Eagle Bancorp Montana, Inc 8-K, filed Sep 22, 2020
Eagle Bancorp Montana, Inc. (EBMT)
About this 8-K
Eagle Bancorp Montana, Inc filed this 8-K on September 22, 2020, reporting on events of September 17, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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(Address of principal executive offices)(Zip Code) |
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Registrant’s telephone number, including area code: ( |
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| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s) |
Name of each exchange
on which registered |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
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| Item 9.01 | Financial Statements and Exhibits |
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Exhibit No.
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Description
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10.1
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| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
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EAGLE BANCORP MONTANA, INC.
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Date: September 22, 2020
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By:
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/s/ Peter J. Johnson
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Peter J. Johnson
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President and Chief Executive Officer
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Exhibit 10.1
THIRD AMENDMENT TO THE
SALARY CONTINUATION AGREEMENT
FOR
LAURA CLARK
THIS THIRD AMENDMENT (the “Amendment”) is adopted this September 21, 2020, by and between Opportunity Bank of Montana, located in Helena Montana (the “Employer”), and Laura Clark (the “Executive”).
The Employer and the Executive executed a Salary Continuation Agreement effective as of November 1, 2014 (as amended, the “Agreement”). The Company and the Executive now wish to increase the benefits provided to the Executive in the Agreement.
NOW, THEREFORE, the Employer and the Executive adopt the following amendments to the Agreement:
Section 2.1 of the Agreement shall be deleted in its entirety and replaced by the following:
2.1 Normal Retirement Benefit. Upon Separation from Service on or after Normal Retirement Age, the Employer shall pay the Executive an annual benefit in the amount shown on the table below in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month following Separation from Service and continuing until the Executive’s death.
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Executive’s age at Separation from Service |
Annual Benefit |
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65 |
$12,872 |
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66 |
$16,766 |
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67 |
$21,398 |
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68 or later |
$26,500 |
Section 2.5 of the Agreement shall be deleted in its entirety and replaced by the following:
2.5 Death Prior to Commencement of Benefit Payments. In the event the Executive dies prior to Separation from Service, the Employer shall pay the Beneficiary an annual benefit in the amount of Twenty-Six Thousand Five Hundred Dollars ($26,500) in lieu of any other benefit hereunder. The annual benefit will be paid in equal monthly installments commencing the month following the Executive’s death and continuing for fifteen (15) years.
IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Employer have executed this Amendment as indicated below and as of the date above:
| Executive: | Employer: |
| /s/ Laura F. Clark | By: | /s/ Peter J. Johnson | |
| Laura F. Clark | Peter J. Johnson | ||
| Its: | President/CEO |