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): January 30, 2008

 

Virginia Commerce Bancorp, Inc.

 (Exact name of registrant as specified in its charter)

 

 

Virginia

0-28635

54-1964895

(State or other jurisdiction

(Commission file number)

(IRS Employer

of incorporation)

 

Number)

 

 

5350 Lee Highway, Arlington, Virginia 22207

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s telephone number, including area code: 703.534.0700

 

N/A

(Former Name or Former Address, if changed since last report)

 

 

                Check the appropriate box below if the Form 8-K 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 5.02.                                        Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers Compensatory Arrangements of Certain Officers

 

(e)           On January 30, 2008, the Compensation Committee of the Board of Directors of Virginia Commerce Bancorp, Inc. (the “Company”) authorized the payment of the annual cash bonuses, and the award of options under the Company’s 1998 Stock Option Plan, to the Company’s named executive officers, as set forth in the table below.  The committee also authorized increases in base compensation to the amounts set forth below, effective January 1, 2008, for each named executive officer.

 

Name

 

Title

 

Cash Bonus

 

Options
Awarded

 

Base
Salary

 

Percentage
Increase in
Base Salary

Peter A. Converse

 

Chief Executive Officer — Company; President and Chief Executive Officer — Bank

 

$200,000

 

24,500

 

$381,000

 

2.97%

Michael G. Anzilotti

 

President — Company

 

$ 48,000

 

10,925

 

$169,950

 

3.00%

R. B. Anderson, Jr.

 

Executive Vice President and Chief Lending Officer — Bank

 

$100,000

 

14,900

 

$231,750

 

3.00%

William K. Beauchesne

 

Treasurer and Chief Financial Officer — Company; Executive Vice President and Chief Financial Officer — Bank

 

$ 56,000

 

12,250

 

$190,550

 

3.00%

Steven A. Reeder

 

Executive Vice President — Retail Banking-Bank

 

$ 30,000

 

10,595

 

$164,800

 

3.00%

 

                The Board of Directors also approved on January 30, 2008, the award of an aggregate of 36,000 options to purchase common stock the non-employee directors of the Company, as set forth in the table below:

 

Name

 

Options Awarded

Leonard Adler

 

6,000

W. Douglas Fisher

 

6,000

David M. Guernsey

 

6,000

Robert H. L’Hommedieu

 

6,000

Norris E. Mitchell

 

6,000

Arthur L. Walters

 

6,000

 

                All options granted to named executive officers and directors have an exercise price of $11.74 per share, have a 10 year term from the date of grant, vest in five annual installments commencing January 30, 2009, and are subject to the terms of the 1998 Stock Option Plan.

 

 

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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.

 

 

VIRGINIA COMMERCE BANCORP, INC.

 

 

 

 

 

 

 

By:

/s/ Peter A. Converse

 

 

 

Peter A. Converse, Chief Executive Officer

 

 

 

 

Dated: February 5, 2008

 

 

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