FOUR OAKS FINCORP, INC. (OTCMKTS:FOFN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Trust Company (the “Bank”) a wholly-owned subsidiary of Four
Oaks Fincorp, Inc. (the “Company”), approved the Four Oaks Bank
Trust Company Death Benefit Only Plan (the “Plan”), with an
effective date of January 1, 2017. Under the Plan, the Bank,
through bank-owned life insurance policies, provides death
benefits to employees of the Bank selected by the Compensation
Committee. The Bank is the sole owner of each life insurance
policy, pays all premiums due under the policies, and is the
beneficiary of any death benefit payable from the policies.
Provided that the Bank receives a death benefit from a life
insurance policy on the participant’s life, on such
participant’s death, the participant’s beneficiaries will be
paid the amount specified in an individual Participation
Agreement, a form of which is attached as an exhibit to the Plan,
unless the participant’s employment has terminated under certain
circumstances. The Bank anticipates entering into separate
Participation Agreements with the Company’s Chief Executive
Officer, Chief Financial Officer, and other named executive
officers providing for a benefit upon death of $100,000, subject
to the terms of the Plan.
| Item 8.01 |
Other Events.
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stock split (the “Reverse Stock Split”), which was previously
anticipated to go effective at 5 P.M. Eastern Time on March 1,
2017, has been delayed pending final approval of the Reverse
Stock Split by the Financial Industry Regulatory Authority
(“FINRA”). The Company intends to provide an update once it has
received final approval from FINRA and set a new effective time
for the Reverse Stock Split.
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Exhibit No.
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Description of Exhibit
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10.1
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Death Benefit Only Plan (including the form of
Participation Agreement as Exhibit A thereto) |
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About FOUR OAKS FINCORP, INC. (OTCMKTS:FOFN)
Four Oaks Fincorp, Inc. is a bank holding company. The Company’s primary function is to serve as the holding company for its subsidiaries, Four Oaks Bank & Trust Company, Inc. (the Bank) and Four Oaks Mortgage Services, L.L.C. The Bank operates over 16 offices in eastern and central North Carolina. In addition, the Company has an interest in Four Oaks Statutory Trust I. The Bank is a community-focused bank engaged in commercial banking business. The Bank provides a range of banking services, including deposit accounts, loan products, wealth management, bank access services and merchant services. The Bank offers deposit accounts, such as checking, savings, free checking and savings program, certificates of deposit (CD), e-statements and mobile check capture. It offers wealth management products, such as financial planning services, wealth management services, life insurance, long-term care and annuities. It offers Internet banking, telephone banking and mobile banking. FOUR OAKS FINCORP, INC. (OTCMKTS:FOFN) Recent Trading Information
FOUR OAKS FINCORP, INC. (OTCMKTS:FOFN) closed its last trading session down -12.34 at 3.46 with 64,795 shares trading hands.