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CVCY > SEC Filings for CVCY > Form 8-K on 27-May-2014All Recent SEC Filings

Show all filings for CENTRAL VALLEY COMMUNITY BANCORP

Form 8-K for CENTRAL VALLEY COMMUNITY BANCORP


27-May-2014

Termination of a Material Definitive Agreement, Financial Statem


Item 1.02 Termination of a Material Definitive Agreement.

On May 22, 2014, Central Valley Community Bancorp (the "Company"), and Patriot Financial Partners, L.P. and Patriot Financial Partners Parallel, L.P. (each a "Fund") agreed to terminate the Management Rights Agreement ("Management Rights Agreement") formed on December 22, 2009, in connection with the Stock Purchase Agreement dated December 22, 2009, under which the Funds acquired shares of the Company's common stock and securities convertible into the Company's common stock, representing at that time beneficial ownership of more than 10% of the Company's outstanding common stock. Recent reductions in share ownership by the Funds have reduced their aggregate holdings to an amount below 10% of the Company's outstanding common stock.

Under the Management Rights Agreement the Funds had access to materials provided to the Company's Board of Directors and could designate a non-voting observer to attend meetings of the Board. As a result of the termination, the Funds shall no longer receive Board materials or have observer rights, but must maintain in confidence information obtained under the Management Rights Agreement. The Company confirmed to the Funds in the termination agreement that it no longer considers the Funds to be affiliates of the Company.



Item 9.01. Financial Statements and Exhibits

(a) Financial statements:
None
(b) Pro forma financial information:
None
(c) Shell company transactions:
None
(d) Exhibits
10.1 Termination of Management Rights Agreement

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Central Valley Community Bancorp

Date: May 27, 2014 By: /s/ Daniel J. Doyle Name: Daniel J. Doyle Title: President and Chief Executive Officer (principal executive officer)

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