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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>UNITED STATES</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Washington, D.C. 20549</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>Form 8-K</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Current Report</b></p>

<p style="margin: 0pt; text-align: center; text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Date of Report (Da<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">te of earliest event reported) March 6, 2017 </font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; text-transform: uppercase; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>National Bankshares, Inc.</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Exact name of Registrant as specified in its charter)</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 18pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Virginia</b></p>
			</td>
			<td style="width: 35.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>0-15204</b></p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>54-1375874</b></p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(State or other jurisdiction of incorporation or organization)</p>
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			<td style="width: 35.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Commission File No.)</p>
			</td>
			<td style="width: 35.6%; vertical-align: top;">
			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(I.R.S. Employer Identification No.)</p>
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</table>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>101 Hubbard Street</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Blacksburg, VA 24060</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Address of principal executive offices)</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>&nbsp;</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>(540) 951-6300</b></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Registrant<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&rsquo;s telephone number, including area code)</font></p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">(Former name or former address, if changed since last report) <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Not applicable</b></font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; 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 (see General Instruction A.2. below):</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9744;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9744;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9744;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#9744;<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">ITEM <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">5.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</b></font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">On June 22, 2016, National Bankshares, Inc. entered in an amendment of an existing salary continuation agreement with Lara E. Ramsey, Senior Vice President/Administration and Corporate Secretary of the Company.&nbsp;&nbsp;The named officer is part of a select group of Company or subsidiary executives who receive similar benefits under a salary continuation plan that is funded by an investment in Company or subsidiary owned life insurance policies on the lives of the executives.&nbsp;&nbsp;The officers and their beneficiaries are unsecured creditors of the Company and subsidiaries with respect to the benefits under the salary continuation plans.</font></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Each of the salary continuation agreements provides an annual benefit for the officer at normal retirement age (age 65), that is payable for the greater of 15 years or the executive&rsquo;s lifetime.&nbsp;&nbsp;If the officer dies before receiving annual benefit for 15 years, the benefit is paid to the officer&rsquo;s beneficiary for the remainder of that period.&nbsp;&nbsp;A reduced benefit is payable upon the officer&rsquo;s early termination, disability or upon a change in control of the executive&rsquo;s employer.&nbsp;&nbsp;&ldquo;Early termination&rdquo;, &ldquo;disability&rdquo; and &ldquo;change in control&rdquo; are each defined in the salary continuation agreements.&nbsp;&nbsp;A death benefit that is equal in amount to the retirement benefit is paid to the executive&rsquo;s beneficiary for 15 years in the event of the executive&rsquo;s death while an active employee.&nbsp;&nbsp;No benefit is payable if the officer is terminated for cause, as that term is defined in the agreement.</font></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">The amended salary continuation agreement with Ms. Ramsey provides that she will receive annual payments of $42,000.00 beginning at normal retirement in 2033.&nbsp;&nbsp;At the time Ms. Ramsey entered into the original agreement and the First and Second Amendments, Ms. Ramsey was not a reportable officer of the Company.</font></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">A copy of the salary continuation agreement and any amendments thereto with Ms. Ramsey are attached as Exhibit 10(xviii).</font></p>

<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">ITEM 9.01.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;<b>FINANCIAL STATEMENTS AND EXHIBITS</b></font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">(d<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">)</font></p>
			</td>
			<td style="width: 96.1%; vertical-align: top;">
			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Exhibits</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">The following exhibits are filed with this Current Report pursuant to Item 5.02:</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">10.1<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salary Continuation Agreement and the First, Second and Third Amendment between National Bankshares, Inc. and Lara E. Ramsey.</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">SIGNATURE</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">NATIONAL BANKSHARES, INC.</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Date: <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">March 6, 2017</font></p>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">/s/ JAMES G. RAKES</font></p>
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			<p style="margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">James G. Rakes</p>

			<p style="margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Chairman</p>

			<p style="margin: 0pt 0pt 0pt 36pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">President and CEO</p>
			</td>
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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Page 2 of 2 Pages</p>
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nksh20170306_8k.htm
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 (Da
te of earliest event reported) March 6, 2017
National Bankshares, Inc.
(Exact name of Registrant as specified in its charter)
Virginia
0-15204
54-1375874
(State or other jurisdiction of incorporation or organization)
(Commission File No.)
(I.R.S. Employer Identification No.)
101 Hubbard Street
Blacksburg, VA 24060
(Address of principal executive offices)
(540) 951-6300
(Registrant
's telephone number, including area code)
(Former name or former address, if changed since last report)
Not applicable
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
5.02.
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On June 22, 2016, National Bankshares, Inc. entered in an amendment of an existing salary continuation agreement with Lara E. Ramsey, Senior Vice President/Administration and Corporate Secretary of the Company.  The named officer is part of a select group of Company or subsidiary executives who receive similar benefits under a salary continuation plan that is funded by an investment in Company or subsidiary owned life insurance policies on the lives of the executives.  The officers and their beneficiaries are unsecured creditors of the Company and subsidiaries with respect to the benefits under the salary continuation plans.
Each of the salary continuation agreements provides an annual benefit for the officer at normal retirement age (age 65), that is payable for the greater of 15 years or the executive's lifetime.  If the officer dies before receiving annual benefit for 15 years, the benefit is paid to the officer's beneficiary for the remainder of that period.  A reduced benefit is payable upon the officer's early termination, disability or upon a change in control of the executive's employer.  "Early termination", "disability" and "change in control" are each defined in the salary continuation agreements.  A death benefit that is equal in amount to the retirement benefit is paid to the executive's beneficiary for 15 years in the event of the executive's death while an active employee.  No benefit is payable if the officer is terminated for cause, as that term is defined in the agreement.
The amended salary continuation agreement with Ms. Ramsey provides that she will receive annual payments of $42,000.00 beginning at normal retirement in 2033.  At the time Ms. Ramsey entered into the original agreement and the First and Second Amendments, Ms. Ramsey was not a reportable officer of the Company.
A copy of the salary continuation agreement and any amendments thereto with Ms. Ramsey are attached as Exhibit 10(xviii).
ITEM 9.01.
FINANCIAL STATEMENTS AND EXHIBITS
(d
)
Exhibits
The following exhibits are filed with this Current Report pursuant to Item 5.02:
10.1
Salary Continuation Agreement and the First, Second and Third Amendment between National Bankshares, Inc. and Lara E. Ramsey.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NATIONAL BANKSHARES, INC.
Date:
March 6, 2017
By:
/s/ JAMES G. RAKES
James G. Rakes
Chairman
President and CEO
Page 2 of 2 Pages