Catalyst Bancorp, Inc. has entered into new employment agreements with its Chief Operations Officer, Amanda Quebedeaux, and Chief Financial Officer, Jacques Bourque. The agreements were executed on September 13, 2026, by Catalyst Bank, the wholly owned subsidiary of the Company.
Both executives have agreed to serve for a term of three years, with the agreements set to expire on September 12, 2029. Unless renewed or extended, the Board of Directors plans to review the agreements prior to their expiration to determine if a further term of three years or another mutually agreed period is appropriate.
Under the terms of the agreement with Amanda Quebedeaux, she will receive an annual base salary of $162,500. This salary may be increased at the discretion of the Board of Directors. Similarly, Jacques Bourque’s agreement stipulates an annual base salary of $117,500, which is also subject to potential increases by the Board.
The agreements are terminable by Catalyst Bank with or without cause. If an involuntary termination occurs—including a voluntary resignation due to a material breach by the Company or for “good reason”—the executive is entitled to a lump sum cash severance payment equal to twelve months of their base salary. They are also entitled to continued health insurance coverage for up to twelve months or until they secure comparable benefits elsewhere.
Special severance provisions apply in the event of a change in control. If employment terminates without cause or for good reason within 30 days of a change in control, the executive is entitled to a severance payment equal to twelve months of the greater of their salary at the time of the change in control or at the time of termination. In the event of an executive's death, the estate or beneficiary will receive base salary for twelve weeks and continued health coverage for the family.
