secwatch.observer — SEC 8-K summary
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Issuer:     NATIONAL BANKSHARES INC (NKSH)
CIK:        0000796534
Form:       8-K
Filed at:   2023-10-11T23:59:59+00:00
Accession:  0001437749-23-028054
Event type: other
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

National Bankshares enters employment agreements with three executives
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- Base salaries set at $190,000 for COO Ramsey, $165,000 for CFO Jones, $190,600 for CCO Sanders.
- Initial two-year term with automatic one-year renewals unless notice given.
- Termination without cause or for good reason: Ramsey gets 24 months' salary/benefits; Jones and Sanders get 6 months.
- Change-in-control severance: Ramsey and Jones receive 2.99x bonus; Sanders receives 1.50x.
- Agreements include 12-month noncompete/nonsolicitation and clawback provisions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/796534/000143774923028054/0001437749-23-028054-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/796534/000143774923028054/nksh20231011_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-028054

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer