Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On June 26, 2008, Mackinac Financial Corporation announced that Eliot Stark,
Vice Chairman and Board member has resigned to pursue other interests. Mr. Stark
was also an executive officer and director of mBank, the principal subsidiary of
Mackinac Financial Corporation.
Following are the principal terms of the separation agreement reached by
Mackinac Financial Corporation and Mr. Stark:
Mr. Stark will continue to receive his base compensation and benefits for a
period of twenty-three (23) months with a commencement date of June 1, 2008.
Total payments under this agreement approximate $450,000. Mr. Stark will also
retain all rights associated with options he has been awarded to date, under the
original terms of the option agreement when issued.
ITEM 9.01 EXHIBITS
The following exhibits are furnished herewith:
EXHIBIT
NUMBER EXHIBIT DESCRIPTION
5.1 Separation Agreement dated June 19, 2008.
|
Table of Contents
Add
MFNC to Portfolio
Set Alert
Email to a
Friend