Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 30, 2022, Cambridge Bancorp (the "Company") and its wholly owned
subsidiary, Cambridge Trust Company (the "Bank"), entered into a Transition
Agreement and General Release with Jennifer A. Pline (the "Transition
Agreement"), pursuant to which Ms. Pline will retire as Executive Vice President
and Head of Wealth Management of the Bank and as a director of the Cambridge
Trust Charitable Foundation, effective as of June 30, 2023 or such other date as
mutually agreed in writing to by the parties (the "Separation Date"). The period
commencing on the date of the Transition Agreement and ending on the Separation
Date is referred to as the "Transition Period". Under the Transition Agreement,
Ms. Pline will continue to serve in her current capacity during the Transition
Period and will work to transition her duties and responsibilities. As
consideration for entering into the Transition Agreement, which includes a
customary general and supplemental release of claims and which requires Ms.
Pline to provide services during the Transition Period, the Bank will pay Ms.
Pline a lump sum cash payment equal to twelve months' of her base salary,
subject to applicable withholdings. Ms. Pline's retirement is not the result of
any disagreement with the Company or the Bank on any matter related to the
operations, policies or practices of the Company or the Bank.
The Company will file a copy of the Transition Agreement as an exhibit to its
Annual Report on Form 10-K for the fiscal year ending December 31, 2022.
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