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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) July 16, 2007
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JEFFERSON BANCSHARES, INC.
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(Exact name of registrant as specified in its charter)
Tennessee 0-50347 45-0508261
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
120 Evans Avenue, Morristown, Tennessee 37814
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (423) 586-8421
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Not Applicable
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(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:
[ ] 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))
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ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
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On July 16, 2007, Jefferson Federal Bank (the "Bank"), the wholly owned
subsidiary of Jefferson Bancshares, Inc. (the "Company"), entered into an
employment agreement with Charles G. Robinette (the "Agreement") that modifies
the terms and conditions of the original employment agreement between the Bank
and Mr. Robinette dated January 1, 2005. The Agreement, which terminates one
year from the date of its execution, provides for an orderly process and
schedule for Mr. Robinette to terminate his employment with the Bank. Under the
Agreement, Mr. Robinette will receive $180,000, payable in bi-weekly
installments, in exchange for continuing as an employee of the Bank in the
Bank's Knoxville Region and assisting in customer introduction and retention and
such other tasks, ordinarily and reasonably performed by a bank president or
chief executive officer, as may be assigned to Mr. Robinette by the Bank's
President and Chief Executive Officer and/or the Bank's Board of Directors.
Pursuant to the Agreement, Mr. Robinette shall devote his full time and efforts
to the Bank until September 1, 2007 and thereafter shall devote such time and
efforts to the Bank as requested by the Bank's President and Chief Executive
Officer and/or Board of Directors.
The Agreement provides that Mr. Robinette shall be entitled to participate
in such medical and dental plans as may be in effect for the benefit of other
Bank employees during the term of the Agreement on the same basis of eligibility
as such other Bank employees. In addition, the Agreement provides that Mr.
Robinette shall be entitled to receive an allocation of shares under the Bank's
Employee Stock Ownership Plan in 2007 and to retain shares of restricted stock
that vest in 2008 but shall not be eligible to participate in any other bonus
plans, pension plans, profit-sharing plans, retirement plans, or other employee
benefit plans of the Bank.
The Agreement also restricts Mr. Robinette's right to compete against the
Bank for a period of two years following the effective termination date of his
employment in any city, town or county in which Mr. Robinette's normal business
office is located and the Bank and/or an affiliate of the Company has an office
or has filed an application for regulatory approval to establish an office (or
within a 60-mile radius of each of such offices).
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
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APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF
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CERTAIN OFFICERS.
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(b) On July 16, 2007, Charles G. Robinette and the Bank entered into a
one-year employment agreement that provides for an orderly process and schedule
for Mr. Robinette to terminate his employment with the Bank effective July 16,
2008. The material terms of the Agreement are set forth in Item 1.01 above and
are incorporated herein by reference.
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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.
JEFFERSON BANCSHARES, INC.
Dated: July 16, 2007 By: /s/ Anderson L. Smith
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Anderson L. Smith
President and Chief Executive Officer