8-K 1 forrester8k.txt FORM 8-K FORRESTER RESIGNATION 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: May 2, 2005 Commission File Number: 0-15204 National Bankshares, Inc. -------------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Virginia 54-1375874 ------------------------------- ------------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 101 Hubbard Street Blacksburg, VA 24060 ----------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (540) 951-6300 -------------- Page 1 of 2 Pages ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT Effective April 30, 2005, Cameron L. Forrester resigned as President and Chief Executive Officer of Bank of Tazewell County (BTC), a wholly-owned subsidiary of National Bankshares, Inc. Mr. Forrester also resigned as Director of the Bank of Tazewell County's Board of Directors. With his resignation, Mr. Forrester's employment agreement with Bank of Tazewell County terminated. The agreement, dated June 1, 1998, had an initial 3 year term with subsequent automatic 2 year renewal periods, subject to certain conditions. However, Mr. Forrester's resignation effectively terminated his employment agreement early and stopped it from automatically renewing as of June 1, 2005. Because Mr. Forrester's resignation was voluntary, he will not receive the lump sum cash payment to which he might otherwise have been entitled had his agreement been terminated early for other reasons. ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS Departure of President and Chief Executive Officer of Subsidiary. Effective April 30, 2005, Cameron L. Forrester resigned his position as President and Chief Executive Officer of Bank of Tazewell County, a wholly-owned subsidiary of National Bankshares, Inc. SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. NATIONAL BANKSHARES, INC. Date: May 2, 2005 By: /s/ JAMES G. RAKES --------------------------------------- James G. Rakes Chairman President and Chief Executive Officer Page 2 of 2 Pages