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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): JANUARY 31, 2007
MACKINAC FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
MICHIGAN 0-20167 38-2062816
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
130 SOUTH CEDAR STREET
MANISTIQUE, MICHIGAN 49854
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (888) 343-8147
(NOT APPLICABLE)
(Former name or former address, if changed since last report.)
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 (see General Instruction A.2. below):
[ ] 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 Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO MATERIAL DEFINITIVE AGREEMENT; DEPARTURE OF DIRECTORS OR
CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS;
COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
Effective as of January 31, 2007, Mackinac Financial Corporation (the
"Company") entered into an amended and restated employment agreement with Ernie
R. Krueger pursuant to which Mr. Krueger will serve as Executive Vice President
and Chief Financial Officer of the Company and of its principal banking
subsidiary, mBank (the "Bank"), with a salary of not less than $165,000 per
annum. From late 2005 through November 2006 Mr. Krueger served as the vice
president and controller of the Company and the Bank and has, since November
2006, served as executive vice president and Chief Financial Officer of the
Company and the Bank.
The amended and restated employment agreement supersedes and replaces in
its entirety the employment agreement dated December 15, 2004 as amended by the
first amendment to employment agreement dated January 12, 2005. The agreement
has a term of 36 months, expiring January 31, 2010. During the term of his
employment, Mr. Krueger may be eligible for an additional incentive bonus and
will be entitled to participate in any Company employee benefit plans that are
made available to executive employees of the Company or the Bank. In the event
we require Mr. Krueger to relocate his principal office location we may also be
required to make certain relocation payments. In the event the agreement is
terminated under certain circumstances, we are obligated to make termination
payments in a lump sum or over time depending on the reason the agreement was
terminated. The agreement also contains non-competition and non-solicitation
provisions. A copy of the Amended and Restated Employment Agreement is attached
as Exhibit 10.1 hereto and incorporated herein by reference.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.
The disclosure set forth in Item 1.01 with respect to Mr. Krueger is
incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
The following exhibits are filed or furnished with this report:
Exhibit No. Description
----------- -----------
10.1 Amended and Restated Employment Agreement
SIGNATURES
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.
MACKINAC FINANCIAL CORPORATION
Date: February 6, 2007 By /S/ ERNIE R. KRUEGER
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Ernie R. Krueger
Executive Vice President and
Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
10.1 Amended and Restated Employment Agreement