Plumas Bancorp (NASDAQ:PLBC) 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.
On April 1, 2019, the Company entered into a Salary Continuation Agreement with Mr. Aaron Boigon, Executive Vice President and Chief Information Officer of Plumas Bank.The purpose of the salary continuation agreement is to provide special incentive to the executive to continue employment with the Company on a long-term basis. The agreement for Mr. Boigon will provide him with salary continuation benefits of up to $65,000 per year for 10 years after continuous employment through November 24, 2040. If Mr.Boigon terminates employment with the Company for a reason other than death prior to his normal retirement date of November 24, 2040, he will be entitled to salary continuation benefits at a reduced amount depending on his length of service with the Company.
On April 1, 2019, the Salary Continuation Agreement of Mr. Andrew J. Ryback, President and Chief Executive Officer of the Registrant and Plumas Bank was amended to increase the maximum annual benefit from $80,000 to $125,000. On this same date the Salary Continuation Agreements of Mr. Richard L. Belstock, Executive Vice President and Chief FinancialOfficer of the Registrant and Plumas Bankand Ms. BJ North,Executive Vice President and Chief Banking Officer of Plumas Bank were amended to increase their maximum annual benefit to $76,500 and $70,500, respectively.
Item 9.01Exhibits
PLUMAS BANCORP Exhibit
EX-10.1 2 ex_139592.htm EXHIBIT 10.1 ex_139592.htm Exhibit 10.1 Plumas Bank Salary Continuation Agreement Andrew Ryback 2019-1 Benefit Increase Amendment Whereas,…
To view the full exhibit click here
About Plumas Bancorp (NASDAQ:PLBC)
Plumas Bancorp is a bank holding company. The Company’s primary subsidiary is Plumas Bank. The Bank is a California state-chartered bank. The Federal Deposit Insurance Corporation (the FDIC) up to maximum insurable amounts insures the Bank’s deposit accounts. The Bank operates through its approximately 10 branch networks. The Bank maintains approximately 15 automated teller machines (ATMs) tied in with statewide and national networks. In addition to its branch network, the Bank operates lending offices specializing in government-guaranteed lending in Auburn, California and Beaverton, Oregon, a commercial/agricultural lending office located in Chico, California, and a commercial loan office located in Reno, Nevada. The Bank’s loan portfolio consists commercial real estate loans; commercial and industrial loans; consumer loans; agricultural loans; residential real estate loans, and construction and land development loans.
