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): FEBRUARY 5, 2007
MACKINAC FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
MICHIGAN 0-20167 38-2062816
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
130 SOUTH CEDAR STREET
MANISTIQUE, MICHIGAN 49854
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (888) 343-8147
(NOT APPLICABLE)
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(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 (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 1.02 TERMINATION OF MATERIAL DEFINITIVE AGREEMENT.
Effective as of February 5, 2007, Mackinac Financial Corporation (the
"Company") entered into an agreement with C. James Bess terminating that certain
amended and restated employment agreement dated July 15, 2005, as amended (the
"Agreement"). Pursuant to the Agreement, Mr. Bess resigned from any all
positions, including all directorships, held with each of the Company and of its
principal banking subsidiary, mBank.
The Agreement provides that Mr. Bess receive a cash settlement of his
salary through June 30, 2007 and specified continuing health insurance benefits.
The Agreement also provides for an acknowledgement of the survival in accordance
with their respective terms of the arbitration, non-competition;
non-solicitation and continuing obligations provisions of the amended and
restated employment agreement. A copy of the Agreement is attached as Exhibit
10.1 hereto and incorporated herein by reference.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
The disclosure set forth in Item 1.02 with respect to Mr. Bess is
incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
The following exhibits are filed or furnished with this report:
Exhibit No. Description
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10.1 Agreement
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.
MACKINAC FINANCIAL CORPORATION
Date: February 8, 2007 By /S/ ERNIE R. KRUEGER
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Ernie R. Krueger
Executive Vice President and Chief
Financial Officer
EXHIBIT INDEX
Exhibit No. Description
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10.1 Agreement