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FCVA > SEC Filings for FCVA > Form 8-K on 6-Dec-2013All Recent SEC Filings

Show all filings for FIRST CAPITAL BANCORP, INC.

Form 8-K for FIRST CAPITAL BANCORP, INC.


6-Dec-2013

Change in Directors or Principal Officers, Financial Statements and E


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

On December 3, 2013, First Capital Bancorp, Inc. (the "Company") entered into an employment agreement (the "Agreement") with John M. Presley, effective as of December 2, 2013, pursuant to which the Company will continue to employ Mr. Presley as Chief Executive Officer and Managing Director. The following summary description is qualified in its entirety by reference to the Agreement, which is attached to this Form 8-K as Exhibit 10.1, and is incorporated herein by reference.

The Agreement is effective December 2, 2013 and will expire on December 31, 2016; provided that on December 31, 2015 and on each December 31st thereafter (the "Renewal Date"), the Agreement will be automatically extended for an additional year, unless the Company gives written notice prior to the Renewal Date that the employment term will not thereafter be extended.

Under the Agreement, Mr. Presley's initial annual base salary will be $325,000, which will be reviewed annually by the Company's Board of Directors; provided, however, that in no event will the annual base salary be less than $325,000. Mr. Presley will be entitled to annual cash bonuses and stock-based awards in such amounts as may be determined from time to time by the Board of Directors or the Compensation Committee of the Board of Directors.

The Company may terminate Mr. Presley's employment at any time for "Cause" (as defined in the Agreement) without the Company incurring any additional obligations to him. If the Company terminates Mr. Presley's employment for any reason other than for "Cause" or if Mr. Presley terminates his employment for "Good Reason" (as defined in the Agreement), the Company will generally be obligated to continue to provide the annual base compensation specified in the Agreement for two years following the date of termination, as well as certain additional benefits for a specified period of time. Mr. Presley is also entitled to certain payments and benefits if his employment terminates under particular circumstances following a Change in Control (as defined in the Agreement). Upon the termination of his employment, Mr. Presley will be subject to certain noncompetition and non-solicitation restrictions.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1 Employment Agreement by and between First Capital Bancorp, Inc., and John Presley effective December 2, 2013.


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