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): May 26, 2006
NORTH CENTRAL BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Iowa 0-27672 42-1449849
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
825 Central Avenue
Fort Dodge, Iowa 50501
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (515) 576-7531
Not Applicable
(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 (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 1.01 Entry into a Material Definitive Agreement
On May 26, 2006, the Board of Directors of North Central Bancshares,
Inc. (the "Company"), the holding company for First Federal Savings Bank of Iowa
(the "Bank"), approved the North Central Bancshares, Inc. 2006 Incentive Award
Plan (the "Plan"). (Capitalized terms are defined in the Plan).
The Plan was adopted for the purpose of promoting growth and
profitability of the Company and the Bank by providing eligible key officers
("eligible officers") with an incentive award opportunity to achieve corporate
objectives and by attracting and retaining individuals of outstanding competence
by aligning their interests with the interest of the Company in obtaining
superior financial results.
The Plan provides for an Incentive Award if certain award objectives
are accomplished by the eligible officer. The Plan is administered by members of
the Compensation Committee of North Central Bancshares, Inc. or First Federal
Savings Bank of Iowa who are Disinterested Board Members.
Each participant in the Plan is assigned to a participation tier and is
assigned company and/or individual objectives that are weighted according to the
participation tier. For 2006, the participation tiers and weights assigned to
company and/or individual objectives are as follows:
Award Objectives
- ----------- ----------------- -----------------
Tier Company Individual
- ----------- ----------------- -----------------
1 100% --
2 75% 25%
3 50% 50%
4 25% 75%
Each participant in the Plan is awarded the opportunity to earn
Incentive Units based on the participation tier to which he or she is assigned,
the number of which varies with the degree of attainment of the applicable Award
Objectives and the value of which is determined by the Committee, as follows:
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Number of Incentive Units
- -------- ----------- ----------- ------------ -----------
Tier Threshold Target Above Target Maximum
Achievement Achievement Achievement Achievement
- -------- ----------- ----------- ------------ -----------
1 3 6 9 12
2 2 4 6 8
3 2 3 4 6
4 2 3 4 6
For 2006, the Committee has assigned each Incentive Unit a value equal
to 0.1% (1/10th of 1%) of the Company's 2006 budgeted net income (determined in
accordance with generally accepted accounting principles). Where a participant's
actual achievement falls between two of the designated levels, the Committee may
use interpolation to calculate and pay an intermediate number of Incentive
Units. For 2006, the Committee has assigned each of the eligible officers the
following participation tiers and Award Objectives:
Award Objectives
- ---------------------------------------------------------------------------------------------------
Executive Officer Tier Company Individual
- ------------------- -------- ---------------------------------- ---------------------------
David M. Bradley 1 Net income or earnings per share. N/A
C. Thomas Chalstrom 1 Net income or earnings per share. N/A
David W. Edge 3 Net income or earnings per share. Compliance with section
404 of the Sarbanes-Oxley
Act of 2002, compliance
with the reporting
requirements under the
Securities Act of 1933,
compliance with the
reporting requirements
under the Securities
Exchange Act of 1934,
compliance with Generally
Accepted Accounting
Principles.
Kirk A. Yung 4 Net income or earnings per share. Loan production.
Item 9.01 Financial Statements and Exhibits
None
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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.
NORTH CENTRAL BANCSHARES, INC.
By:
-----------------------------------------
Name: David M. Bradley
Title: Chairman, President and Chief Executive
Officer
Dated: May 26, 2006
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