COMMERCE UNION BANCSHARES, INC. (NASDAQ:CUBN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e) Commerce Union Bancshares, Inc. (the “Company”) is a party to those certain Incentive Stock Option Agreements, dated July 23, 2015 and July 26, 2016, by and between the Company and William Ronald DeBerry (together, the “Agreements”), to the terms of the Commerce Union 2015 Equity Incentive Plan. Effective July 25, 2017, the compensation committee of the board of directors authorized and approved amendments to the Agreements with Mr. DeBerry (the “Amendments”).
The Amendments extend the exercise period for the options through the expiration date of the Agreements, which, in each case,is ten years from the original grant.Each Amendment also changes the type of stock option to a Non-qualified Stock Option from an Incentive Stock Option within the meaning of the Internal Revenue Code Section 422. The foregoing description of Mr. DeBerry’s Amendments does not purport to be complete and is qualified in its entirety by reference to the full text of such agreements, whichare filed as Exhibit 10.1 and Exhibit 10.2 hereto andare incorporated herein by reference.
Mr. DeBerry recently retired as Chief Executive Officer effective July 1, 2017. As previously announced, DeVan D. Ard, Jr. was appointed to fill the position of Chief Executive Officer. Mr. DeBerry will remain on the boards of directors of the Company and Reliant Bank.
Item 9.01 – Financial Statements and Exhibits.
|
Exhibit Number |
Description |
|
10.1 |
First Amendment to (2015) Incentive Stock Option Agreement, dated July 25, 2017, by and between Commerce Union Bancshares, Inc. and William Ronald DeBerry. |
| 10.2 |
First Amendment to (2016) Incentive Stock Option Agreement, dated July 25, 2017, by and between Commerce Union Bancshares, Inc. and William Ronald DeBerry. |
Commerce Union Bancshares, Inc. ExhibitEX-10.1 2 ex10-1.htm EXHIBIT 10.1 ex10-1.htm Exhibit 10.1 FIRST AMENDMENT TO COMMERCE UNION BANCSHARES,…To view the full exhibit click here
About COMMERCE UNION BANCSHARES, INC. (NASDAQ:CUBN)
Commerce Union Bancshares, Inc. serves as the bank holding company for Reliant Bank. The Company has two segments: Retail Banking and Residential Mortgage Banking. Retail Banking provides deposit and lending services to consumer and business customers within its primary geographic markets. Its customers are serviced through branch locations, automated teller machines (ATMs), online banking and mobile banking. Residential Mortgage Banking originates first lien residential mortgage loans throughout the United States. These loans are typically underwritten to government agency standards and sold to third-party secondary market mortgage investors. Reliant Bank provides a range of traditional banking services throughout the Middle Tennessee Region and the Nashville-Davidson-Murfreesboro-Franklin Metropolitan Statistical Area. Reliant Bank provides a range of commercial banking services for businesses and individuals, including checking, savings accounts, certificates of deposits and loans. COMMERCE UNION BANCSHARES, INC. (NASDAQ:CUBN) Recent Trading Information
COMMERCE UNION BANCSHARES, INC. (NASDAQ:CUBN) closed its last trading session down -0.37 at 25.04 with 8,530 shares trading hands.
