UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 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) September
25, 2006
Community
Capital Bancshares, Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Georgia
(State
or
Other Jurisdiction of
Incorporation)
000-25345
|
58-2413468
|
(Commission
File Number)
|
(IRS
Employer Identification
No.)
|
2815
Meredyth Drive, Albany, Georgia
|
31707
|
(Address
of Principal Executive
Offices)
|
(Zip
Code)
|
(229)
446-2265
(Registrant’s
Telephone Number, Including Area Code)
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 (see
General
Instruction A.2. below):
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 Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o 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
September 25, 2006, Community Capital Bancshares, Inc. and its wholly-owned
subsidiary, AB&T National Bank (the “Bank,” and together with Community
Capital Bancshares, Inc., the “Employer”) entered into an employment agreement
(the “Agreement”) with Keith G. Beckham regarding his employment as the Bank’s
President and Chief Executive Officer. The
Agreement is effective as of January 1, 2006, and continues until December
31,
2006. The Agreement will be extended for additional terms of one year unless
any
party to the Agreement provides notice of cancellation thirty days prior
to the
end of the current term.
A
copy
of the
Agreement has been attached to this Current Report on Form 8-K as Exhibit
10.24,
and the following summary of the material terms and conditions of the Agreement
is qualified entirely by reference thereto.
Mr.
Beckham's initial base salary under the Agreement is $132,000 per year. The
Board of Directors of Employer is required to review the base salary amount
annually, and the base salary may be adjusted each year in an amount determined
by the Board of Directors. The Agreement also provides that Mr. Beckham is
entitled to an annual cash bonus based on criteria established by the Board
of
Directors of the Employer. Further, the Agreement provides that Mr. Beckham
will
receive 2,000 stock options upon the execution of the Agreement. Additionally,
the Agreement requires the Employer to provide Mr. Beckham with health
insurance, life insurance, an automobile, vacation time, reimbursement for
reasonable business expenses, club memberships and other customary
benefits.
Generally,
in the event Mr. Beckham is terminated by the Employer without cause or Mr.
Beckham terminates his employment with cause, the Employer will be required
to
meet its obligations with respect to Mr. Beckham's compensation for a period
equal to twelve months from the date of termination. In the event the Employer
terminates Mr. Beckham's employment due to his permanent disability, the
Employer will be required to meet its obligations with respect to Mr. Beckham's
compensation for a period of six months following the termination. If Mr.
Beckham terminates his employment within twelve months before or twenty-four
months following a change in control of the Employer, Mr. Beckham will be
entitled to a cash payment equal to one and one-half times the sum of his
average base salary and cash bonus for the preceding three years.
If
Mr.
Beckham's employment is terminated by the Employer with cause or Mr. Beckham
terminates his employment without cause or upon a change in control, Mr.
Beckham
will generally be prohibited from competing with the Bank or soliciting its
customers or employees for a period of twelve months from the date of
termination.
Item
9.01. Financial
Statements, Pro Forma Information and Exhibits.
Exhibit 10.24 |
|
Employment
Agreement by and among AB&T National Bank,
Community Capital Bancshares, Inc. and Keith
G. Beckham, dated
September
21, 2006.
|
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 thereunto
duly authorized.
|
|
|
|
COMMUNITY
CAPITAL BANCSHARES, INC.
|
|
|
|
Dated: September
29, 2006
|
By: |
/s/
David J.
Baranko |
|
Name:
|
David
J. Baranko |
|
Title: |
Chief
Financial Officer |
EXHIBIT
INDEX
Exhibit No. |
|
Description |
|
|
|
10.24 |
|
Employment
Agreement by and among AB&T National Bank, Community
Capital Bancshares, Inc. and Keith
G. Beckham, dated
September
21, 2006.
|