PROVIDENT BANCORP, INC. (NASDAQ:PVBC) 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
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e)On November 17, 2016, Provident Bancorp, Inc. (the Company)
granted a total of 384,268 stock options and 153,726 restricted
stock awards under the Provident Bancorp, Inc. 2016 Equity
Incentive Plan (the Plan) to officers, employees and directors of
the Company and The Provident Bank. Each award granted under the
Plan is evidenced by an award agreement signed by the grantee.
Attached hereto as Exhibits 10.1 through 10.3, respectively, are
forms of Incentive Stock Option Award Agreement, Non-Statutory
Stock Option Award Agreement, and Restricted Stock Award
Agreement (collectively, the Agreements).
The Incentive Stock Option Award Agreement and the Non-Statutory
Stock Option Award Agreement provide the terms of individual
option grants, including the number of options granted, the
exercise price per share, the date of grant, the vesting
schedule, restrictions on transfer, the effect of termination
under certain conditions, and the term and expiration date of the
options.
The Restricted Stock Award Agreement provides the terms of
individual restricted stock awards, including the number of
shares awarded, the vesting schedule, restrictions on transfer,
grantee rights prior to vesting of awards, and the effect of
termination under certain conditions.
The foregoing description of the material terms of the Agreements
does not purport to be complete and is qualified in its entirety
by reference to Exhibits 10.1 to 10.3, which are incorporated
herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
The following Exhibits are attached as part of this report:
| Exhibit No. | Description | |
| 10.1 |
Form of Incentive Stock Option Award Agreement (Incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-8 (File No. 333-214702), filed with the Securities and Exchange Commission on November 18, 2016) |
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| 10.2 |
Form of Non-Statutory Incentive Stock Option Award Agreement (Incorporated by reference to Exhibit 10.3 to the Registration Statement on Form S-8 (File No. 333-214702), filed with the Securities and Exchange Commission on November 18, 2016) |
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| 10.3 |
Form of Restricted Stock Award Agreement (Incorporated by reference to Exhibit 10.4 to the Registration Statement on Form S-8 (File No. 333-214702), filed with the Securities and Exchange Commission on November 18, 2016) |
About PROVIDENT BANCORP, INC. (NASDAQ:PVBC)
Provident Bancorp, Inc. is the holding company of The Provident Bank. The Provident Bank is a community bank that serves the banking needs of its customers. The Provident Bank operates from its main office and over two branch offices in the Northeastern Massachusetts area and over four branch offices in Southeastern New Hampshire, and one branch is located in Bedford, New Hampshire. The Bank also has a loan production office in Nashua, New Hampshire. Its primary lending area encompasses Northeastern Massachusetts and Southern New Hampshire, with a focus on Essex County, Massachusetts, and Hillsborough and Rockingham Counties, New Hampshire. Its primary deposit-gathering area is concentrated in Essex County, Massachusetts, Rockingham County, New Hampshire, and Hillsborough County, New Hampshire. The Bank uses funds to originate loans, primarily commercial real estate, construction and land development and commercial business loans, and to invest in securities. PROVIDENT BANCORP, INC. (NASDAQ:PVBC) Recent Trading Information
PROVIDENT BANCORP, INC. (NASDAQ:PVBC) closed its last trading session up +0.45 at 18.50 with 10,412 shares trading hands.
