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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):
January 1, 2008
INTERMOUNTAIN COMMUNITY BANCORP
(Exact name of registrant as specified in its charter)
Idaho
(State or other jurisdiction of incorporation)
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000-50667
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82-0499463 |
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(Commission File Number)
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IRS Employer Identification No. |
231 North Third Avenue
Sandpoint, Idaho 83864
(Address of principal executive offices) (zip code)
Registrants telephone number, including area code: (208) 263-0505
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligations of the registrant under any of the following provisions (see General Instruction
A.2 below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act of (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act of (17 CFR 240.13e-4(c)) |
Item 5.02(e) Compensatory Arrangement with Certain Officers
Effective January 1, 2008, Intermountain Community Bancorp (the Company) entered into
amendments to the (i) Employment Agreements for Curt Hecker, President and CEO and Jerry Smith,
Executive Vice President; (ii) Executive Severance Agreement for Doug Wright, Executive Vice
President and Chief Financial Officer; and (iii) Salary Continuation Agreements for Curt Hecker and
Jerry Smith.
The respective agreements were amended as follows: (i) the severance protection period in the
event of termination following a change in control in each of the agreements was increased from 12
months to 24 months; (ii) the agreements were amended to comply with Internal Revenue Code Section
409A; (iii) the Salary Continuation Agreements were amended to provide that the executive will
receive an automatic retirement payment after reaching age of 60, instead of upon the date of
termination (the term of payments made under the Salary Continuation Agreements are to continue, as
before the amendment, for a total ten years); and (iv) Mr. Wrights Executive Severance Agreement
was amended to provide for a tax gross up benefit in the event accelerated payments due to
termination following a change in control constitute an excess parachute payment (as defined in
Section 280G of the Internal Revenue Code).
The remaining provisions of the respective agreements, which were previously filed by the
Company as referenced in the Companys 2006 Annual Report on Form 10-K, remain unchanged. Copies
of the amended and restated agreements will be filed with the Companys 2007 Annual Report on Form
10-K.
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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.
Dated: January 7, 2008
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INTERMOUNTAIN COMMUNITY BANCORP
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By: |
/s/ Curt Hecker
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Curt Hecker |
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President and Chief Executive Officer |
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