OLD POINT FINANCIAL CORPORATION (NASDAQ:OPOF) 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.
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As part of his sign-on equity award in connection with his hiring as Chief Financial Officer and Senior Vice President/Finance of Old Point Financial Corporation (the Company) and Chief Financial Officer and Executive Vice President of The Old Point National Bank of Phoebus, on July 11, 2017, the Compensation and Benefits Committee of the Board of Directors of the Company awarded 2,245 shares of restricted stock (the Award Shares) to Mr. Jeffrey W. Farrar on the terms and subject to the conditions set forth in the Time-Based Restricted Stock Agreement (the Award Agreement) attached hereto as Exhibit 10.19, and subject to the terms, conditions and restrictions of the previously filed Old Point Financial Corporation 2016 Incentive Stock Plan (the Plan). Subject to earlier forfeiture or accelerated vesting under certain circumstances described below and in the Award Agreement, the Award Shares are scheduled to vest in installments of 67% on June 1, 2019 and 33% on June 1, 2020. The Award Agreement provides that in the event Mr. Farrar's employment is terminated due to death or Disability (as defined in the Plan) or retirement under certain conditions, or a Change in Control (as defined in the Plan) occurs, the Award Shares will immediately vest. If Mr. Farrar's employment with the Company ends before the Award Shares vest and he is not eligible for accelerated vesting of the Award Shares, then the Award Shares subject to restrictions will be automatically forfeited to the Company. The foregoing description of the Award Shares and the Award Agreement are summaries only and are qualified in their entirety by reference to the filed Award Agreement attached hereto as Exhibit 10.19. |
Item 9.01 Financial Statements and Exhibits.
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(d) |
Exhibits |
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Exhibit 10.19 |
Time-Based Restricted Stock Agreement, dated July 11, 2017, between Old Point Financial Corporation and Jeffrey W. Farrar |
OLD POINT FINANCIAL CORP ExhibitEX-10.19 2 ex-10-19.htm EXHIBIT 10.19 Exhibit 10.19 OLD POINT FINANCIAL CORPORATION TIME-BASED RESTRICTED STOCK AGREEMENT Granted July 11,…To view the full exhibit click here
About OLD POINT FINANCIAL CORPORATION (NASDAQ:OPOF)
Old Point Financial Corporation is a holding company that conducts all of its operations through two subsidiaries, The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services, N.A. (the Trust). The Company operates in three principal business segments: the Bank, the Trust and the Parent. The Company is the parent company of Trust and the Bank. The Bank is an independent community bank. The Bank had approximately 18 branch offices serving the Hampton Roads localities of Hampton, Newport News, Norfolk, Virginia Beach, Chesapeake, Williamsburg/James City County, York County and Isle of Wight County. The Bank offers a complete line of consumer, mortgage and business banking services, including loan, deposit and cash management services. The Bank offers a range of deposit and loan products to its retail and commercial customers. The Trust is a nationally chartered trust company and is wealth management services provider.