Greene County Bancshares, Inc. Form 8-K filed May 18, 2007

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): May 14, 2007
 
GREENE COUNTY BANCSHARES, INC.
 
Tennessee 
0-14289 
62-1222567
(State or Other Jurisdiction 
(Commission File Number)
(I.R.S. Employer
of Incorporation)
  
 Identification No.)
 
 100 North Main Street, Greeneville, Tennessee 37743-4992
 
(423) 639-5111
 
Check the appropriate box 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 At (17 CFR.13e-4(c))
 
 


 
Section 5 - Corporate Governance and Management
 
Item 5.02   Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
            of Certain Officers
 
(e)
On May 14, 2007, the Board of Directors of Greene County Bancshares (the "Company"), upon the recommendation of its Compensation Committee, approved the following compensatory plans and arrangements for the Company's named executive officers (i.e., the top 5 most highly compensated officers as reported in the Company's Proxy Statement filed in connection with the 2007 annual shareholders' meeting):
 
    R. Stan Puckett; Chairman and Chief Executive Officer - $117,810 bonus
 
    Kenneth R. Vaught; President and Chief operating Officer - $65,450 bonus
 
    James E. Adams; Executive Vice and Chief Financial Officer - base salary increased from $181,562.64 to $200,000
 
 The bonuses paid to Messrs. Puckett and Vaught were paid pursuant to formulas in accordance with their respective employment agreements.
 
 
 
SIGNATURE
 
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.
 

Dated:    May 18, 2007                             GREENE COUNTY BANCSHARES, INC.
     
  /s/ James E. Adams               
  Name: James E. Adams 
  Title: Executive Vice President and
    Chief Executive Officer