BayFirst Financial Corp. Revises Executive Employment Agreements

What Happened

• BayFirst Financial Corp. filed an 8-K reporting revised employment agreements dated September 24, 2026 for Executive Vice President & COO Robin L. Oliver and Executive Vice President, Chief Financial Officer (principal financial officer) Scott J. McKim.
• Each agreement has an initial term through August 1, 2029 and automatically renews for one-year periods thereafter unless a party gives notice of non‑renewal. Both executives remain eligible for employee benefits, specified stock grants, and cash incentive payments tied to continued employment and performance.

Key Details

• Effective date of agreements: September 24, 2026; initial term expires August 1, 2029 with automatic one‑year renewals.
• Minimum base salaries: Robin L. Oliver — $350,000 per year; Scott J. McKim — $325,000 per year.
• Post‑termination restrictions: two‑year customer and employee non‑solicitation obligations for each executive.
• Change‑in‑control / certain termination payouts: a cash payment equal to 200% of the executive’s then‑current base salary plus the average cash bonus for the preceding two years.

Why It Matters

• These agreements formalize multi‑year commitments to two senior executives (COO and CFO), which supports leadership continuity.
• The 200% severance formula and other incentive commitments create potential cash obligations the company may face on a change in control or certain terminations, which is relevant for assessing compensation expense and contingent liabilities.
• Non‑solicit covenants and performance‑based stock/cash awards aim to retain executives and align their incentives with the bank’s performance.

(See the filed employment agreements for full terms and conditions.)