Oak Valley Bancorp (NASDAQ:OVLY) 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.
| (d) |
Appointment of Allison C. Lafferty to the Board of Directors |
On October 3, 2017, effective immediately, the Board of Directors (the “Board”) of Oak Valley Bancorp (the “Company”) appointed Ms. Allison C. Lafferty as a member of the Board of Directors to the class of directors whose term expires at the 2020 Annual Meeting or until her successor is duly elected and qualified. Ms. Lafferty qualifies as an independent director within the meaning of the applicable NASDAQ Stock Market listing rules and expects to be a member of the Loan Committee, Compensation Committee, and Nominating Committee.
Ms. Lafferty will receive the standard non-employee director compensation, which includes a monthly cash retainer of $3,000 and a director retirement agreement, which will be pro-rated for her services as a director. A more complete description of a non-employee director’s compensation is described under the heading “Director Compensation” in the Company’s definitive proxy statement filed on May 8, 2017 with the SEC for the 2017 Annual Meeting.
The above description of Ms. Lafferty’s director retirement agreement is not complete and is qualified in its entirety by reference to the Director Retirement Agreement that will be filed as an exhibit to the Company’s Form 10-K for the fiscal year ended December 31, 2017.
Further information about Ms. Lafferty’s appointment is contained in the press release issued by the Company, a copy of which is attached hereto as exhibit 99.1
There are no arrangements or understandings between Ms. Lafferty and any other person, to which Ms. Lafferty was appointed to the Board. Further, there are no transactions involving Ms. Lafferty that require disclosure to Item 404(a) of Regulation S-K.
| Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits.
Oak Valley Bancorp ExhibitEX-99.1 2 ex_96402.htm EXHIBIT 99.1 ex_96402.htm Exhibit 99.1 PRESS RELEASE For Immediate Release Date: October 6,…To view the full exhibit click here
About Oak Valley Bancorp (NASDAQ:OVLY)
Oak Valley Bancorp is a bank holding company. The Company operates through its subsidiary, Oak Valley Community Bank (the Bank). The Bank operates in two primary business segments: Retail Banking and Commercial Banking. The Retail Banking segment offers a range of checking and savings accounts, including Negotiable Order of Withdrawal accounts, money market accounts, overdraft protection, health savings accounts, certificates of deposit and Individual Retirement Accounts. The Retail Banking segment also offers real estate and home equity financing, as well as consumer, automobile and home improvement loans. The Commercial Banking segment offers a range of deposit and lending services to business customers. The Commercial Banking segment also offers various commercial loans for business, professional or agricultural needs. The commercial loans include loans for short-term working capital, operating lines of credit, equipment purchases and leasehold improvements, among others.