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): December 20, 2006
COMMUNITY FINANCIAL SHARES, INC.
(Exact name of registrant as specified in its charter)
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| Illinois | | 0-51296 | | 36-4387843 |
(State or other jurisdiction of Incorporation) | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
| | |
357 Roosevelt Road Glen Ellyn, Illinois | | 60137 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code (630) 545-0900
Not Applicable
(Former name or former address, if changed since last year)
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)) |
TABLE OF CONTENTS
Item 1.01 – Entry into a Material Definitive Agreement
The information provided in response to Item 5.02 is incorporated by reference herein.
Item 5.02 — Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
At a special meeting held by the Board of Directors of the Company on December 20, 2006, the Board approved the recommendations of the Compensation Committee with respect to changes to compensation for Scott W. Hamer, who has been appointed President and CEO of the Company and its subsidiary, effective January 1, 2007.
The new compensation package, which will take effect January 1, 2007, includes an annual salary of $180,000 and membership dues at a local country club. As with his current compensation package, Mr. Hamer will continue to be eligible for a possible annual bonus equal to up to 25% of his annual salary, and will continue to receive as other perquisites an automobile allowance and the opportunity to participate in the benefit programs generally maintained by the Company for the benefit of its employees.
Mr. Hamer’s compensation arrangements are not memorialized in a written contract.
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.
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COMMUNITY FINANCIAL SHARES, INC. (Registrant) |
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| By: | | /s/ Scott W. Hamer |
| | Scott W. Hamer |
| | Vice President and Chief Financial Officer |
Date: December 26, 2006
