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) November 24, 2008
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WVS Financial Corp.
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(Exact name of registrant as specified in its charter)
Pennsylvania 0-22444 25-1710500
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
9001 Perry Highway, Pittsburgh, Pennsylvania 15237
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (412) 364-1913
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Not Applicable
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(Former name, former address and former fiscal year,
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 (see General Instruction A.2 below):
[_] 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))
Item 5.02 Departure of Directors or Certain Officers; Election of
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Directors; Appointment of Certain Officers; Compensatory
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Arrangements of Certain Officers.
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(e) On November 24, 2008, the Boards of Directors of WVS Financial
Corp. (the "Company" or the "Registrant") and West View Saving Bank (the "Bank")
approved the amendment and restatement of the following employment agreement and
benefit plans:
o the Company's and the Bank's employment agreement entered into with
David J. Bursic, President and Chief Executive Officer of the
Company and the Bank;
o the Company's and the Bank's Directors' Deferred Compensation Plan;
o the Trust Agreement for the Directors' Deferred Compensation Plan;
and
o the Company's Recognition and Retention Plan for Officers.
The employment agreement and benefit plans were amended and restated in
order to comply with final regulations issued by the Internal Revenue Service
under Section 409A of the Internal Revenue Code of 1986, as amended (the
"Code"). Section 409A of the Code governs the deferral of compensation where the
director, officer or employee has a legally binding right to compensation that
is payable in a future year. Section 409A imposes new requirements with respect
to deferral elections, payment events and payment elections.
In addition, the Bank's Deferred Compensation Plan was amended to
provide for the following: directors of the Company, the Bank and any other
subsidiary can elect to defer their board fees and committee fees by submitting
a deferral election form on or before the December 31st preceding the year in
which such fees will be earned; participants can elect to have their deferred
compensation invested in either a fixed income fund that pays interest, an
investment fund consisting of mutual funds or other marketable securities as may
be authorized by the plan committee from time to time, or in stock units, with
each unit representing one share of common stock of the Company; participants
can elect to change their payment elections on or before December 31, 2008 under
the transitional guidance published by the IRS and thereafter in accordance with
the new subsequent payment election rules; participants can elect to have their
deferred compensation balance paid to them upon a separation from service,
death, disability, a change in control or a pre-specified date; and the ability
of Company and the Bank to terminate the plan and accelerate the payments to
participants under certain circumstances permitted by Section 409A of the Code.
For additional information, reference is made to the amended agreement
and plans included as Exhibits 10.1 through 10.4 hereto, which are incorporated
herein by reference.
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Item 9.01 Financial Statements and Exhibits
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(a) Not applicable.
(b) Not applicable.
(c) Not applicable
(d) The following exhibits are included with this Report:
Exhibit No. Description
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10.1 Amended and Restated Employment Agreement between WVS
Financial Corp., West View Savings Bank and David J.
Bursic, dated November 24, 2008
10.2 WVS Financial Corp. and West View Savings Bank
Amended and Restated Directors' Deferred Compensation
Plan
10.3 WVS Financial Corp. and West View Savings Bank
Amended and Restated Directors' Compensation Plan
Trust Agreement
10.4 WVS Financial Corp. Amended and Restated Recognition
and Retention Plan for Officers of West View Savings
Bank
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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 thereunto duly authorized.
WVS FINANCIAL CORP.
By: /s/ David J. Bursic
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Name: David J. Bursic
Title: President and Chief Executive Officer
Date: November 28, 2008
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