Team Financial Inc /Ks - Current report filing (8-K)
August 25 2008 - 5:13PM
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
August 19, 2008
(Date of earliest event reported)
TEAM
FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
KANSAS
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000-26335
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48-1017164
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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8 West Peoria, Suite 200, Paola, Kansas, 66071
(Address of principal executive offices) (Zip Code)
Registrants telephone, including area code:
(913) 294-9667
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:
o
Written
Communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Section 1
Registrants Business and Operations
Item
1.01 Entry into a Material Definitive Agreement.
At
a meeting of the Board of Directors of Team Financial, Inc. held on August 19,
2008, Connie D. Hart was named Chairman of the Board of Directors. At such meeting, Ms. Hart agreed to the
compensation plan (the Plan) that was recommended by the Compensation
Committee and approved and adopted by the Board for the remainder of 2008 and
all of 2009. Under the Plan, as Chairman
of the Team Financial, Inc. Board, Ms. Hart will receive (i) an
annual retainer of $24,000; (ii) $1,000 per Board meeting; (iii) $500
per strategic planning committee meeting (including extra compensation for
being the chairman of this committee); (iv) $300 per audit committee
meeting; and (v) $250 per compensation committee meeting. Under the Plan, as Lead Director of TeamBank,
N.A., Ms. Hart will receive (i) an annual retainer of $30,000; (ii) $200
per board meeting; (iii) $200 per audit committee meeting; (iv) $100
per credit risk committee meeting; (v) $100 per senior loan committee
meeting; and (vi) $250 per executive committee meeting. Ms. Hart will receive a prorated annual
retainer as set forth above for the remainder of 2008 and will receive the same
per meeting rates. The Board reserved
the right to pay a bonus to Ms. Hart, as Chairman, including, stock
grants, options or cash, based upon performance criteria to be approved by the
Board. Additionally, the Board approved
and adopted a payment of $24,000 to Ms. Hart for her work during May, June and
July of 2008.
Section 8 Other Events
Item 8.01 Other Events.
On
August 19, 2008 the Company issued a press release which is attached as Exhibit 99.1
hereto. The press release shall be deemed to be furnished rather than filed.
Section 9 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(a)
Financial Statements of businesses acquired:
Not
applicable.
(b)
Pro Forma financial information:
Not
applicable.
(c)
Shell company transactions:
Not
applicable.
(d)
Exhibits:
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Exhibit No.
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Description
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99.1
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Team
Financial, Inc. Press release dated August 19, 2008, which shall be
deemed to be furnished rather than filed.
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2
SIGNATURES
Pursuant
to the requirement 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.
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TEAM
FINANCIAL, INC.
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By:
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/s/
Bruce R. Vance
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Bruce
R. Vance,
Interim Chief Financial Officer
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Date:
August 25, 2008
3
EXHIBIT INDEX
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Exhibit No.
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Description
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99.1
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Team
Financial, Inc. Press release dated August 19, 2008.
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