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SLRK > SEC Filings for SLRK > Form 8-K/A on 10-Jan-2014All 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 January 2, 2014, Solera National Bancorp, Inc. (the "Company") entered into a Separation Agreement (the "Separation Agreement") with Kathleen A. Stout (the "Executive"), former Executive Vice President of Solera National Bank (the "Bank") and former President of the Bank's residential mortgage division. The effective date of the Separation Agreement is December 13, 2013. Pursuant to the Separation Agreement, (i) the Company will pay the Executive severance pay in the gross amount of $90,000 less applicable withholding taxes, payable over six equal monthly installments; and (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 six months from when the Executive's coverage would otherwise end, or until such earlier date as the Executive's eligibility for such coverage ends. 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 Bank and
             10.1                Kathleen A. Stout.

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