A lawsuit has been filed by a former employee of the Pinedale Rocky Mountain Bank. The bank and the region president Bill Kleven are being sued for wrongful termination. Sherrie Thomas’ employment agreement with RMB is at the center of her claim. She alleges that she was terminated without just cause in January. She is seeking lost wages and salary as well as loss of bonuses and stock options.
Thomas worked for American National Bank from 1998 until 2005 when RMB bought the bank. The employment agreement that was signed with Thomas as a loan officer with RMB in 2005 states that RMB was to pay bonuses and stock options, she was also eligible for annual bonuses equivalent to 50 percent of her salary. At the time of her termination Thomas was making an annual salary of $65,000.
The stock options Thomas was awarded in 2007 were valued at $285 each by the CEO of RMB; she was awarded 250 of these options. At the time the bonuses, stock options and other financial benefits became payable Thomas was terminated, effectively saving RMB that money.
Thomas claims she has suffered a severe impairment to her earning capacity and business reputation as a result of her termination and seeks full compensation for her losses.
When an employment agreement is agreed upon the terms of it dictate the grounds for termination, if Thomas was let go with no reason then RMB has violated the contract and could be found liable for all of the financial demands that Thomas is claiming.