-----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, KHXZhNe2KoBLfq5atBSD7V2UY+SNGE+jl0fEM9QITutIPwTQJU6MzVGSuaM/VEm2 Ah4QLD/AMj9f7Ymm9QStfQ== 0001193125-08-118422.txt : 20080519 0001193125-08-118422.hdr.sgml : 20080519 20080519171446 ACCESSION NUMBER: 0001193125-08-118422 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080519 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20080519 DATE AS OF CHANGE: 20080519 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bank of the Carolinas CORP CENTRAL INDEX KEY: 0001365997 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 204989192 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-52195 FILM NUMBER: 08846053 BUSINESS ADDRESS: STREET 1: 135 BOXWOOD VILLAGE DRIVE CITY: MOCKSVILLE STATE: NC ZIP: 27028 BUSINESS PHONE: 336-751-5755 MAIL ADDRESS: STREET 1: 135 BOXWOOD VILLAGE DRIVE CITY: MOCKSVILLE STATE: NC ZIP: 27028 8-K 1 d8k.htm FORM 8-K Form 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): May 19, 2008

 

 

BANK OF THE CAROLINAS CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

North Carolina   000-52195   20-4989192

(State or other jurisdiction

of incorporation)

   (Commission File Number)  

(IRS Employer

Identification No.)

 

135 Boxwood Village Drive

Mocksville, North Carolina

   27028
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (336) 751-5755

 

 

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

On May 19, 2008, Eric E. Rhodes, who currently serves as Vice President and Chief Financial Officer of Bank of the Carolinas Corporation (“BankCorp”), notified BankCorp and its bank subsidiary, Bank of the Carolinas, that he would resign from his positions with BankCorp and the Bank, effective on May 30, 2008. Mr. Rhodes has served as Senior Vice President and Chief Financial Officer of the Bank since 2005 and became an officer of BankCorp when it was organized during 2006.

In connection with Mr. Rhodes’ resignation, and to assure itself of his availability during the period following his resignation to assist in the transition of his duties to a new or interim Chief Financial Officer, the Bank entered into an agreement with Mr. Rhodes under which he will act as an independent contractor to the Bank for a period of 90 days following his resignation and make himself available to consult with the Bank’s and BankCorp’s management, on an as needed basis and for up to ten hours per week, with respect to accounting and other matters related to his former duties. In return for those services and Mr. Rhodes other agreements (including a confidentiality agreement covering the Bank’s and BankCorp’s proprietary information and certain standard liability releases), the Bank will pay Mr. Rhodes $9,660.00 per month, beginning June 1, 2008, for each of the three full calendar months during the consulting period.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, we have duly caused this Report to be signed on our behalf by the undersigned thereunto duly authorized.

 

    BANK OF THE CAROLINAS CORPORATION
                          (Registrant)
Date: May 19, 2008   By:  

/C/ Robert E. Marziano

    Robert E. Marziano
    Chairman and Chief Executive Officer
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