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: February 5, 2010
The South Financial Group, Inc.
(Exact name of registrant as specified in its charter)
| South Carolina | 0-15083 | 57-0824914 |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification Number) |
102 South Main Street, Greenville, South Carolina 29601
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (864) 255-7900
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:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Securities Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR |
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The Board of Directors (the “Board”) of The South Financial Group, Inc. announced today that effective immediately, monetary Board compensation will be as set forth below, which represents a reduction of approximately 50%. This action is undertaken in recognition of the current environment and management compensation levels.
Revised Director Compensation
Element | Current Amount | Revised Amount (retroactive to 1/1/10) |
| | |
Annual Retainer | $ 45,000 | $ 32,500 |
Board Meeting Fees (per meeting) | 1,000 | 750 (capped at 12 meetings annually) |
Chairman Retainers |
Chairman of the Board | $ 50,000 | $ 20,000 |
Vice Chairman of the Board | 20,000 | - |
Audit Committee Chairman | 25,000 | 12,500 |
Compensation Committee Chairman | 20,000 | 10,000 |
Risk Committee Chairman | 15,000 | 10,000 |
Committee Member Retainers (non-chairman) |
Risk | $ 10,000 | $ 5,000 |
Audit | 12,500 | 5,000 |
Executive | 10,000 | - |
Nominating | - | 5,000 |
Compensation | 10,000 | 5,000 |
Effective February 5, 2010, Donald T. Heroman resigned from the Board. Effective February 10, 2010, William P. Brant resigned from the Board. Neither person resigned as a result of any disagreement, and the Board expressed appreciation for the valuable contributions of the two individuals.
Additionally, the Board has determined to review the size and composition of the Board, with the expectation that over the next several months, Board size may be further reduced. However, this would not preclude adding new directors with specific skills appropriate for the current environment.
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.
THE SOUTH FINANCIAL GROUP, INC.
February 11, 2010 | By: | /s/ William P. Crawford, Jr. |
William P. Crawford, Jr.
Executive Vice President, General Counsel and Secretary
