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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 12pt;"><b>UNITED STATES<br>
<font style="font-family: Times New Roman, Times, serif; font-size: 12pt;">SECURITIES AND EXCHANGE COMMISSION</font></b><font style="font-family: Times New Roman, Times, serif; font-size: 12pt;"> </font></p>

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

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

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

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

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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Date of Report (Date of Earliest Event Reported): <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 20, 2017 </font></p>

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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 24pt;"><b>Plumas Bancorp</b><font style="font-family: Times New Roman, Times, serif; font-size: 24pt;">&nbsp;</font></p>

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<p style="margin: 0pt; text-align: center;">(Exact name of registrant as specified in its charter)</p>

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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">000-49883</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<br>
			<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">of incorporation) </font></p>
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			<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">File Number) </font></p>
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			<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Identification No.)</font></p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">35 S. Lindan Avenue, Quincy, CA</p>
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			<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">95971</p>
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<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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (530) 283-7305 </font></p>

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<p style="margin: 0pt; text-align: center; font-family: Times New Roman, Times, serif; font-size: 10pt;">Not Applicable</p>

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<p style="margin: 0pt; text-align: center;">Former name or former address, if changed since last report</p>

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<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:</p>

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

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

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

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

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Emerging growth company<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &#9744;</font></p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp; &nbsp;&#9744;</font></p>

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<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of</b><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b> </b><b>Certain Officers.</b></font></p>

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<p style="margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>201</i><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>8</i><i> Incentive Plan</i>&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

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<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">On <font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">December 20, 2017, the Board of Directors of Plumas Bancorp (the &ldquo;Company&rdquo;) approved the Company&rsquo;s cash non-equity incentive plan for 2018 (the &ldquo;2018 NEI&rdquo;, the &ldquo;Plan&rdquo;). Eligible employees under the 2018 NEI include all employees of the Company&rsquo;s subsidiary, Plumas Bank (the &ldquo;Bank&rdquo;), who are regularly scheduled to work at least 20 hours per week. The aggregate bonus pool is comprised of two pools, one for officers of the Company and one for all other employees. The officers&rsquo; portion represents 90.9% of the combined pools. Incentives are payable under the 2018 NEI once the Bank has reached 80% of targeted pretax, pre-bonus income. The maximum total bonus available for distribution is $1.5 million at 120% of targeted pretax, pre-bonus income and the maximum total bonus available for the officers&rsquo; pool would be $1.4 million. At target, the officers&rsquo; bonus pool would total $953,000. Up to 13% of the officers&rsquo; pool could be allocated to the Company&rsquo;s Chief Executive Officer (&ldquo;CEO&rdquo;) and President. Executive Vice Presidents (&ldquo;EVPs&rdquo;) each can earn up to 5% of the officers&rsquo; bonus pool.</font></p>

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<p style="margin: 0pt; text-align: justify; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Under the 201<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">8 NEI, the cash incentive payment to the Company&rsquo;s CEO and President will be based 46% on pretax, pre-bonus income targets, 15% upon the attainment of performance goals, and 15% upon various performance metrics with the remaining 24% based on the CEO&rsquo;s performance during 2018, as evaluated by the Company&rsquo;s Corporate Governance Committee, which serves as the Company&rsquo;s compensation committee. Cash incentive payments for the Company&rsquo;s EVPs will be based 56% on pretax, pre-bonus income targets, 16% upon the attainment of performance goals, and 8% upon various performance metrics with the remaining 20% based on the CEO&rsquo;s evaluation of the EVP&rsquo;s performance during 2018. Goals for the CEO include targeted increases in loans and deposits, continued improvement in asset quality, implementation of a system of procedures and processes to facilitate the transition to an Electronic Document Management System, and development of a current expected credit loss model as required under ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. Metrics include targeted levels of ROE and ROA (calculated on a pre-tax basis) compared to a select group of peer institutions. At target, the maximum amount of incentive payment that can be earned by the Company&rsquo;s CEO is $124,000 and for each EVP the maximum incentive payable at target would average $48,000. At 120% or more of target, the maximum amount of incentive payment that can be earned by the Company&rsquo;s CEO is $178,000 and for each EVP the maximum incentive payable would average $69,000. The Company&rsquo;s Board of Director has the ability to terminate or modify the Plan and all payouts under the Plan are subject to approval by the Company&rsquo;s Corporate Governance Committee. The Plan does not give any employee the right to or guarantee of continued employment.</font></p>

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

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<p style="margin: 0pt; 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.</p>

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			<p style="margin: 0pt 0pt 0pt 2.65pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">Plumas Bancorp<br>
			<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(Registrant)</font></p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>December 2</i><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>1</i><i>, 201</i><i>7</i>&nbsp;</font></p>
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			<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>By:</i><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
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			<p style="margin: 0pt 0pt 0pt 8.4pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>/s/<font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;&nbsp;</font></i><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>Richard L. Belstock</i></font></p>
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			<p style="margin: 0pt 0pt 0pt 8.4pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>Name: </i><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>Richard L. Belstock</i><br>
			<i>Title: Chief</i><i>&nbsp;</i><i>Financial Officer</i></font></p>
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plbc20171220_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 (Date of Earliest Event Reported):
December 20, 2017
Plumas Bancorp
(Exact name of registrant as specified in its charter)
California
000-49883
75-2987096
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
35 S. Lindan Avenue, Quincy, CA
95971
(Address of principal executive offices)
(Zip Code)
Registrant
's telephone number, including area code       (530) 283-7305
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:
[ ] 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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
201
8
Incentive Plan
On
December 20, 2017, the Board of Directors of Plumas Bancorp (the "Company") approved the Company's cash non-equity incentive plan for 2018 (the "2018 NEI", the "Plan"). Eligible employees under the 2018 NEI include all employees of the Company's subsidiary, Plumas Bank (the "Bank"), who are regularly scheduled to work at least 20 hours per week. The aggregate bonus pool is comprised of two pools, one for officers of the Company and one for all other employees. The officers' portion represents 90.9% of the combined pools. Incentives are payable under the 2018 NEI once the Bank has reached 80% of targeted pretax, pre-bonus income. The maximum total bonus available for distribution is $1.5 million at 120% of targeted pretax, pre-bonus income and the maximum total bonus available for the officers' pool would be $1.4 million. At target, the officers' bonus pool would total $953,000. Up to 13% of the officers' pool could be allocated to the Company's Chief Executive Officer ("CEO") and President. Executive Vice Presidents ("EVPs") each can earn up to 5% of the officers' bonus pool.
Under the 201
8 NEI, the cash incentive payment to the Company's CEO and President will be based 46% on pretax, pre-bonus income targets, 15% upon the attainment of performance goals, and 15% upon various performance metrics with the remaining 24% based on the CEO's performance during 2018, as evaluated by the Company's Corporate Governance Committee, which serves as the Company's compensation committee. Cash incentive payments for the Company's EVPs will be based 56% on pretax, pre-bonus income targets, 16% upon the attainment of performance goals, and 8% upon various performance metrics with the remaining 20% based on the CEO's evaluation of the EVP's performance during 2018. Goals for the CEO include targeted increases in loans and deposits, continued improvement in asset quality, implementation of a system of procedures and processes to facilitate the transition to an Electronic Document Management System, and development of a current expected credit loss model as required under ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments. Metrics include targeted levels of ROE and ROA (calculated on a pre-tax basis) compared to a select group of peer institutions. At target, the maximum amount of incentive payment that can be earned by the Company's CEO is $124,000 and for each EVP the maximum incentive payable at target would average $48,000. At 120% or more of target, the maximum amount of incentive payment that can be earned by the Company's CEO is $178,000 and for each EVP the maximum incentive payable would average $69,000. The Company's Board of Director has the ability to terminate or modify the Plan and all payouts under the Plan are subject to approval by the Company's Corporate Governance Committee. The Plan does not give any employee the right to or guarantee of continued employment.
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.
Plumas Bancorp
(Registrant)
December 2
1
, 201
7
By:
/s/
Richard L. Belstock
Name:
Richard L. Belstock
Title: Chief
Financial Officer