-----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, DrLgQeWO01jNd2EwHbA4/wjk0DyMeT3HNgfMmKfZenOPlpMPZJOFdeFjzCDMij1f JXZ6uQlWRegx1+wAVbNRsw== 0001125282-05-002650.txt : 20050517 0001125282-05-002650.hdr.sgml : 20050517 20050517103418 ACCESSION NUMBER: 0001125282-05-002650 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050513 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets 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: 20050517 DATE AS OF CHANGE: 20050517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHWEST BANCORP INC CENTRAL INDEX KEY: 0000914374 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 731136584 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23064 FILM NUMBER: 05837389 BUSINESS ADDRESS: STREET 1: 608 SOUTH MAIN STREET CITY: STILLWATER STATE: OK ZIP: 74074 BUSINESS PHONE: 4053722230 MAIL ADDRESS: STREET 1: 608 SOUTH MAIN STREET CITY: STILLWATER STATE: OK ZIP: 74074 8-K 1 b406827_8k.txt CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 13, 2005 ------------- Southwest Bancorp, Inc. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Oklahoma 0-23064 73-1136584 - ---------------------------- ---------------- ---------------------- (State or other jurisdiction (Commission file (IRS Employer of incorporation) number) Identification Number) 608 South Main Street, Stillwater, Oklahoma 74074 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (405) 372-2230 -------------- 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 2.01. Entry into a Material Definitive Agreement. - ------------------------------------------------------ Item 5.02. Departure of Director - -------------------------------- On May 13, 2005, Southwest Bancorp, Inc. ("Southwest") entered into a Selling Shareholder Agreement (the "Agreement") with Betty B. Kerns ("BBK"), the Joyce P. Berry Revocable Trust, the Joe M. Berry Trust, the Berry Charitable Remainder Trust, and BKP, L.L.C. (the "Selling Shareholders"). Under the terms of the Agreement, Southwest agreed to repurchase from the Selling Shareholders an aggregate of 689,796 shares of Southwest common stock, par value $1.00 per share, for a price per share of $18.00. Under the terms of the Agreement, BBK also agreed to the cancellation of all the outstanding stock options previously granted to her in exchange for a payment from Southwest equal to the excess of $18.00 over the exercise price per share for the 10,826 options that were exercisable by BBK on May 13, 2005. The total consideration payable by Southwest to the Selling Shareholders under the Agreement is approximately $12.5 million. The shares to be repurchased under the Agreement represent approximately 5.65% of the approximately 12. 2 million shares of Southwest common stock outstanding on May 13, 2005. The last reported sale price of Southwest common stock reported on the Nasdaq National Market on May 13, 2005 was $18.68 per share. Approximately 680,000 of the shares to be repurchased under the Agreement were held by entities related to the estate of Joyce P. Berry, a former director of Southwest, who died earlier this year. The Selling Shareholders have indicated that a significant portion of the proceeds from the sale will be used to pay taxes on the estate. BBK is a management official or trustee of, or has a financial interest in, each of the other Selling Shareholders, and has previously filed a Schedule 13D reporting beneficial ownership of the subject shares. BBK has served as a director of Southwest and Stillwater National Bank and Trust Company, Southwest's primary banking subsidiary, since 2000. Under the terms of the Agreement, BBK resigned from these boards of directors effective May 13, 2005, and represented that her resignation was not due to any disagreement with Southwest or any matter relating to Southwest's operations, policies, or practices. The boards of directors have accepted her resignation. On May 16, 2005, Southwest acquired 669,302 shares of common stock under the Agreement, and all of the stock options previously granted to BBK were cancelled. Southwest expects to acquire the remaining 20,494 shares of common stock under the Agreement on or before May 20, 2005. Southwest and its bank subsidiaries, Stillwater National Bank and Trust Company and SNB Bank of Wichita will remain well-capitalized for regulatory purposes after the repurchase of shares and cancellation of options under the Agreement. The foregoing description of the Agreement is only a summary and is qualified in its entirety by the full text of the Agreement, a copy of which is attached as Exhibit 10.1 hereto and is hereby incorporated by reference. Forward-Looking Statements - -------------------------- This report includes forward-looking statements, such as: statements of Southwest's goals, intentions, and expectations, including its ability to conclude the transactions subject to the agreement described herein and the effects of those transactions on Southwest, its shareholders, and its subsidiaries. These forward-looking statements are subject to significant uncertainties because they are based upon: future interest rates, market behavior, and other economic conditions; future laws and regulations; and a variety of other matters. Because of these uncertainties, the actual future results may be materially different from the results indicated by these forward-looking statements. In addition, Southwest's past growth and performance do not necessarily indicate its future results. Item 9.01 Financial Statements and Exhibits. - -------------------------------------------- (a) Financial statements of businesses acquired. Not applicable. (b) Pro forma financial information. Not applicable. (c) Exhibits. 10.1 Selling Shareholder Agreement dated May 13, 2005 by and among the shareholders identified on Schedule I thereto, Betty B. Kerns and Southwest Bancorp, Inc. 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. Southwest Bancorp, Inc. By /s/ Rick Green ------------------------------------- Rick Green President and Chief Executive Officer Dated: May 16, 2005 EX-10.1 2 b406827_ex10-1.txt SELLING SHAREHOLDER AGREEMENT Exhibit 10.1 SELLING SHAREHOLDER AGREEMENT This Selling Shareholder Agreement (the "Agreement"), dated as of May 13, 2005, is by and among the shareholders identified on Schedule I ("Selling Shareholders") including Betty B. Kerns, an Oklahoma resident ("BBK"), and Southwest Bancorp, Inc., an Oklahoma corporation (the "Company"). RECITALS A. The Selling Shareholders desire to sell shares described on Schedule I (the "Subject Shares"), and the Company desires to purchase such shares as soon as is practicable. B. BBK and Company desire that all of BBK's outstanding options granted under the Company's stock option plans (the "BBK Options") be cancelled. SELLING AGREEMENTS NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties to the Agreement agree as follows: 1. Actions to Effect the Sales. The Company, BBK, and each of the Selling Shareholders agree to proceed in good faith to effect a sale of the Subject Shares as provided in this Agreement. 2. Terms (a) The Subject Shares shall be the shares specified on Schedule I. (b) The price per share for each subject share shall be $18.00. (c) The total price for all shares shall be $12,416,328. (d) The consideration for the cancellation of all options equals $18.00 per share less the exercise price per share for options that are exercisable as of May 13, 2005, and totals $60,654.01. (e) The total price for all shares and consideration for the cancellation of all BBK Options is $12,476.982.01 (the "Total Price"). 3. Closing and Payment. (a) Payment of the Total Price and delivery of certificates for the Subject Shares shall be made at the offices of the Company at 4:00 p.m., Stillwater, Oklahoma time, on Monday May 16, 2005, or the first business day thereafter when the conditions to closing set forth below are satisfied (the "Closing Date"), provided that the shares held by the Berry Charitable Remainder Trust may be sold at a separate, later closing if necessary, to be held on the first business day that such conditions are satisfied as to such shares. Such total payment shall be made to an account designated by the Selling Shareholders, as appropriate, by wire transfer or certified or bank cashier's check, in same day funds, in the amount of the Purchase Price therefor, against delivery by or on behalf of the Selling Shareholders to the Company. (b) The purchase of the Subject Shares is contingent upon: (i) Delivery of certificates for shares with properly executed stock powers; (ii) The approval of such transaction by the Board of Directors of the Company. (c) All BBK options shall be deemed cancelled, null and void upon payment of the consideration therefor. 4. Expenses. Each party will pay the fees and expenses of their legal counsel, accountants, and advisers. 5. Termination. This Agreement may be terminated as provided below: (a) By mutual consent of the Company, BBK, and the Selling Shareholders, evidenced by their written agreement; (b) By the Company or the Selling Shareholders if the Purchase is not effected on or before May 21, 2005. 6. Lockup Period. (a) It is the intention that the Selling Shareholders will sell under this Agreement, all of the shares that they own of record or beneficially. However, if any Selling Shareholder inadvertently or otherwise does not sell all such shares of Common Stock hereunder or acquires shares of Common Stock after the date of this Agreement, it shall be subject to the following Lockup provisions. (i) During the Lockup Period, as defined below, none of the Selling Shareholders shall, directly or indirectly, offer for sale, sell or agree to sell or otherwise dispose of any shares of Common Stock, or any securities convertible into, exercisable or exchangeable for, or that are the economic or voting equivalent of, any such shares of Common Stock, or announce the offering of, or register with the Securities and Exchange Commission any shares of Common Stock or any such other securities without the prior written consent of the Company. (ii) Any purported transfer of any Subject Shares in violation of the Agreement (an "Unauthorized Transfer") will be null and void. The Company will not be required to register, recognize or give effect to any Unauthorized Transfer and the purported transferee of any Common Stock or other securities described in Section 7(a) hereof or any interest therein pursuant to an Unauthorized Transfer will not acquire any rights in any such Subject Shares during the term of this Agreement. (iii) The Lockup Period is the period beginning the date of this Agreement and ending the earlier of (i) the date which is 180 days after the date of this Agreement or (ii) the termination of this Agreement In the event that this Agreement is signed by some, but not all, of the Shareholders, this Agreement shall be effective as to such signing Shareholders. (b) If requested by the Company, each Selling Shareholder and BBK also shall promptly enter into and be subject to a lockup agreement with the underwriters for the Offering in the form entered by officers and directors of the Company. 7. Representations. Each Selling Shareholder hereby represents to and agrees with the Company that: (a) The Subject Shares listed on Schedule I comprise all of the shares owned of record or beneficially by the Selling Shareholder. (b) Such Selling Shareholder has full legal right, power, and authority to execute this Agreement, which is a valid and legally binding agreement enforceable against such Selling Shareholder in accordance with its terms except as the enforcement thereof may be limited by general principles of equity and by bankruptcy or other laws relating to or affecting creditors' rights generally and except insofar as indemnification and contribution provisions may be limited by applicable law or equitable principles. (c) Such Selling Shareholder has, and on the Closing Date will have, good and marketable title to the Subject Shares to be sold by such Selling Shareholder and full right, power and authority to sell, assign, transfer and deliver such Shares pursuant to this Agreement, free and clear of all voting trust arrangements, security interests, liens, mortgages, pledges, encumbrances, taxes, restrictions, preemptive rights, claims, equities and other defects; and upon delivery of and payment for such shares, good and marketable title thereto, free and clear of all voting trust arrangements, security interests, liens, mortgages, pledges, encumbrances, taxes, restrictions, claims, equities and defects, will pass to the Company, provided that certain tax liens or interests may exist on such shares. Such Selling Shareholder represents and warrants that it shall maintain sufficient proceeds of this sale to satisfy any and all such liens or interests, and indemnifies the Company with respect to any loss, damage, liability, or expense, including reasonable legal fees and expenses, with respect to such liens or interests. 2 (d) Neither the execution, delivery or performance by such Selling Shareholder of this Agreement, nor the consummation of the transactions contemplated hereby or thereby, (i) will require the consent, approval, authorization, registration or qualification of or with any governmental authority, except such as have been obtained, or (ii) will conflict with or result in a breach or violation by such Selling Shareholder of any of the terms or provisions of, or constitute a default by such Selling Shareholder under, any voting trust agreement, shareholders agreement, mortgage, deed of trust, trust (constructive or other), security agreement, loan agreement, lease, franchise, license, indenture, permit or other agreement or instrument to which such Selling Shareholder is a party or by which such Selling Shareholder or any of its properties is bound or any statute, or any judgment, decree, order, rule or regulation of any court or governmental agency or body applicable to such Selling Shareholder. (e) Such Selling Shareholder has not, since the filing of the date of the first public announcement of the Offering, (i) sold, bid for, purchased, attempted to induce any person to purchase, or paid anyone any consideration for soliciting purchases of, Common Stock (or securities convertible into or exchangeable for Common Stock) or (ii) paid or agreed to pay any person any consideration for soliciting another to purchase any securities of the Company. (f) The representations and warranties made by a Selling Shareholder in this Section (with respect to such Selling Shareholder) shall survive the consummation of the transactions contemplated by this Agreement. 8. Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand, mailed by registered or certified mail, return receipt requested, or transmitted by any standard form of telecommunication and confirmed. Notices to a Selling Shareholder shall be sent to Betty Berry Kerns, 4111 Dear Crossing Drive, Stillwater, Oklahoma 74074 (with a copy to Ellis & Drummond, LLC , 711 South Husband, Stillwater, Oklahoma 74074, Attention: Hal Wm. Ellis, Esq.; notices to the Company shall be sent to 608 South Main Street, Stillwater, Oklahoma 74074, Attention: Rick J. Green (with a copies to James I. Lundy III, Esq., 1700 Pennsylvania Avenue, NW, Suite 400, Washington, D.C. 20006 and Kennedy & Baris, L.L.P., 4701 Sangamore Road, Bethesda, Maryland 20816, Attention: Noel Gruber, Esq.). Notices or communications so given shall be deemed to have been given on the date so delivered or mailed. Any address set forth above may be changed by notice pursuant to this Section 8. Board Matters. (a) BBK hereby resigns from the Boards of Directors of the Company and all of its subsidiaries, and represents that such resignation was not due to any disagreement with the Company or any matter relating to the Company's operations, policies, or practices. (b) BBK hereby waives notice of the special meetings of the Boards of Directors of the Company and Stillwater National Bank and Trust Company held on May 13, 2005. 9. Miscellaneous. (a) This Agreement is for the express benefit of the Company, and the Selling Shareholders. The obligations and authorization of the Selling Shareholders hereunder are irrevocable and shall not be terminated by any act of a Selling Shareholder or by operation of law, whether by the death, disability, incapacity or liquidation of a Selling Shareholder or by the occurrence of any other event or events (including without limitation the termination of any trust or estate for which a Selling Shareholder is acting as a fiduciary or fiduciaries), and if after the execution hereof a Selling Shareholder shall die or become disabled or incapacitated or is liquidated, or if any other event or events shall occur before the delivery of such Selling Shareholder's Subject Shares hereunder to the Company, such Subject Shares shall be delivered to the Company in accordance with the terms and conditions of this Agreement, as if such event had not occurred, regardless of whether or not the Company shall have received notice of such event. (b) The Company shall be entitled to all legal and equitable remedies in enforcing this Agreement, including without limitation, an injunction against any sale in contravention of this Agreement. (c) Any provision of this Agreement which may be determined by a final judgment to be prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. It is expressly understood, however, that the parties hereto intend each and every provision of this Agreement to be valid and enforceable and, to the extent permitted by law, thereby waive all rights to object to any provision of this Agreement. 3 (d) This Agreement shall be binding upon and inure solely to the benefit of the parties hereto and their respective representatives, heirs, successors and assigns. Except as expressly permitted hereunder, no party may assign any of its rights or obligations under this Agreement without the written consent of the other parties. This Agreement shall be construed in accordance with and governed by the laws of the State of Oklahoma. (e) This Agreement may be modified or terminated only by a writing signed by all of the parties hereto, and no waiver hereunder shall be effective unless in a writing signed by the party or parties to be charged. (f) This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. [The remainder of this page has been left blank intentionally.] 4 IN WITNESS WHEREOF, the parties hereto have been duly executed this Custody Agreement as of the day and year first above written. The Selling Shareholder listed on Schedule I: Joyce C. Berry Revocable Trust By: /s/ Betty Berry Kerns ---------------------------------------- Name: Betty Berry Kerns By: /s/Mary Randle Parrish ---------------------------------------- Name: Mary Randle Parrish Joe N. Berry Trust By: /s/Betty Berry Kerns ---------------------------------------- Name: Betty Berry Kerns By: /s/Mary Randle Parrish ---------------------------------------- Name: Mary Randle Parrish BKP, L.L.C. By: /s/Betty Berry Kerns ---------------------------------------- Name: Betty Berry Kerns By: /s/Mary Randle Parrish ---------------------------------------- Name: Mary Randle Parrish Berry Charitable Remainder Trust By: /s/Betty Berry Kerns ---------------------------------------- Name: Betty Berry Kerns Betty B. Kerns /s/Betty Berry Kerns ---------------------------------------- Southwest Bancorp, Inc. By: /s/ Rick J. Green ---------------------------------------- Rick J. Green Chief Executive Officer Witness: /s/ Hal Ellis 5/13/05 SCHEDULE I. Subject Shares Certificate Number(s) -------- --------------------- Joyce C. Berry Revocable Trust 562,702 Joe M. Berry Trust (1) BKP, L.L.C 100,000 Berry Charitable Remainder Trust 17,840 Betty Berry Kerns: Individually 9,254 ------- Total 689,796 ======= (1) Included in Joyce C. Berry Revocable Trust -----END PRIVACY-ENHANCED MESSAGE-----