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): March 10, 2005
PROVIDENT BANCORP, INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-25233 80-0091851
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(State or Other Jurisdiction) (Commission File No.) (I.R.S. Employer
of Incorporation) Identification No.)
400 Rella Boulevard, Montebello, New York 10901
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (845) 369-8040
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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 (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 March 10, 2005, Provident Bancorp, Inc. (the "Registrant") granted
shares of restricted stock and stock options to the following Directors and
"Named Executive Officers" (as defined by Item 402(a)(3) of Securities and
Exchange Commission Regulation S-K) pursuant to the Registrant's 2004 Stock
Incentive Plan. Shares of restricted stock vest as follows: 10% at September 30,
2005, 20% at each of September 30, 2006, 2007, 2008 and 2009, and 10% at March
31, 2010. Stock options vest over five years, commencing with the date of grant,
and have an exercise price of $12.68. The form of award documents will be filed
with the Securities and Exchange Commission upon distribution to participants.
Name Restricted Stock Stock Options
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Dennis L. Coyle 31,400 46,100
William F. Helmer 31,400 46,100
Judith Hershaft 17,000 46,100
Thomas F. Jauntig, Jr 17,000 46,100
Thomas G. Kahn -- 46,100
R. Michael Kennedy -- 46,100
Victoria Kossover -- 46,100
Donald T. McNelis 31,400 46,100
Richard A. Nozell 31,400 46,100
Carl J. Rosenstock -- 46,100
William R. Sichol, Jr 31,400 46,100
Burt Steinberg 17,000 46,100
George Strayton 140,000 180,000
F. Gary Zeh 31,400 46,100
Daniel G. Rothstein 52,000 60,000
Stephen G. Dormer 45,000 60,000
Richard O. Jones 10,000 60,000
Robert J. Sansky 43,000 40,000
Paul A. Maisch 28,000 60,000
Item 9.01. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits.
None.
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.
PROVIDENT BANCORP, INC.
DATE: March 16, 2005 By: /s/ Paul A. Maisch
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Paul A. Maisch
Senior Vice President and Chief
Financial Officer