UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 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): May
14, 2007
GREENE
COUNTY BANCSHARES, INC.
Tennessee
|
0-14289
|
62-1222567
|
(State
or Other Jurisdiction
|
(Commission
File Number)
|
(I.R.S.
Employer
|
of
Incorporation)
|
|
Identification
No.)
|
100
North
Main Street, Greeneville, Tennessee 37743-4992
(423)
639-5111
Check
the
appropriate box if the Form 8-K filing is intended to simultaneously satisfy
the
filing
obligation of the registrant under any of the following provisions:
[
]
Written communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17
CFR
240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
At
(17
CFR.13e-4(c))
Section
5 - Corporate Governance and Management
Item
5.02 Departure
of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements
of
Certain Officers
(e) |
On
May 14, 2007, the Board of Directors of Greene County
Bancshares (the "Company"),
upon the recommendation of its Compensation Committee, approved
the
following compensatory plans and arrangements for the Company's
named
executive officers (i.e., the top 5 most highly
compensated officers
as reported in the Company's Proxy Statement filed in connection
with the
2007 annual shareholders' meeting):
|
R.
Stan
Puckett; Chairman and Chief Executive Officer - $117,810 bonus
Kenneth
R.
Vaught; President and Chief operating Officer - $65,450 bonus
James
E.
Adams; Executive Vice and Chief Financial Officer - base salary increased
from
$181,562.64 to $200,000
The
bonuses paid to Messrs.
Puckett and Vaught were paid pursuant to formulas in accordance with their
respective employment agreements.
SIGNATURE
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.
Dated: May
18,
2007 |
GREENE COUNTY BANCSHARES, INC. |
|
|
|
|
/s/ James E. Adams |
|
Name: |
James E. Adams |
|
Title: |
Executive Vice President and |
|
|
Chief Executive Officer |