UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Date of Report (Date of earliest event reported): January 14, 2008
GREEN BANKSHARES, INC.
(Exact Name of Registrant as Specified in Charter)
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Tennessee |
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0-14289 |
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62-1222567 |
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(State or Other Jurisdiction of |
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(Commission |
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(I.R.S. Employer |
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Incorporation) |
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File Number) |
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Identification No.) |
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100 North Main Street |
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Greeneville, Tennessee |
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37743-4992 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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(423) 639-5111 |
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(Registrants Telephone Number, Including Area Code) |
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Not Applicable |
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(Former Name or Former Address, if Changed Since Last Report) |
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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 (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 5 - Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e) On January 14, 2008, the Board of Directors of Green Bankshares (the Company), upon the recommendation of its Compensation Committee, approved the following compensatory plans and arrangements, paid in accordance with previously established compensatory plans and arrangements, for the Companys named executive officers:
· R. Stan Puckett, Chairman and Chief Executive Officer:
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2008 |
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2007 |
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Change |
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Base Salary |
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$ |
325,000 |
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$ |
278,250 |
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$ |
46,750 |
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Incentive Plan Compensation |
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134,048 |
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301,810 |
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(167,762 |
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Total |
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$ |
459,048 |
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$ |
580,060 |
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($121,012 |
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· Kenneth R. Vaught, President and Chief Operating Officer:
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2008 |
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2007 |
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Change |
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Base Salary |
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$ |
267,000 |
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$ |
237,000 |
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$ |
30,000 |
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Incentive Plan Compensation |
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112,106 |
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220,450 |
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(108,344 |
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Total |
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$ |
379,106 |
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$ |
457,450 |
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($78,344 |
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· James E. Adams, Executive Vice President and CFO:
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2008 |
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2007 |
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Change |
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Base Salary |
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$ |
228,000 |
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$ |
200,000 |
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$ |
28,000 |
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Incentive Plan Compensation |
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72,000 |
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80,000 |
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(8,000 |
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Total |
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$ |
300,000 |
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$ |
280,000 |
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$ |
20,000 |
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· Steve L. Droke, Senior Vice President and Chief Credit Officer
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2008 |
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2007 |
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Change |
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Base Salary |
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$ |
183,325 |
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$ |
160,812 |
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$ |
22,513 |
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Incentive Plan Compensation |
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36,400 |
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52,000 |
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(15,600 |
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Total |
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$ |
219,725 |
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$ |
212,812 |
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$ |
6,913 |
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· William C. Adams, Senior Vice President and Chief Information Officer
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2008 |
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2007 |
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Change |
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Base Salary |
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$ |
172,682 |
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$ |
151,475 |
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$ |
21,207 |
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Incentive Plan Compensation |
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36,450 |
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40,500 |
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(4,050 |
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Total |
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$ |
209,132 |
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$ |
191,975 |
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$ |
17,157 |
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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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GREEN BANKSHARES, INC. |
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By: |
/s/ James E. Adams |
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Name: |
James E. Adams |
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Title: |
Executive Vice President and Chief Financial |
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Officer |
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Date: January 18, 2008