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SBTB > SEC Filings for SBTB > Form 8-K on 29-Apr-2014All Recent SEC Filings

Show all filings for SBT BANCORP, INC.

Form 8-K for SBT BANCORP, INC.


Change in Directors or Principal Officers, Financial Statements and Exhibits

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

On April 29, 2014, SBT Bancorp, Inc.'s primary subsidiary, The Simsbury Bank & Trust Company, Inc. (the "Bank"), entered into a Split Dollar Life Insurance Agreement (the "Agreement") with Richard J. Sudol, Executive Vice President, Treasurer and Chief Financial Officer of SBT Bancorp, Inc. and the Bank.

The Agreement provides for the division of death proceeds under certain life insurance policies owned by the Bank on the life of Mr. Sudol with Mr. Sudol's designated beneficiary. The Bank has the right to exercise all incidents of ownership of the life insurance policies and may terminate such policies without the consent of Mr. Sudol. Under the Agreement, if Mr. Sudol passes away prior to termination of his employment with the Bank, Mr. Sudol's designated beneficiary will be entitled to a benefit of $100,000. In addition, if Mr. Sudol's employment is terminated following a change in control of the Bank and he passes away before the age of 65, Mr. Sudol's designated beneficiary will be entitled to a benefit of $100,000. In no event, however, will the benefit exceed the total death proceeds of the life insurance policies minus the greater of (i) such policies' cash surrender value or (ii) the aggregate premiums paid by the Bank for such policies. Mr. Sudol's rights under the Agreement will terminate if he is subject to a final removal or prohibition order issued by an appropriate federal banking agency. In addition, no benefits will be paid if Mr. Sudol commits suicide within two years of April 29, 2014 or if the insurance company denies coverage for any reason, provided, however, that the Bank will evaluate the reasons for denial and, upon advice of legal counsel and in its sole discretion, consider judicially challenging such denial.

The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the full text of the Agreement, which is filed as Exhibit 10.1 hereto and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

10.1 Split Dollar Life Insurance Agreement, dated as of April 29, 2014, by and between The Simsbury Bank & Trust Company, Inc. and Richard J. Sudol

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