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MREE > SEC Filings for MREE > Form 8-K on 24-Oct-2013All Recent SEC Filings

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Form 8-K for MAINSTREET BANKSHARES INC


24-Oct-2013

Change in Directors or Principal Officers, Financial Statements and Exh


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

At a regularly scheduled board meeting on October 23, 2013, MainStreet BankShares, Inc. ("MainStreet") appointed Lisa J. Correll (48) as Senior Vice President and Chief Financial Officer. Ms. Correll replaces Brenda H. Smith that was appointed as President and Chief Executive Officer on July 24, 2013. She will be a named executive officer for reporting purposes and will have an annual salary of $85,000.

Ms. Correll has a change in control agreement with MainStreet effective November 14, 2007 that allows for a severance benefit continuation equal to twelve months salary in the event of a change in control of MainStreet, subject to certain limitations. In addition, Ms. Correll participates in the company 401-K plan, group medical and life insurance, and other immaterial reimbursements applicable to her position. She also has 900 stock options outstanding that were granted under the 2004 Key Employee Stock Option Plan, that terminated in January 2009, except with respect to grants that remain until their expiration. These stock options are at a price of $15.00 with an expiration date of November 14, 2017. Ms. Correll is currently Vice President and Corporate Controller for MainStreet. She joined MainStreet in June 2004 and has held the positon of Corporate Controller since June 2007. Ms. Correll has over eighteen years of banking experience, all within the financial services area of the industry.

MainStreet is the bank holding company for Franklin Community Bank.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits. The following exhibit is being furnished pursuant to Item 5.02 above.

Exhibit No. Description

99.1 Press Release dated October 24, 2013

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