secwatch.observer — SEC 8-K summary
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Issuer:     NEW PEOPLES BANKSHARES INC (NWPP)
CIK:        0001163389
Form:       8-K
Filed at:   2025-07-01T23:59:59+00:00
Accession:  0001903596-25-000327
Event type: leadership
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

New Peoples Bankshares signs new 3-year CEO employment agreement; base salary $320,000
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- James W. Kiser continues as President and CEO under new 3-year agreement through June 2028.
- Base salary of $320,000 per year, with potential upward adjustment and annual cash bonus.
- Severance: 2x base + bonus on termination without cause; 3x multiplier if within 24 months of Change in Control.
- Non-competition and non-solicitation covenants for 12 months post-termination, with exceptions.
- Prior employment agreement dated May 14, 2019 terminated upon execution.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1163389/000190359625000327/0001903596-25-000327-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1163389/000190359625000327/nwpp_8k.htm
  HTML page:      https://secwatch.observer/filing/0001903596-25-000327

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