Business Context and Reporting Period
Company: Plumas Bancorp
Filing Type: Form 8-K (Current Report)
Date of Report: February 18, 2009
Event: Entry into a Material Definitive Agreement (Item 1.01)
Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The report focuses exclusively on a corporate governance event.
Material Changes
On February 18, 2009, the Board of Directors approved a new one-year Employment Agreement for Douglas N. Biddle, President and Chief Executive Officer. This agreement replaces the previous contract dated January 1, 2006, which had recently expired.
Outlook, Risks, and Management Commentary
- Purpose: The agreement is intended to encourage Mr. Biddle to remain an employee of the Company.
- Key Provisions: The Company agrees to provide the Executive with certain severance benefits under specific circumstances as detailed in the agreement.
- Exhibits: The full Employment Agreement is filed as Exhibit 10.05.
Key Facts for Investor Verification
- Verify the specific severance benefit triggers and amounts in the attached Exhibit 10.05.
- Confirm the duration of the new agreement (one year) and the expiration date.
- Note that this filing does not disclose any changes in financial performance or liquidity status.