<SEC-DOCUMENT>0001140361-15-013310.txt : 20150327
<SEC-HEADER>0001140361-15-013310.hdr.sgml : 20150327
<ACCEPTANCE-DATETIME>20150327135433
ACCESSION NUMBER:		0001140361-15-013310
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20150327
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20150327
DATE AS OF CHANGE:		20150327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COLONY BANKCORP INC
		CENTRAL INDEX KEY:			0000711669
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				581492391
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12436
		FILM NUMBER:		15730313

	BUSINESS ADDRESS:	
		STREET 1:		115 SOUTH GRANT STREET
		STREET 2:		.
		CITY:			FITZGERALD
		STATE:			GA
		ZIP:			31750
		BUSINESS PHONE:		229-426-6000

	MAIL ADDRESS:	
		STREET 1:		115 SOUTH GRANT STREET
		STREET 2:		.
		CITY:			FITZGERALD
		STATE:			GA
		ZIP:			31750
</SEC-HEADER>
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<DESCRIPTION>COLONY BANKCORP, INC. 8-K 3-27-2015
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">UNITED STATES</div>

<div style="TEXT-ALIGN: center; FONT-SIZE: 14pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">FORM 8-K</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">PURSUANT TO SECTION 13 OR 15(d) OF THE</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECURITIES EXCHANGE ACT OF 1934</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported): March 27, 2015</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 24pt; FONT-WEIGHT: bold">COLONY BANKCORP, INC.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</div>

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<div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">115 South Grant Street, Fitzgerald, Georgia</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Registrant&#8217;s telephone number, including area code: <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(229) 426-6000</font></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(Former name or former address, if changed since last report)</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">see</font> General Instruction A.2. below):</div>

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<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: left">Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</td>
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<div style="TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On March 27, 2015, Colony Bank (the &#8220;Bank&#8221;), a wholly-owned subsidiary of Colony Bankcorp, Inc. (the &#8220;Registrant&#8221;), entered into a retention agreement with each of the following executive officers:&#160; Edward P. Loomis, its President and Chief Executive Officer, Terry L. Hester, its Executive Vice President and Chief Financial Officer, Lee A. Northcutt, its Executive Vice President and East Regional Executive Banking Officer, M. Eddie Hoyle, Jr., its Executive Vice President and West Regional Executive Banking Officer, and Henry F. Brown, Jr., its Executive Vice President and Chief Credit Officer.&#160; The Compensation Committee and the Board of Directors of both the Bank and the Registrant approved the retention agreements after consideration of a relatively flat 5-year period of compensation for the executive officers, with no stock awards having been granted to the executives since 2009, and their desire to promote the retention of the executives by offering protection in the event of a change in control of the Registrant.&#160; The Compensation Committee and Board of Directors of both the Bank and the Registrant have been considering such action for some time, however, did not feel it was appropriate until overall performance of the Registrant improved to a level where the Registrant resumed making contractually stipulated dividend and interest payments associated with the Cumulative Perpetual Preferred Stock and trust preferred securities, respectively, and also got current on accrued but unpaid payments associated with both.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Retention Agreements with Messrs. Loomis and Hester</font><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">.&#160; The retention agreements with each of Messrs. Loomis and Hester provide for:</font></div>

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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">a retention bonus equal to 2.5 times his base salary, payable in a single lump sum within thirty days following a change in control of the Registrant that occurs prior to March 27, 2018, provided that the executive is employed by the Bank on the date of the change in control; provided, however, that if the executive&#8217;s employment is terminated by the Bank without cause (as defined in the agreement) within the 90-day period immediately preceding the change in control, then he will remain eligible to receive the change in control bonus in the event of a change in control; and</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">continuation of group health coverage for the executive and his eligible dependents at the active employee rate for 24 months following the executive&#8217;s termination of employment, in the event that the executive&#8217;s employment is terminated by the Bank without cause within the 90-day immediately preceding the change in control or in the event that the executive&#8217;s employment is terminated by the Bank without cause or by the executive for good reason (as defined in the agreement) within the 24-month period immediately following the change in control.</td>
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<div style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In order to receive the retention bonus and the health coverage benefit described above, the executive must execute a separation agreement containing a full general release of claims and covenant not to sue and comply with the restrictive covenants described below.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Retention Agreements with Messrs. Northcutt, Hoyle and Brown</font><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">.&#160; The retention agreements with each of Messrs. Northcutt, Hoyle and Brown provide for:</font></div>

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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">a retention bonus equal to 0.75 times the executive&#8217;s base salary, payable in a single lump sum within thirty days following a change in control of the Registrant that occurs prior to March 27, 2018, provided that the executive is employed by the Bank on the date of the change in control; provided, however, that if the executive&#8217;s employment is terminated by the Bank without cause (as defined in the agreement) within the 90-day period immediately preceding the change in control, then he will remain eligible to receive the change in control bonus in the event of a change in control); and</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">a post-closing retention bonus equal to 0.75 times his base salary, payable in a single lump sum within thirty days following the successful core data processing conversion of the Bank in connection with the change in control, provided that the executive is employed by the Bank on such date; provided, however, that if the executive&#8217;s employment is terminated by the Bank without cause within the 90-day period immediately preceding the change in control or between the date of the change in control and the conversion of the Bank, then he will remain eligible to receive the post-closing retention bonus.</td>
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<div style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In order to receive the retention bonuses described above, the executive must execute a separation agreement containing a full general release of claims and covenant not to sue and comply with the restrictive covenants described below.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Restrictive Covenants.&#160; </font>Each of the retention agreements contains confidentiality and employee and customer nonsolicitation covenants that apply during the executive&#8217;s employment with the Bank and for a period of 24 months, in the case of Messrs. Loomis and Hester, or 12 months, in the case of <font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Messrs. Northcutt, Hoyle and Brown, </font>after his termination of employment following a change in control.&#160; In addition, the retention agreements with Messrs. Loomis and Hester contain a noncompetition covenant that applies during the executive&#8217;s employment and for a period of 24 months after his termination of employment following a change in control.&#160; The post-termination restricted period for the employee and customer nonsolicitation covenants and, in the case of Messrs. Loomis and Hester, the noncompetition covenant, will be reduced by the number of full months that the executive provides services to the Bank following the change in control prior to his termination.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">280G Cut-Back</font>.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The retention agreements provide that if any payments or benefits would be subject to the excise tax imposed under Section 4999 of the Internal Revenue Code, then the payments will be limited to the maximum amount that could be paid without triggering the excise tax.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The retention agreements will be filed as exhibits to the Registrant&#8217;s Quarterly Report on Form 10-Q for the period ending March 31, 2015.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">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.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">COLONY BANKCORP, INC.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Date: March 27, 2015</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: top">/s/ Terry L. Hester</td>
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