8-K 1 d8k.htm FORM 8-K Form 8-K

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): November 23, 2004

 

 

New Peoples Bankshares, Inc.

(Exact name of registrant as specified in its charter)

 

 

Virginia   000-33411   31-1804543

(State or other jurisdiction

of incorporation)

   (Commission File Number)  

(I.R.S. Employer

Identification No.)

 

2 Gent Drive, Honaker, Virginia   24260
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (276) 873-6288

 

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))

 

Item 1.01. Entry into a Material Definitive Agreement.

 

On November 23, 2004, the Board of Directors of New Peoples Bankshares, Inc. approved stock option grants to the Company’s non-employee directors pursuant to the Company’s 2001 Stock Option Plan, as follows:

 

Director Name

   

Number of Shares

Underlying Options

Timothy W. Ball

    2,000

Joe M. Carter

    2,000

John D. Cox

    2,000

Charles H. Gent, Jr.

    2,000

Harold L. Keene

    2,000

A. Frank Kilgore

    2,000

John D. Maxfield

    2,000

Michael G. McGlothlin

    2,000

Fred W. Meade

    2,000

Bill Ed Sample

    2,000

E. Virgil Sampson, Jr.

    2,000

Stephen H. Starnes

    2,000

Paul R. Vencill, Jr.

    2,000

B. Scott White

    2,000

 

Each option has an exercise price of $13.50 per share. The options are fully vested as of November 23, 2004, and are immediately exercisable. Each option expires on November 23, 2014 and is evidenced by a Non-Employee Director Non-Qualified Stock Option Agreement between New Peoples Bankshares, Inc. and the director grantee. A form of the Non-Employee Director Non-Qualified Stock Option Agreement is attached hereto as Exhibit 10.2 providing additional information regarding the terms of each option.

 

Item 9.01 Financial Statements and Exhibits.

 

(a) Financial Statements.

 

(b) Pro Forma Financial Information.

 

(c) Exhibits.

 

  10.1 New Peoples Bank, Inc. 2001 Stock Option Plan, incorporated herein by reference to Exhibit 10.1 to the Annual Report of New Peoples Bankshares, Inc. on Form 10-KSB (Registration No. 000-33411), filed with the Commission on April 1, 2002

 

  10.2 Form of Non-Employee Director Non-Qualified Stock Option Agreement

 

  10.3 Form of Incentive Stock Option Agreement

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.

 

NEW PEOPLES BANKSHARES, INC.
(Registrant)

/s/ C. Todd Asbury

C. Todd Asbury
Senior Vice President and Chief Financial Officer

 

Date: November 30, 2004

Exhibit Index

 

Exhibit
Number
  

Exhibit Description

10.1   New Peoples Bank, Inc. 2001 Stock Option Plan, incorporated herein by reference to Exhibit 10.1 to the Annual Report of New Peoples Bankshares, Inc. on Form 10-KSB (Registration No. 000-33411), filed with the Commission on April 1, 2002
10.2   Form of Non-Employee Director Non-Qualified Stock Option Agreement
10.3   Form of Incentive Stock Option Agreement