-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Q3mhWaCWRCEx5WP8Igz4CwR5SCb/qlSv+X7hGHZnX+qL7B5sPfVnqqT6y7dgIpi1 YatcGMEGVash/1lkj1QpOw== 0001104659-08-015498.txt : 20080305 0001104659-08-015498.hdr.sgml : 20080305 20080305160754 ACCESSION NUMBER: 0001104659-08-015498 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080228 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Other Events FILED AS OF DATE: 20080305 DATE AS OF CHANGE: 20080305 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HERITAGE COMMERCE CORP CENTRAL INDEX KEY: 0001053352 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 770469558 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23877 FILM NUMBER: 08667915 BUSINESS ADDRESS: STREET 1: 150 ALMADEN BOULEVARD CITY: SAN JOSE STATE: CA ZIP: 95113 BUSINESS PHONE: 4089476900 MAIL ADDRESS: STREET 1: 150 ALMADEN BOULEVARD CITY: SAN JOSE STATE: CA ZIP: 95113 8-K 1 a08-7373_18k.htm 8-K

 

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):  February 28, 2008

 

 

HERITAGE COMMERCE CORP

(Exact name of registrant as specified in its charter)

 

 

 

 

 

California

 

000-23877

 

77-0469558

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(IRS Employer Identification No.)

 

 

 

 

 

150 Almaden Boulevard, San Jose, CA

 

95113

(Address of principal executive offices)

 

(Zip Code)

 

 

 

 

 

Registrant’s telephone number, including area code:  (408) 947-6900

 

 

 

 

 

Not Applicable

(Former name or former address, if changed since last report.)

 

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))

 

 

 

 


Item 5.02                                             Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On February 28, 2008, in the ordinary course of executive compensation actions, the Heritage Commerce Corp Compensation Committee and Board of Directors approved an increase in the base salaries of the Company’s executive officers five of whom will be the “named executive officers” for purposes of the Company’s proxy statement for the 2008 annual shareholders meeting, as follows:

 

Name

 

Title

 

New Salary

Walter Kaczmarek

 

President & Chief Executive Officer

 

$

333,700

Raymond Parker

 

Executive Vice President/Banking Division

 

$

250,300

Lawrence D. McGovern

 

Executive Vice President/Chief Financial Officer

 

$

222,000

Richard Hagarty

 

Executive Vice President/Chief Credit Officer

 

$

162,700

William Del Biaggio, Jr.

 

Executive Vice President/Community Relations

 

$

166,800

James Mayer

 

Executive Vice President/East Bay Division

 

$

240,000

 

The salary increases will become effective March 1, 2008 except for Mr. Mayer’s salary increase which will become effective on June 16, 2008 pursuant to the terms of his employment contract.

 

The Heritage Commerce Corp Compensation Committee and Board of Directors also approved bonus payments pursuant to the Company’s Management Incentive Plan to the following executive officers five of whom will be the “named executive officers” for purposes of the Company’s proxy statement for the 2008 annual shareholders meeting, as follows:

 

Name

 

Title

 

2007 Bonus

Walter Kaczmarek

 

President & Chief Executive Officer

 

$

115,000

Raymond Parker

 

Executive Vice President/Banking Division

 

$

 75,000

William Del Biaggio, Jr.

 

Executive Vice President/Community Relations

 

$

 46,000

Richard Hagarty

 

Executive Vice President and Chief Credit Officer

 

$

 45,000

Lawrence D. McGovern

 

Executive Vice President and Chief Financial Officer

 

$

 64,000

James Mayer

 

Executive Vice President/East Bay Division

 

$

 90,000

 

Item 8.01               Other Events.

 

On January 24, 2008, the Heritage Commerce Corp Board of Directors set the date for the 2008 Annual Meeting for May 22, 2008.  The record date for the meeting has been set for March 25, 2008.  Materials for the meeting will be sent to shareholders on or about April 7, 2008.

 

On February 28, 2008, the Board of Directors approved the adoption of a prearranged stock repurchase plan, intended to qualify for the safe harbor under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (“10b5-1 Plan”).  The 10b5-1 Plan was adopted to assist the Company in implementing its previously announced stock repurchase plan.  The 10b5-1 Plan will terminate on May 30, 2008, unless terminated sooner in accordance with the plan’s terms.  The Plan replaces a previously adopted plan that terminated by its terms on February 28, 2008.

 

 

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 thereunto duly authorized.

 

 

 

HERITAGE COMMERCE CORP

 

 

 

 

DATED: March 4, 2008

 

By:

/s/ Lawerence D. McGovern

 

 

 

Lawrence D. McGovern

 

 

 

Executive Vice President and

 

 

 

Chief Financial Officer

 

 

3

 -----END PRIVACY-ENHANCED MESSAGE-----