- Current report filing (8-K)
August 11 2009 - 3:10PM
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):
August 5, 2009
Pacific State Bancorp
(Exact name of registrant as specified in its charter)
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California
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0-49892
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61-1407606
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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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1899 W. March Lane
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Stockton, California
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95207
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(Address of principal executive offices)
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(Zip Code)
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Registrants
telephone number, including area code:
(209)
870-3214
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(Former name or former address, if changed since last report.)
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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))
Section 5 Corporate Governance and Management
Item 5.02
Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers
On August 5, 2009, Ricky D. Simas,
President and Chief Executive Officer of Pacific State Bancorp (the Company),
entered into an Executive Retention Agreement with Pacific State Bancorps subsidiary
Pacific State Bank (the Bank). The agreement is attached as Exhibit 10.1.
The Agreement set forth the terms of
Mr. Simas employment as President of the Bank, the principal items of which are the
following:
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Mr. Simas employment is at will, and may be terminated by the Board of Directors at any time without
notice.
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Mr. Simas annual compensation is $200,000; this amount would be increased to $250,000 at such time as
the Company completes a sale of stock representing 30% or more of total stockholder interest or a public
offering of its stock. Mr. Simas is also eligible to receive an annual cash performance bonus as
determined by the Board.
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The Bank will provide other employee benefits consistent with its policies and programs for employees of
executive rank, and reimbursement of reasonable and necessary business expenses.
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In the event that the Company completes a sale of stock representing 30% or more of total stockholder
interest during Mr. Simas term of employment, and prior to December 31, 2010 his employment is
terminated other than for cause as defined in the Agreement, the Bank will pay Mr. Simas monthly the sum
of $20,833 for a period of not to exceed 12 months until he obtains new employment. If new employment is
obtained at a salary less than this amount, the Bank will pay Mr. Simas the difference between the
amount of his new salary and the amount of $20,833 so long as this type of compensation is payable under
the Agreement.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit
No.
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Description
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10.1
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Copy of executive
retention agreement
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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.
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Pacific
State Bancorp
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(Registrant)
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Date: August
11, 2009
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By:
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/s/
Justin Garner
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Justin
Garner
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Vice President
- Chief Financial Officer
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2
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