POAGE BANKSHARES, INC. (NASDAQ:PBSK) 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 or Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e)Amendment of Change in Control Agreement with Bruce VanHorn. On May 15, 2018, the change in control agreement previously entered into between Town Square Bank (the "Bank"), a wholly owned subsidiary of Poage Bankshares, Inc. (the "Company"), and Bruce VanHorn (the "Executive"), President and Chief Executive Officer of the Company and the Bank (the "Agreement") was amended to provide that in the event the Executive's employment is terminated subsequent to a change in control either by the Bank for a reason other than cause (as defined in the Agreement) or by the Executive for good reason (as defined in the Agreement), the Bank will pay the Executive an amount equal to (i) two times the Executive's annual base salary, (ii) two times the highest bonus (including any retention payments) earned by the Executive in any one of the three calendar years immediately preceding the year in which the termination occurs, and (iii) $90,000. Such payment will be paid in a cash lump sum within ten (10) days of the Executive's date of termination. There were no other changes to the terms and conditions of the Agreement.
The foregoing description of the amendment is qualified in its entirety by reference to the Agreement and the amendment attached hereto as exhibits 10.1 and 10.2, respectively, of this Current Report on Form 8-K, and is incorporated by reference into this Item 5.02.
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Item 9.01 |
Financial Statements and Exhibits |
10.1Change in Control Agreement with Bruce VanHorn
10.2Amendment No. 1 to the Change in Control Agreement with Bruce VanHorn
Poage Bankshares, Inc. ExhibitEX-10.1 2 ex10-1_8kcic051518.htm CHANGE IN CONTROL AGREEMENT WITH BRUCE VANHORN EXHIBIT 10.1 ONE-YEAR CHANGE IN CONTROL AGREEMENT This Change in Control Agreement (the “Agreement”) is made effective as of the 18th day of March,…To view the full exhibit click here
About POAGE BANKSHARES, INC. (NASDAQ:PBSK)
Poage Bankshares, Inc. is a holding company for Town Square Bank (Town Square). Town Square is a federal savings association. The Company operates in banking segment. Town Square’s business consists of accepting savings accounts, checking accounts and certificates of deposits from the general public and investing those deposits, together with funds generated from operations and borrowings, primarily in first lien one-to-four-family mortgage loans, commercial and multi-family real estate loans, commercial and industrial loans consumer loans, consisting primarily of automobile loans and home equity loans and lines of credit, and construction loans. Town Square purchases investment securities consisting of mortgage-backed securities issued by the United States Government agencies and government-sponsored enterprises, and obligations of state and political subdivisions. Town Square provides financial services to individuals, families and businesses, through its banking offices.
