www.sec.gov/Archives/edgar/data/1102287/0000896595-08-0 -
[Cached Version]
Published on: 4/16/2008
Last Visited: 4/18/2008
Tom Anderson, age 57, serves as Executive Vice President & Chief Financial Officer for PremierWest Bancorp and its subsidiary PremierWest Bank.Mr. Anderson previously served as a director of VRB Bancorp and its subsidiary Valley of the Rogue Bank until its acquisition by Umpqua Holdings Co. in December 2000.Mr. Anderson served as VRB Bancorp's Executive Vice President & Chief Operating Officer and Corporate Secretary, and Valley of the Rogue Bank's Executive Vice President & Chief Operating Officer until June of 1999.Prior to joining Valley of the Rogue Bank in 1977, Mr. Anderson was employed by Bank of America.He has in excess of 36 years of experience in the Banking industry.
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The Committee members are John Duke, Patrick Huycke, James Patterson, Brian Pargeter, John Anhorn, Richard Hieb, James Ford and Tom Anderson.
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Mr. Anderson is not a voting member.
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Tom Anderson
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Includes amounts deferred and reflected in the Non-Qualified Deferred Compensation Table for 2006 and 2007, respectively: Anhorn ,49,000, ,71,500; Hieb ,72,000, ,36,000; Anderson ,42,000, ,42,000; and Earley ,8,455, ,8,863.
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Tom Anderson
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The amounts are based on the CEO, President and COO equally sharing 25% of the bonus pool with the amounts for Mr. Anderson and Mr. Earley estimated using their respective percentages each received under the 2006 bonus program.
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Tom Anderson
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Tom Anderson's award that expires 03/01/12 vests annually on the anniversary of the grant date beginning 3/1/05 at the rate of 33.33% the first year, and then 16.67%, 20%, 20% and 10% in each successive year and will be fully vested 3/01/09.
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Tom Anderson,
Chief Financial
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Tom Anderson
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During 2007, the Company had Supplemental Executive Retirement Plans (SERP) with Mr. Anhorn, Mr. Hieb, Mr. Anderson and Mr. Earley.
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Payments to Mr. Anderson and Mr. Earley will be made to the executive or their designated beneficiary for a period of 15 years.
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The percentage increases in 2% increments for each year of service with a maximum percentage for Mr. Earley of 40% and a maximum for Mr. Anderson of 34% (which may increase to 40% under certain circumstances).
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The Board of Directors has the discretion to increase the applicable percentage for Mr. Earley and Mr. Anderson.
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The amount of benefits payable to Mr. Anderson and Mr. Earley are:
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Anderson remains employed, the benefit may be 36%, 38% or 40%;in the event of termination as a result of death, the benefit is equal to 40% of base salary for Mr. Earley and 34% of base salary for Mr. Anderson; and
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Mr. Anderson