Attached files
| file | filename |
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| EX-10.1 - EXHIBIT 10.1 - CITY NATIONAL BANCSHARES CORP | ex10-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D. C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
To Section 13 or 15(d) of The
Securities
Exchange Act of 1934
Date of
Report (Date of earliest event reported): May 18, 2010
CITY
NATIONAL BANCSHARES CORPORATION
(Exact
name of registrant as specified in charter)
|
State
of New Jersey
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0-11535
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22-2434751
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(State
or other jurisdiction
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(Commission
|
(I.R.S.
Employer
|
|
of
incorporation)
|
File
Number)
|
Identification
Number)
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|
900
Broad Street, Newark, New Jersey
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07102
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(Address
of principal executive offices)
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(zip
code)
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Registrant’s
telephone number, including area code: (973) 624-0865
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
1.01 Entry into a Material Definitive Agreement.
On May
18, 2010, the City National Bancshares Corporation (the “Corporation”) and
City National Bank of New Jersey (the “Bank”) entered into a
new employment agreement with Louis E. Prezeau to serve as the President and
Chief Executive Officer of both entities. The agreement is for a term
of one year and will automatically renew for successive one year terms unless
six months notice is given prior to the expiration of the
agreement. Under the agreement, Mr. Prezeau is entitled to an annual
salary of $268,000, which may be increased annually at the discretion of the
Board.
Upon
termination of the employment agreement with or without cause, or upon death or
disability, Mr. Prezeau is entitled to receive accrued and unpaid salary and
benefits thereunder as of such termination date. In addition, solely
upon (a) death while employed, the Corporation must continue health benefits for
Mr. Prezeau’s family members for one year after death, and (b) disability, the
Corporation must provide long term disability benefits for Mr. Prezeau,
including an additional long term disability policy providing a disability
benefit of an amount equal to two-thirds of Mr. Prezeau’s annual base salary in
effect at the time of disability.
Mr.
Prezeau is also entitled to fringe, medical, health and life insurance benefits,
including life insurance for an amount of up to three times his base salary then
in effect and a $1,200 per month car allowance.
The
foregoing summary of the above described employment agreement is not intended to
be complete, and is qualified in its entirety by reference to the employment
agreement which is attached to this Current Report on Form 8-K as Exhibit 10.1
and is incorporated by reference into this Item 1.01.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
The
following exhibits are filed herewith:
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Exhibit
No.
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Description of
Exhibit
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10.1
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Employment
Agreement, dated as of May 18, 2010, by and among City National Bancshares
Corporation, City National Bank of New Jersey and Louis E.
Prezeau
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2
SIGNATURES
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.
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CITY
NATIONAL BANCSHARES CORPORATION
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Date: May
21, 2010
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By:
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/s/
Edward R. Wright
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Edward
R. Wright
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||
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Senior
Vice President and Chief Financial
Officer
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3
Exhibit
Index
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Exhibit
No.
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Description of
Exhibit
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10.1
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Employment
Agreement, dated as of May 18, 2010, by and among City National Bancshares
Corporation, City National Bank of New Jersey and Louis E.
Prezeau
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4