-----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, KNafcoEU0W0x75VKErd1wCQjJma+AEwD/rxdCxqFO4V9wEGdcY0fV4V1V8xHLG/T 5UdddXruvrHbjUi4YSQt8w== 0000950124-07-002941.txt : 20070516 0000950124-07-002941.hdr.sgml : 20070516 20070516104955 ACCESSION NUMBER: 0000950124-07-002941 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20070510 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070516 DATE AS OF CHANGE: 20070516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMUNITY SHORES BANK CORP CENTRAL INDEX KEY: 0001070523 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 383423227 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51166 FILM NUMBER: 07856368 BUSINESS ADDRESS: STREET 1: 1030 W. NORTON AVENUE CITY: MUSKEGON STATE: MI ZIP: 49441 BUSINESS PHONE: 2317801800 MAIL ADDRESS: STREET 1: 1030 W. NORTON AVENUE CITY: MUSKEGON STATE: MI ZIP: 49441 8-K 1 k15351e8vk.txt CURRENT REPORT 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 10, 2007 ---------- COMMUNITY SHORES BANK CORPORATION (Exact name of registrant as specified in its charter) MICHIGAN 000-51166 38-3423227 (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification Number)
1030 W. NORTON AVENUE, MUSKEGON, MICHIGAN 49441 (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 231-780-1800 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): [ ] 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 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. Shareholder Approval of Executive Incentive Plan On January 31, 2007, the Board of Directors of Community Shores Bank Corporation (the "Company") adopted the Executive Incentive Plan (the "Plan"), effective as of January 1, 2007. The adoption of the Plan was previously reported by the Company in a current report on Form 8-K filed with the Securities and Exchange Commission on February 2, 2007. The purpose of the Plan is to promote the long-term success of the Company, to provide a competitive pay package for key executives, to help attract and retain key executives, and to align the personal interests of the Company's key executives with those of its owners. Under the Plan, the Company may pay an annual bonus award for each year to key employees who are designated as Plan participants if pre-determined individual and Company performance goals are achieved during that year. The Plan permits the payout of annual bonus awards in the form of cash and shares of common stock ("Performance Awards"). The provisions of the Plan that provide for payout of a portion of the bonus in common stock were subject to approval of the Plan by the Company's shareholders at their 2007 annual meeting. On May 10, 2007, the Plan was approved by the Company's shareholders at their annual meeting. Accordingly, the provisions of the Plan that provide for payout of a portion of the bonus in common stock are no longer subject to the receipt of shareholder approval. If the Company's shareholders had not approved the Plan, the Performance Awards would have been payable solely in cash. The aggregate number of shares that may be issued under the Plan is 60,000 shares, subject to adjustment as provided for in the Plan. The maximum Performance Award that may be paid to any named executive officer under the Plan in any year is $150,000. The Plan is further described in the Company's proxy statement that was filed on April 5, 2007 with the Securities and Exchange Commission for the May 10, 2007 annual meeting of shareholders. A copy of the Plan is set forth in Appendix A to that proxy statement, and incorporated by reference as an exhibit to this report. The participants in the Plan for 2007 include the following named executive officers of the Company, Heather D. Brolick, President and Chief Executive Officer, Ralph R. Berggren, Senior Vice President and Secretary, and Tracey A. Welsh, Senior Vice President, Chief Financial Officer and Treasurer. The amounts, if any, payable to them or other participants under the Plan for 2007 is not determinable at this time. 2 ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits.
Exhibit Number Description - ------- ----------- 10.1 Community Shores Bank Corporation Executive Incentive Plan is incorporated by reference to Appendix A of Community Shores Bank Corporation's proxy statement for its May 10, 2007 annual meeting of shareholders that was filed on April 5, 2007 with the Securities and Exchange Commission (Commission File No. 000-51166)
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. COMMUNITY SHORES BANK CORPORATION By: /s/ Tracey A. Welsh ------------------------------------ Tracey A. Welsh Senior Vice President, Chief Financial Officer and Treasurer Date: May 14, 2007 3 EXHIBIT INDEX
Exhibit Number Description - ------- ----------- 10.1 Community Shores Bank Corporation Executive Incentive Plan is incorporated by reference to Appendix A of Community Shores Bank Corporation's proxy statement for its May 10, 2007 annual meeting of shareholders that was filed on April 5, 2007 with the Securities and Exchange Commission (Commission File No. 000-51166)
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