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JAXB > SEC Filings for JAXB > Form 8-K/A on 31-Jul-2013All Recent SEC Filings

Show all filings for JACKSONVILLE BANCORP INC /FL/

Form 8-K/A for JACKSONVILLE BANCORP INC /FL/


31-Jul-2013

Change in Directors or Principal Officers


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

As previously disclosed by Jacksonville Bancorp, Inc. (the "Company"), under the executive employment agreement dated July 30, 2012, as amended on December 31, 2012, for Stephen C. Green, the Company's former President and Chief Executive Officer, and as a result of the closing of the Company's private placement in December 2012, Mr. Green was entitled to an option award for the purchase of 2 million shares of the Company's common stock. Under the employment agreement, the option award would have vested over a two-year period after the grant date. Effective June 24, 2013, Mr. Green was granted an option to purchase 2 million shares of the Company's common stock at a purchase price of $0.50 per share, which was fully vested upon the date of grant. As a result of Mr. Green's resignation as President and Chief Executive Officer on June 24, 2013, the option to purchase common stock will be cancelled unless it is exercised on or before September 22, 2013, 90 days after Mr. Green's resignation.


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