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): October 20, 2009
Palmetto Bancshares, Inc.
(Exact name of registrant as specified in its charter)
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| South Carolina | | 0-26016 | | 74-2235055 |
State or other jurisdiction of incorporation | | Commission File Number | | IRS Employer I.D. number |
| | |
| 306 East North Street, Greenville, South Carolina | | 29601 |
| Address of principal executive offices | | Zip Code |
800.725.2265
Registrant’s telephone number
N/A
(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):
| ¨ | | 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)) |
SECTION 5 - CORPORATE GOVERNANCE AND MANAGEMENT
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Palmetto Bancshares, Inc. (the “Company”) is filing the attached news release, issued October 26, 2009, which is incorporated by reference herein, as an exhibit to this Current Report on Form 8-K. With respect to the employment arrangements with Samuel L. Erwin and Lee S. Dixon, there are no other changes from the Current Report on Form 8-K filed May 26, 2009, which is incorporated by reference herein.
Related to this announcement, on October 20, 2009 Messrs. Erwin and Dixon were granted restricted stock awards under the Company’s 2008 Restricted Stock Plan for 10,000 and 7,500 shares of the Company’s common stock, respectively, which vest 20% as of July 1, 2010 and 20% each year thereafter, in recognition of their assuming their current executive management roles on July 1, 2009 as described in the Current Report on Form 8-K filed June 26, 2009, which is incorporated by reference herein.
SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| | |
| Item | | Exhibit |
| 99.1 | | News Release dated October 26, 2009 |
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.
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| PALMETTO BANCSHARES, INC. |
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| By: | | /S/ L. LEON PATTERSON |
| L. Leon Patterson |
| Chairman and Chief Executive Officer |
Date: October 26, 2009
INDEX TO EXHIBITS
| | |
| Item Number | | Exhibit |
| 99.1 | | News Release dated October 26, 2009 |
