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 29, 2005
PROVIDENT NEW YORK BANCORP
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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 December 29, 2005, the Board of Directors of Provident New York
Bancorp (the "Company") amended the Provident Bank Stock Option Plan (the
"Plan") to eliminate "Limited Rights" from the Plan and to eliminate the right
of option holders to receive a cash settlement of an option in a transaction in
which stockholders of the Company would receive "unregistered" securities. The
Board determined to adopt these amendments in response to a recent
interpretation of FAS 123(R) that would require reclassification as a
"liability" and subsequent mark-to-market accounting for any option or other
award the settlement of which, in cash, is not in the sole discretion of the
issuer of the option.
Pursuant to Instruction 2 of Item 601(b)(10) of Regulation S-K, the
amendments to the Plan will be filed as an exhibit to the Company's Quarterly
Report on Form 10-Q for the quarter ending December 31, 2005.
Item 9.01. Financial Statements and 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 NEW YORK BANCORP
DATE: January 4, 2006 By: /s/ Paul A. Maisch
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Paul A. Maisch
Executive Vice President and
Chief Financial Officer