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): 12/20/2006
MAINSTREET BANKSHARES INC
(Exact name of registrant as specified in its charter)
Commission File Number: 333-86993
VA | | 54-1956616 |
(State or other jurisdiction of | | (IRS Employer |
incorporation) | | Identification No.) |
730 East Church Street, Suite 30, Martinsville, VA 24112
(Address of principal executive offices, including zip code)
276-632-8054
(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:
[ ] 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))
Information to be included in the report
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
The Human Resources Committee of MainStreet BankShares, Inc. ("BankShares") met on December 20, 2006 to authorize the award of 14,160 additional stock options at $16.75 (the board's estimate of current fair value based on recent trades and the price quoted that day on a national trade publication) with an expiration date of ten years. The stock options have a vesting period of three years beginning December 20, 2007. These stock options are authorized under the 2004 Key Employee Stock Option Plan (the "Plan"), which was approved at the Annual Shareholders' Meeting on April 15, 2004. Of these stock options authorized, Larry A. Heaton, President and Chief Executive Officer of BankShares, was authorized to receive 6,050 options. With this grant, Larry A. Heaton has 55,453 stock options outstanding (with the prior grants being restated for the one for ten share dividend paid December 15, 2006). All prior grants of stock options are fully vested. Brenda H. Smith, Executive Vice President and Chief Financial Officer of BankShares, was authorized to receive 4,125 options. With this grant, Brenda H. Smith has 43,724 stock options outstanding (with the prior grants being restated for the one for ten share dividend paid December 15, 2006). All prior grants of stock options are fully vested.A total of 150,700 (restated for the one for ten share dividend paid on December 15, 2006) incentive and nonqualified stock options are authorized under the Plan. With this grant a total of 122,367 (restated for the one for ten share dividend paid on December 15, 2006) stock options have been granted under the Plan.
Signature(s)
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.
| | | | | | MAINSTREET BANKSHARES INC |
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| Date: December 21, 2006 | | | | By: | | /s/ Larry A. Heaton
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| | | | | | | | | Larry A. Heaton |
| | | | | | | | | President and Chief Executive Officer |
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| | | | | | MAINSTREET BANKSHARES INC |
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| Date: December 21, 2006 | | | | By: | | /s/ Brenda H. Smith
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| | | | | | | | | Brenda H. Smith |
| | | | | | | | | Executive Vice President/Chief Financial Officer/Corporate Secretary |
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