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 14, 2007
GREENE COUNTY BANCSHARES, INC.
Tennessee | 0-14289 | 62-1222567 |
(State or Other Jurisdiction | (Commission File Number) | (I.R.S. Employer |
| of Incorporation) | | Identification No.) |
100 North Main Street, Greeneville, Tennessee 37743-4992
(423) 639-5111
Check the appropriate box 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 At (17 CFR.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
| (e) | On May 14, 2007, the Board of Directors of Greene County Bancshares (the "Company"), upon the recommendation of its Compensation Committee, approved the following compensatory plans and arrangements for the Company's named executive officers (i.e., the top 5 most highly compensated officers as reported in the Company's Proxy Statement filed in connection with the 2007 annual shareholders' meeting): |
R. Stan Puckett; Chairman and Chief Executive Officer - $117,810 bonus
Kenneth R. Vaught; President and Chief operating Officer - $65,450 bonus
James E. Adams; Executive Vice and Chief Financial Officer - base salary increased from $181,562.64 to $200,000
The bonuses paid to Messrs. Puckett and Vaught were paid pursuant to formulas in accordance with their respective employment agreements.
SIGNATURE
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.
| Dated: May 18, 2007 | GREENE COUNTY BANCSHARES, INC. |
| | | |
| | /s/ James E. Adams |
| | Name: | James E. Adams |
| | Title: | Executive Vice President and |
| | | Chief Executive Officer |
