Monarch Community Bancorp 8-K 2014
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 9, 2014
Monarch Community Bancorp, Inc.
(Exact name of registrant as specified in its charter)
375 North Willowbrook Road, Coldwater, MI 49036
(Address of principal executive offices) (Zip Code)
(Registrants telephone number, including area code)
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:
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(a) On August 19, 2014, Monarch Community Bank, a wholly-owned subsidiary of the Company, entered into management continuity agreements with the following executive officers: Richard J. DeVries, Rebecca S. Crabill, Andrew J. VanDoren, Charles C. Mulka and Vicki L. Bassage. Upon a qualifying termination of employment following a change of control, each individual is entitled to receive the termination benefits provided for in his or her management continuity agreement. A qualifying termination of employment occurs if, within 12 months following a change of control, either the individuals employment is terminated other than for cause, death or disability or the individual terminates his or her employment for good reason (as defined in the management continuity agreements).
Under the terms of his management continuity agreement, upon a qualifying termination, Mr. DeVries will be will be entitled to receive a lump sum payment equal to the sum of three years of salary and three years of annual board of directors retainer and meeting fees, continuation of health care coverage for three years and the transfer to Mr. DeVries of the laptop computer, iPad and automobile currently provided to him by the Company and/or the bank. Under the terms of her management continuity agreement, upon a qualifying termination, Ms. Crabill will be will be entitled to receive a lump sum payment equal to two years of salary, continuation of health care coverage for two years and the transfer to Ms. Crabill of the laptop computer and iPad currently provided to her by the Company and/or the bank. Under the terms of their management continuity agreements, upon a qualifying termination, Messrs. VanDoren and Mulka and Ms. Bassage will be entitled to receive a lump sum payment equal to one year of salary, continuation of health care coverage for one year and the transfer to each such executive officer of the laptop computer and iPad currently provided by the Company and/or the bank.
The preceding description of the management continuity agreements is a summary of its material terms, does not purport to be complete, and is qualified in its entirety by reference to the agreements filed as Exhibits 10.1-10.5 to this Current Report on Form 8-K and is incorporated herein by reference.
(b) On August 19, 2014, the Companys Board of Directors approved the Companys 2014 Stock Compensation Plan (the Plan). All Company officers, employees and directors are eligible to participate in the Plan. A copy of the Plan is filed as Exhibit 10.6 to this Current Report on Form 8-K and is incorporated herein by reference.
Under the terms of the Plan:
On August 19, 2014, the Board of Directors awarded to Richard J. DeVries, Rebecca S. Crabill, Andrew J. VanDoren, Vicki L. Bassage and Charles C. Mulka, 73,725, 55,293, 36,862, 36,862 and 36,862 shares, respectively, of the Companys common stock, as restricted stock awards under the Plan, with one-fifth of each such award vesting on the first, second, third, fourth and fifth anniversaries of the grant date. In accordance with the terms of the Plan, all of the restrictions on these shares will lapse at a change of control of the Company. The shares were issued pursuant to the standard form of Restricted Stock Agreement under the Plan, a copy of which is filed as Exhibit 10.7 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
The following exhibits are filed herewith:
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.