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Texas Community ( (TCBS) ) just unveiled an announcement.
Broadstreet Bank has appointed Jason Sobel as President and CEO with a two-year employment agreement that automatically renews unless the board decides otherwise six months before its expiration. Sobel’s deal includes a $250,000 annual salary, bonuses, benefits, and allowances for social club, phone, and car expenses. He’s entitled to severance pay under certain conditions, such as involuntary termination without cause or resignation with “good reason,” which could include a significant location change or breach of contract by the bank. Additionally, after a change in control, his severance pay could increase substantially. Post-employment, Sobel must comply with a one-year non-solicitation clause.
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