Business Context and Reporting Period
Company: Plumas Bancorp
Filing Type: Form 8-K (Current Report)
Date of Report: September 15, 2004
Reporting Period: Specific event date of September 15, 2004
This filing reports the entry into material definitive agreements regarding executive compensation and retention.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on contractual agreements rather than financial performance data.
Material Changes
On September 15, 2004, the Company executed the following changes:
- Amended an existing Salary Continuation Agreement with Robert T. Herr, Executive Vice President and Chief Loan Administrator.
- Entered into a new Split Dollar Agreement with Robert T. Herr.
Management Commentary and Unusual Items
Purpose of Agreements: The primary intent of these agreements is to encourage Mr. Herr to remain an employee of the Company.
Agreement Details: Under the Split Dollar Agreement, the Company agrees to divide the net death proceeds of life insurance policy(ies) on the Executive's life with the Executive's beneficiary.
Risks and Contingencies: The filing does not disclose specific risks or contingencies beyond the standard obligations of the executive compensation agreements.
Investor Verification Checklist
- Verify the specific terms of the Split Dollar Agreement regarding the division of life insurance proceeds.
- Review the First Amendment to the Executive Salary Continuation Agreement for changes to payout conditions.
- Confirm the impact of these agreements on the Company's future compensation expenses.