since 2011 and as Senior Vice President and Asset/Liability Manager since 2014. Prior to 2011, Mr. Moses held various positions with M&T Bank, United Benelux Investments, and Credit Suisse. Mr. Moses has a bachelors degree in finance from St. Bonaventure University and an MBA from Cornell University.
The Company and the Bank have offered as part of its initial compensation package to Mr. Moses an annual base salary of $350,000, a sign-on bonus of $100,000, and other benefits commensurate with senior executive officers of the Company and Bank.
On July 5, 2016, Josephine Iannelli, the Senior Executive Vice President and Chief Financial Officer of the Company and the Bank, resigned from her positions with the Company and the Bank to pursue other opportunities, effective July 5, 2016.
Berkshire Bank and Ms. Iannelli have entered into a Resignation and Non-Solicitation Agreement and Full and Final Release of Claims effective as of July 5, 2016 (the Agreement), under which Berkshire Bank will pay Ms. Iannelli $600,000, with $200,000 payable on the Companys next regular pay date following the expiration of the 7-day revocation period, $200,000 payable twenty-six (26) weeks after the initial payment, and $200,000 payable fifty-two (52) weeks after the initial payment. The Agreement, filed herewith as Exhibit 10.1, includes confidentiality and non-solicit provisions and a release of claims by Ms. Iannelli. The payments made to Ms. Iannelli under the Agreement are subject to forfeiture if Ms. Iannelli breaches certain obligations.
The foregoing description of the Agreement is qualified in its entirety by reference to the copy of the form of such agreement that is included as Exhibit 10.1 to this Current Report and incorporated by reference into this Item 5.02.
On July 11, 2016, the Company issued a news release regarding Ms. Iannellis resignation and Mr. Moses appointment. A copy of the news release is attached as Exhibit 99.1 to this Current Report.
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