MVB Financial Corp. filed a current report on November 9, 2026, disclosing that on November 5, 2026, it entered into Restated Executive Employment Agreements with four senior officers, amending and superseding their prior employment agreements.

Key Highlights

  • Four executives covered: Craig B. Greathouse (EVP, Chief Administrative Officer), Michael R. Sumbs (EVP, Chief Financial Officer), Michael L. Giorgio (EVP, Chief Information Officer and Chief Operating Officer), and Joseph R. Rodriguez.
  • Title change: Joseph R. Rodriguez's title has been changed from Chief Risk Officer to EVP, Chief Legal Officer and Corporate Secretary under his Restated Agreement.
  • Base salaries set: $400,000 for Greathouse, $400,000 for Sumbs, $425,000 for Giorgio, and $416,000 for Rodriguez, according to the filing.
  • Non-change-in-control severance: Termination without cause outside a change-of-control entitles each executive to 12 months of base salary, up to 12 months of COBRA continuation coverage costs, and a pro-rated annual bonus.
  • Change-in-control severance: Termination without cause in connection with a change of control entitles each executive to a lump-sum equal to 2.0 times the sum of annualized base salary and target annual bonus, plus up to 24 months of COBRA continuation coverage costs.
  • Clawback and regulatory provisions: Payments and benefits are subject to reduction or modification to comply with applicable banking laws and regulations, and to MVB's compensation clawback policy as in effect from time to time.

MVB Financial's Restated Agreements: Key Terms and Structural Changes

MVB Financial Corp. (NASDAQ:MVBF), headquartered in Fairmont, West Virginia, disclosed on November 9, 2026, that it had executed Restated Executive Employment Agreements dated November 5, 2026, with four of its executive officers. According to the filing, each Restated Agreement "amends, restates and supersedes" the executive's existing employment agreement with MVB, referred to collectively as the Prior Agreements.

The filing states that each executive will continue in their current positions and "remain eligible for the same compensation and benefits and will be subject to the same material terms and conditions as provided in the Prior Agreements," except as otherwise described. The principal modifications address base salaries, severance outside a change of control, severance connected with a change of control, and regulatory and clawback provisions. For termination without cause not involving a change of control, the filing specifies severance equal to twelve months of base salary at the time of termination, up to twelve months of COBRA costs, and a pro-rated annual bonus payable when bonuses are paid to other senior executives for the applicable performance year.

For termination without cause in connection with a change of control, each executive would receive a lump-sum cash payment equal to 2.0 times the combined total of their annualized base salary and their target annual bonus for the year of termination, as well as monthly payment of COBRA continuation coverage costs for up to twenty-four months. The filing also notes that all payments and benefits under the Restated Agreements are subject to reduction or modification as necessary to comply with applicable banking laws and regulations, and to MVB's compensation clawback policy. The full text of each agreement is filed as Exhibits 10.1 through 10.4 to the report.

What Was Disclosed

MVB Financial Corp. reported the execution of Restated Executive Employment Agreements with four named senior officers on November 5, 2026, detailing updated base salaries, revised severance structures for both standard and change-of-control terminations, and applicable regulatory and clawback provisions.