Current Report Filing (8-k)
April 04 2016 - 2:36PM
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)
March 29, 2016
FIRST SOUTH BANCORP, INC.
(Exact Name of Registrant as Specified in
Its Charter)
VIRGINIA
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0-22219
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56-1999749
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(State or other jurisdiction of
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(Commission
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(IRS Employer
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incorporation)
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File Number)
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Identification No.)
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1311 Carolina Avenue, Washington, North Carolina
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27889
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(Address of principal executive offices)
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(Zip Code)
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(252) 946-4178
(Registrant’s telephone number, including
area code)
Not Applicable
(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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¨
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Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
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¨
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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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¨
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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
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A.
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First Amendment to Salary Continuation Agreements:
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On
March 29, 2016, First South Bank entered into a separate First Amendment to Salary Continuation Agreement (the “Amendments”)
with each of the following executive officers: Bruce W. Elder, Scott C. McLean and J. Randy Woodson (the “Executive Officers”).
Previously, First South Bank
and each of the Executive Officers executed Salary Continuation Agreements dated June 3, 2014
(the “Original Agreements”) which provide deferred compensation benefits to the Executive Officers under certain circumstances.
First South Bank is a wholly owned subsidiary of First South Bancorp,
Inc.
The Amendments increase certain payments
that the Executive Officers are entitled to in the event of their retirement, death, or a change in control of First South Bank.
In the event that
Messrs. Elder, McLean or Woodson
become entitled
to such a termination payment,
First South Bank shall pay an annual benefit
in the amount of $42,000, $27,000 or $30,000, respectively, to that Executive Officer in lieu of any other benefit set forth in
their Original Agreement. The annual benefit will be paid in equal monthly installments and continue for fifteen (15) years.
The foregoing summary does not purport
to be complete and is qualified in its entirety by reference to the Amendments, copies of which are included with this report as
Exhibits 10.20(a), 10.22(a) and 10.24(a), which are incorporated herein by reference.
Item 9.01 - Financial Statements and
Exhibits
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(d)
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Exhibits - the following documents are filed as exhibits to this report:
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·
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Exhibit 10.20(a): First Amendment to Salary
Continuation Agreement between First South Bank and Bruce W. Elder
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·
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Exhibit 10.22(a): First Amendment to Salary
Continuation Agreement between First South Bank and Scott C. McLean
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·
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Exhibit 10.24(a): First Amendment to Salary
Continuation Agreement between First South Bank and J. Randy Woodson
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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.
Date: April 4, 2016
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First South Bancorp, Inc.
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(Registrant)
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By:
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/s/ William L. Wall
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William L. Wall
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Senior Vice President and
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Secretary
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