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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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
AMERIANA BANCORP
(Exact name of registrant as specified in charter)
INDIANA 0-22423 35-1782688
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
2118 BUNDY AVENUE, NEW CASTLE, INDIANA 47263-1048
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (765) 529-2230
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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:
[ ] 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))
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ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
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APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENT OF
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CERTAIN OFFICERS
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On February 5, 2005, Ameriana Bank (the "Bank"), the wholly-owned
subsidiary of Ameriana Bancorp, entered into an employment agreement with John
J. Letter, which was effective as of the date of Mr. Letter's hire on January
22, 2007. The agreement provided for an initial term through December 31, 2008,
subject to extension annually by the Board of Directors. The material terms of
the agreement also include that:
o Mr. Letter will serve as Chief Financial Officer of the Bank
during the term of the agreement;
o Mr. Letter will receive a base salary of $130,000 per year,
subject to annual review by the Board of Directors. Such
salary may be subsequently increased, but not decreased;
o Mr. Letter will receive certain perquisites, including the use
of an automobile;
o Mr. Letter will be awarded 1,000 stock options;
o Mr. Letter will be: (1) eligible for discretionary bonuses;
(2) able to participate in stock benefit plans and life,
health, dental and other benefit plans of the Bank available
to executive personnel;
o If Mr. Letter becomes disabled, he will be entitled to receive
his monthly salary. However, if his disability continues for
more than 18 months, Mr. Letter will receive a monthly
disability equal to 60% of his monthly salary at the time he
became disabled, until the earlier of his death or 65th
birthday (as long as he remains disabled);
o If Mr. Letter is terminated other than following a change in
control, he will be entitled to receive a sum equal to the
highest monthly rate paid to him at any time during the
agreement for the remainder of the term of the agreement;
o If Mr. Letter is terminated following a change in control of
the Bank or Ameriana Bancorp, Mr. Letter will be entitled to
receive 2.99 times his annual compensation, plus the
continuation or payment of certain health, welfare and
employee benefits; and
o After termination of employment other than following a change
in control, Mr. Letter will be subject to a one-year covenant
not to compete.
A copy of the employment agreement will be filed by Ameriana Bancorp as
an exhibit to the annual report on Form 10-K for the quarterly period ended
December 31, 2006.
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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.
AMERIANA BANCORP
Dated: February 7, 2007 By: /s/ Jerome J. Gassen
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Jerome J. Gassen
President and Chief Executive Officer