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Jury awards more than $427,000 to ousted Solera National Bank CEO

Ousted SoleraNational Bank President and CEO John Carmichael was able to get afavorable verdict from a Jefferson County jury in connection with the hiringcontract-related lawsuit he had filed in court against the Lakewood,Colo.-based bank and its parent Solera National Bancorp Inc., the Denver Post reported Sept. 27.

The jury awarded more than $427,000 to Carmichael. Alsoincluded in the verdict was an additional sum for 10,000 shares Carmichael wasgiven when he was appointed to take the helm of the bank in September2013. The report said that based on the shares' value at the time of Carmichael'sremoval from his position, the shares could be worth another $65,000.

Carmichael was terminated as an at-will employee and for cause in July2014. He was the lone director on Solera's board for a time during a proxybattle with Michael Quagliano. The report said that in case of a change incontrol of the bank, Carmichael's hiring contract guaranteed him stock optionsand a golden parachute of almost 2x his salary.

The news story added that the bank has yet to decide whetherto appeal the verdict, which Solera Director Robert Fenton branded as"disappointing."