QCR Holdings, Inc. (NASDAQ:QCRH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
As previously announced, on August 31, 2018 Ronald Nagel transitioned from his position as Chief Executive Officer of Community State Bank, a wholly owned bank subsidiary of QCR Holdings, Inc. (the “Company”), to an advisory role serving Community State Bank and its clients. In connection with this transition, on September 10, 2018, the Company and Mr.Nagel entered into an amendment to that certain Employment Agreement, dated May 23, 2016, between the Company and Mr. Nagel (the “Amendment”).
to the Amendment, Mr. Nagel’s 2019 base salary was adjusted to reflect his advisory role going forward, as well as he will be eligible to elect to defer up to 50% of his compensation during the 2019 calendar year. In addition, Mr. Nagel will receive a guaranteed bonus in early 2019 and other perquisites.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment filed as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.
|Item 9.01.||Financial Statements and Exhibits.|
QCR HOLDINGS INC ExhibitEX-10.1 2 exh_101.htm EXHIBIT 10.1 Exhibit 10.1 First Amendment of Employment Agreement Between QCR Holdings,…To view the full exhibit click
About QCR Holdings, Inc. (NASDAQ:QCRH)
QCR Holdings, Inc. is a multi-bank holding company. The Company serves the Quad Cities, Cedar Rapids, Waterloo/Cedar Falls and Rockford communities, through its banking subsidiaries, Quad City Bank and Trust Company (QCBT), Cedar Rapids Bank and Trust Company, and Rockford Bank and Trust Company, which provide commercial and consumer banking and trust and asset management services. It is also engaged in direct financing lease contracts through m2 Lease Funds, LLC (m2), a subsidiary of QCBT. It invests limited amounts of its capital in financial institutions and mutual funds. CRBT provides residential real estate mortgage lending services through its consumer banking division. The Company’s principal business consists of attracting deposits and investing those deposits in loans/leases and securities. The Company and its subsidiaries provide a range of commercial and retail lending/leasing, and investment services to corporations, partnerships, individuals and government agencies.