Current Report Filing (8-k)
December 02 2016 - 12:53PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December
1, 2016
New Peoples Bankshares, Inc.
(Exact name of registrant as specified in
its charter)
Commission File Number: 000-33411
VA
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31-1804543
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(State
or other jurisdiction of
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(IRS
Employer
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incorporation)
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Identification
No.)
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67 Commerce Drive
Honaker, VA 24260
(Address of principal executive offices,
including zip code)
(276) 873-7000
(Registrant’s telephone number, including
area code)
N/A
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02. Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Employment Agreement
On December 1, 2016, New
Peoples Bankshares, Inc. (the “Company”), and New Peoples Bank, Inc., (the “Bank” and, together with the
Company, “New Peoples”) entered into an Employment Agreement (the “Agreement”) with C. Todd Asbury, New
Peoples President and CEO. The Agreement is effective as of December 1, 2016. The term of the Agreement ends on December 1, 2019,
unless earlier terminated, and the Agreement automatically renews for successive two year terms (unless terminated prior to the
commencement of the renewal term).
Under Mr. Asbury’s
Agreement, he is entitled to an annual base salary of $255,000 and an annual performance bonus, if any, in an amount approved
by New Peoples’ Board of Directors. Mr. Asbury is also eligible to participate in any equity and/or other long-term compensation
programs established by the Company as well as employee benefits, executive benefits, perquisites, reimbursement of expenses and
vacation as set forth in his Agreement.
The Agreement provides
Mr. Asbury with severance benefits in the event of termination of his employment under certain circumstances and contain certain
confidentiality and noncompetition provisions.
The Agreement provides
that the executive’s employment may be terminated by the Company “With Cause” (as defined in the Agreement)
or without Cause, or by the executive for “Good Reason” (as defined in the Agreement) or without Good Reason. The
executive’s employment may be terminated upon a determination that the executive is disabled or automatically upon the executive’s
death. If an executive’s employment is terminated by the Company for Cause or by the executive for Other than Good Reason,
then under his Agreement, the executive will be entitled to receive any accrued but unpaid salary, bonus or other benefits or
awards, and expense reimbursement. The foregoing amounts are referred to collectively as the “Accrued Obligations.”
If an executive’s employment is terminated by the Company without Cause or by the executive for Good Reason, then, in addition
to the Accrued Obligations, the executive will be entitled under his Agreement to receive the following: (i) if not connected
to a Change in Control (as defined in the Agreement), a severance payment equal to two times the executive’s base salary
and bonus; or (ii) if within 24 months after a Change in Control, a severance payment equal to 3 times the executive’s base
salary and bonus unless the Change in Control is a Sale of the Company (as defined in the Agreement) in which case the severance
payment is based on certain percentages of the Company’s book value received by the Company’s shareholders in the
transaction.
The foregoing descriptions
of the Agreement do not purport to be complete and are qualified in their entirety to the full text of the Agreement, a copy of
which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibit is filed with this
Current Report pursuant to Item 5.02:
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NEW PEOPLES BANKSHARES, INC.
(Registrant)
Date: December 1, 2016
By:
/s/ JOSEPH D. PENNINGTON
Joseph D. Pennington
Senior Vice President and
Chief Financial Officer
New Peoples Bankshares (PK) (USOTC:NWPP)
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