UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report: May 2, 2005 Commission File Number: 0-15204
National Bankshares, Inc.
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(Exact name of Registrant as specified in its charter)
Virginia 54-1375874
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
101 Hubbard Street
Blacksburg, VA 24060
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(Address of principal executive offices)
Registrant's telephone number, including area code: (540) 951-6300
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Page 1 of 2 Pages
ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT
Effective April 30, 2005, Cameron L. Forrester resigned as President and Chief
Executive Officer of Bank of Tazewell County (BTC), a wholly-owned subsidiary of
National Bankshares, Inc. Mr. Forrester also resigned as Director of the Bank of
Tazewell County's Board of Directors. With his resignation, Mr. Forrester's
employment agreement with Bank of Tazewell County terminated. The agreement,
dated June 1, 1998, had an initial 3 year term with subsequent automatic 2 year
renewal periods, subject to certain conditions. However, Mr. Forrester's
resignation effectively terminated his employment agreement early and stopped it
from automatically renewing as of June 1, 2005. Because Mr. Forrester's
resignation was voluntary, he will not receive the lump sum cash payment to
which he might otherwise have been entitled had his agreement been terminated
early for other reasons.
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION
OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS
Departure of President and Chief Executive Officer of Subsidiary. Effective
April 30, 2005, Cameron L. Forrester resigned his position as President and
Chief Executive Officer of Bank of Tazewell County, a wholly-owned subsidiary of
National Bankshares, Inc.
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: May 2, 2005 By: /s/ JAMES G. RAKES
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James G. Rakes
Chairman
President and Chief Executive Officer
Page 2 of 2 Pages