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SLRK > SEC Filings for SLRK > Form 8-K/A on 5-Sep-2013All Recent SEC Filings

Show all filings for SOLERA NATIONAL BANCORP, INC.



Change in Directors or Principal Officers, Financial Statements a

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

On September 3, 2013, Solera National Bancorp, Inc. (the "Company") entered into a Separation Agreement (the "Separation Agreement") with Douglas Crichfield (the "Executive"), former President, Chief Executive Officer and member of the Board of Directors of both the Company and its bank, Solera National Bank (the "Bank"). The effective date of the Separation Agreement is July 26, 2013. Pursuant to the Separation Agreement, (i) the Company will pay the Executive severance pay in the gross amount of $200,000, payable over 12 months in accordance with normal payroll practices of the Company; (ii) provided the Executive elects continuation coverage of health insurance in accordance with the Consolidated Omnibus Reconciliation Act of 1985 ("COBRA"), the Company will pay the premiums for such coverage for 18 months from when the Executive's coverage would otherwise end, or until such earlier date as the Executive's eligibility for such coverage ends; (iii) all stock options held by Executive (as reported in the Company's public filings) that are currently scheduled to vest on or before January 26, 2014 shall be deemed vested as of July 26, 2013 and all remaining unvested stock options, will be forfeited and cancelled; and
(iv) the exercise period for all stock options currently held by Executive (as reported in the Company's public filings), including those noted above in clause
(iii) above, will be extended until December 31, 2014. The Separation Agreement also contains other usual and customary provisions.

The foregoing description of the Separation Agreement is only a summary and is qualified in its entirety by the full text of such agreement, a copy of which is attached hereto as Exhibit 10.1.

ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits:

The following exhibit is filed with this Amendment No. 1 to the Current Report on Form 8-K/A:

     Exhibit No.                                   Description

                         Separation Agreement between Solera National Bancorp, Inc.,
        10.1             Solera National Bank, Douglas Crichfield.

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