SMARTFINANCIAL, INC. (NASDAQ:SMBK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e) On March 23, 2017, the Compensation Committee of the Board of Directors (the “Board”) of SmartFinancial, Inc. (the “Company”) approved a form of Stock Appreciation Rights Agreement and a Restricted Stock Award Agreement for awards of cash-settled stock appreciation rights and restricted stock grants, attached hereto as Exhibit 10.1 and 10.2, respectively.
On March 23, 2017, the Compensation Committee of the Board approved the grant of cash-settled stock appreciation rights (“SARs”) to certain officers and employees of the Company effective February 23, 2017. In the aggregate, 14,000 SARs were granted. Each SAR has an exercise price equal to $21.72 and vests 50% on the third anniversary of the date of grant, subject to the recipient’s continuous service to the Company through such date. Each SAR shall expire on December 31, 2020. C. Bryan Johnson, our Chief Financial Officer, received 2,000 SARs.
On August 4, 2017, the Company also granted restricted stock (the “Restricted Shares”) to certain officers and employees of the Company to the 2015 Equity Incentive Plan. In the aggregate, 27,500 Restricted Shares were granted. The Restricted Shares vest 50% on the fifth anniversary of the date of grant, subject to the recipient’s continuous service to the Company through such date. William Y. Carroll, Jr., our President and Chief Executive Officer, received 10,000 Restricted Shares, and Wesley M. (Miller) Welborn, our Chairman of the Board, received 7,500 Restricted Shares.
Item 9.01 Financial Statements& Exhibits
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Exhibit Number |
Description of Exhibit |
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10.1 |
Form of Stock Appreciation Rights Agreement |
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10.2 |
Form of Restricted Stock Award Agreement |
SMARTFINANCIAL INC. ExhibitEX-10.1 2 exhibit101tosmbk8-kgrants.htm EXHIBIT 10.1 Exhibit Exhibit 10.1SMARTFINANCIAL,…To view the full exhibit click here
About SMARTFINANCIAL, INC. (NASDAQ:SMBK)
SmartFinancial, Inc., formerly Cornerstone Bancshares, Inc., is a bank holding company. The Company operates through its SmartBank subsidiary (The Bank). The principal business of the Bank consists of attracting deposits from the public and investing those funds, together with funds generated from operations and from principal and interest payments on loans. It offers commercial real estate-mortgage, consumer real estate-mortgage, construction and land development, commercial and industrial, and consumer and other loans. The Bank’s investment portfolio consists of Federal agency bonds, mortgage-backed securities, and state and municipal securities. The Bank provides a range of deposit services to businesses and individuals, including non-interest bearing checking accounts, interest bearing checking accounts, savings accounts, money market accounts, individual retirement accounts (IRAs) and certificates of deposit (CDs). SmartBank operates in approximately seven banking offices.
