BHLB Berkshire Hills Bancorp Inc

(c) On March 18 2021, Berkshire Hills Bancorp, Inc. (the “Company”) announced the hiring of Subhadeep Basu, age 50,  as Senior Executive Vice President and Chief Financial Officer of the Company and of Berkshire Bank (the “Bank”) effective March 19, 2021.  Prior to his employment with the Company and the Bank, Mr. Basu served as Founder and Managing Partner of Miyadii Consulting, Boston, Massachusetts, which provided program management services to its clients. Prior to that, Mr. Basu served in a variety of senior positions at State Street Corporation, Boston, Massachusetts, most recently as Senior Vice President, Global Institutional Services.  Mr. Basu is not a party to any transaction with the Company or the Bank that would require disclosure under Item 404(a) of Securities and Exchange Commission Regulation S-K.  The full text of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Mr. Basu’s annual base salary will be $430,000 and he will participate in the Berkshire Bank Enhanced Change in Control Severance Plan, which provides that upon an involuntary termination for a reason other than for cause, death or disability, or upon a voluntary termination for good reason in connection with or following a change in control of the Company or the Bank, the executive would be entitled to: (i) a cash severance payment equal to two times base salary and cash incentive, plus the annual cash incentive pro-rated through the date of termination, and (ii) life insurance, non-taxable medical and dental coverage substantially identical to the coverage maintained for the executive prior to termination of employment for 24 months following termination of employment, with the executive paying his share of the premiums. Severance payments will be reduced to avoid liability under Section 280G of the Internal Revenue Code of 1986, as amended, if necessary.  In addition, Mr. Basu will be eligible to participate in bonus programs and other benefit plans and arrangements applicable to executive employees.