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EFSC > SEC Filings for EFSC > Form 8-K on 26-Mar-2013All Recent SEC Filings

Show all filings for ENTERPRISE FINANCIAL SERVICES CORP | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers, Financial Statement

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Entry Into or Amendment of Material Compensatory Plan, Contract or Arrangement On March 25, 2013, Enterprise Financial Services Corp (the "Company") announced that it has negotiated the extension of the employment term of Chief Executive Officer, Peter F. Benoist. Pursuant to Mr. Benoist's employment agreement, the term of his employment originally was scheduled to expire on December 31, 2013. The Company and Mr. Benoist have agreed to extend the term of his employment to December 31, 2014.
In exchange for Mr. Benoist's extension of his term of employment, the Company has agreed to provide Mr. Benoist with a retention bonus opportunity. Under this arrangement, Mr. Benoist will be eligible to receive up to two cash payments of $250,000 each if he remains continuously employed with the Company through December 31, 2013 and December 31, 2014, respectively. Mr. Benoist's right to such retention payments would automatically accelerate if the Company terminates his employment prior to such dates without cause or due to a change in control, as such terms are defined in his employment agreement.

ITEM 9.01. Financial Statements and Exhibits
(d) Exhibits Exhibit No. Description

10.1 Amendment to Executive Employment Agreement, dated March 25, 2013, by and between the Company and Peter F. Benoist*

99.1 Press Release dated March 26, 2013

* Represents management contract or compensatory plan or arrangement.

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