PLBC Plumas Bancorp Inc

ITEM 5.02.   DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.  

On April 1, 2016, the Company entered into Salary Continuation Agreements with Mr. Richard L. Belstock, Executive Vice President and Chief Financial Officer of the Registrant and Plumas Bank, Mr. Kerry D. Wilson, Executive Vice President and Chief Credit Officer of Plumas Bank and Ms. BJ North, Executive Vice President of Retail Banking, Marketing and Commercial Lending 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. Belstock will provide him with salary continuation benefits of up to $54,000 per year for 10 years after continuous employment through March 31, 2026. The agreements for Mr. Wilson and Ms. North provide salary continuations benefits of up to $48,000 per year for 10 years after continuous employment through March 31, 2026. If Messrs. Belstock or Wilson, or Ms. North terminates employment with the Company for a reason other than death or disability prior to the retirement March 31, 2026, they will be entitled to salary continuation benefits at a reduced amount depending on their length of service with the Company.   

On April 1, 2016, 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 $62,000 to $80,000.