UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): December 4, 2006
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TEMECULA VALLEY BANCORP INC.
(Exact name of Registrant as specified in its charter)
California [fill in] 46-0476193
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of incorporation) Identification Number)
27710 Jefferson Avenue
Suite A100
Temecula, California 92590
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (951) 694-9940
Not Applicable
(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 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers; Compensatory Arrangements of Certain
Officers.
On December 4, 2006, Temecula Valley Bank ("Bank"), the principal
subsidiary of Temecula Valley Bancorp Inc., entered into an employment agreement
with Donald A. Pitcher pursuant to which Mr. Pitcher will continue to be
employed as the Bank's Executive Vice President and Chief Financial Officer. Mr.
Pitcher's employment agreement provides that he will receive a base salary of
$170,000 per year and an annual bonus may be paid upon the recommendation of the
Executive Compensation Committee, in the discretion of the Board of Directors.
The employment agreement also calls for the continuation of the in effect salary
continuation agreement which provides for payments of $80,000 per year for 15
years at age 65.
If Mr. Pitcher is terminated by the Bank without "cause" or within
six months before or after a "change of control" (as such terms are defined in
the employment agreement), the employment agreement specifies that the Bank will
pay to Mr. Pitcher (i) his base salary earned through the date of termination,
(ii) 12 months of base salary based upon the salary level in effect at
termination, (iii) the amount of the most recent annual bonus paid to Mr.
Pitcher, and (iv) dental and medical coverage for 12 months after termination
with coverage comparable to coverage in effect at termination. Items (ii) and
(iii) are to be paid out over 12 months in equal installments. In the event of a
change of control, all options held by Mr. Pitcher will vest.
Item 9.01. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired. Not Applicable.
(b) Pro Forma Financial Information. Not applicable.
(c) Shell Company Transactions. Not applicable.
(d) Exhibits.
Exhibit No. Description
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10.1 Employment Agreement between Temecula Valley Bank and
Donald A. Pitcher dated as of December 4, 2006.
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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.
TEMECULA VALLEY BANCORP INC.
Date: December 4, 2006 By:/s/ STEPHEN H. WACKNITZ
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Stephen H. Wacknitz
Chief Executive Officer and President