Farmers Capital Bank Corporation (NASDAQ:FFKT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On December 30, 2016, Farmers Capital Bank Corporation (the “Company”), amended its Employment Agreement Dated December 10, 2012, as amended on November 26, 2013, December 8, 2014, and December 7, 2015 (the “Agreement”), with Lloyd C. Hillard, Jr., the Company’s President and Chief Executive Officer. The current amendment adds provisions related to receipt of compensation due to Mr. Hillard in the event of a change in control of the Company or upon his retirement.
The amendment provides that under a change in control of the Company, Mr. Hillard will receive payment equal to the balance of his employment Agreement payable at the closing of such a transaction. The amendment also provides that, with a 180 day written notice, Mr. Hillard may retire and receive the balance owed under his employment Agreement.
The above summary of the Agreement is qualified in its entirety by reference to the text of the amendment, a copy of which is attached, and incorporated herein by reference, as Exhibit 10.1 to this Current Report on 8-K.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit 10.1 – Amendment No. 4 dated December 30, 2016 to Employment Agreement between Farmers Capital Bank Corporation and Lloyd C. Hillard, Jr., dated December 10, 2012 (as amended by amendment No. 1 dated November 26, 2013, Amendment No. 2 dated December 8, 2014, and Amendment No. 3 dated December 7, 2015).