SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 12, 2012
Simplicity Bancorp, Inc.
(Exact Name of Registrant as Specified in its charter)
1359 N. Grand Avenue, Covina, CA 91724
Address of principal executive offices
Registrant’s telephone number, including area code
(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:
(b) The employment relationship with Nancy Huber as Chief Credit Officer of Simplicity Bank (the “Bank”), the wholly-owned subsidiary of Simplicity Bancorp, Inc. ended on December 12, 2012.
(e) On December 12, 2012, the Bank entered into a Severance Agreement and General Release (the “Agreement”) with Ms. Huber. The Agreement amends and supersedes the terms of Ms. Huber’s employment agreement with the Bank, dated November 19, 2010. Pursuant to the terms of the Agreement, Ms. Huber will receive a lump sum severance payment from Simplicity Bank equal to $367,500, provided that she does not exercise her right to revoke the Agreement within seven (7) days following the execution date. In consideration of Ms. Huber’s severance payment, she has agreed to release all claims relating to her employment against the Bank and any of its affiliates.
Item 9.01. Financial Statements and Exhibits.
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.