Beacon Financial has set the compensation and severance terms for Sean A. Gray, who was previously announced as president and chief executive of both the company and Beacon Bank & Trust. The new employment agreement was signed Oct. 29 and is effective from Sept. 21, 2026.
The agreement establishes Gray’s pay, incentive eligibility and protections if his employment ends. It also sets an initial three-year contract period, although his employment remains terminable at any time under the agreement’s terms.
- Annual compensation: Gray will receive a $1 million base salary. His target annual cash bonus is 75% of base salary, and he is eligible for annual equity awards with a grant-date fair value equal to 105% of base salary.
- 2026 bonus: His bonus opportunity for the year combines the terms of his prior arrangement for Jan. 1 through Sept. 21 with the new agreement’s terms for the rest of the year.
- Promotion award: Gray received a one-time restricted-stock award valued at $275,000. It vests in three equal installments on the first, second and third anniversaries of the grant date.
- Contract term: The agreement’s initial period runs for three years from Sept. 21, 2026. It then renews automatically for successive one-year periods unless a party gives at least 90 days’ notice of nonrenewal. Despite that schedule, either side may end the employment at any time, subject to the agreement.
- Severance: If Beacon terminates Gray without cause or he resigns for good reason, and he signs a separation agreement and release, he is eligible for cash severance equal to twice his base salary plus target bonus. The formula includes a reduction for the value of any accelerated portion of a retention bonus payable under his prior agreement.
- Other departure benefits: In those circumstances, outstanding equity awards accelerate, health insurance can continue for up to 24 months, and life and disability coverage continue for 24 months.
- Change in control: If a qualifying termination occurs within 24 months after a change in control, the cash severance formula rises to three times base salary plus target bonus.
The agreement formalizes Gray’s leadership compensation and provides a defined package of severance and benefit protections. It replaces his prior employment agreement and does not itself announce a change in company leadership beyond the previously announced appointment.