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): July 10, 2007
FIRST FEDERAL BANKSHARES, INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-25509 42-1485449
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(State or Other Jurisdiction) (Commission File No.) (I.R.S. Employer
of Incorporation) Identification No.)
329 Pierce Street, Sioux City, Iowa 51101
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (712) 277-0200
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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 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On July 10, 2007, First Federal Bankshares, Inc. (the "Company") and
Michael W. Dosland, the Company's President and Chief Executive Officer,
executed an amendment of Mr. Dosland's Employment Agreement. The amendment,
which was effective as of July 1, 2007, was executed in conjunction with the
Company's previously announced plan pursuant to which the cash compensation of
certain senior executives, including Mr. Dosland, will be reduced over the next
three years by amounts ranging from 5% to 10% annually. To offset the reduction
in cash compensation, each executive was granted stock appreciation rights
approximately equal in value to the reduction in cash compensation (based on the
Black-Scholes option pricing methodology). The purpose of the plan is to
increase the equity ownership in the Company of these senior executives, and
better align their interests with the interests of stockholders.
The amendment of Mr. Dosland's Employment Agreement was necessary because
his original Employment Agreement had provided a specified level of base salary
that could not be reduced. In addition, the amendment memorializes the fact
that, for the first six months of 2007, Mr. Dosland had given up his right under
the agreement to be reimbursed for the use of an automobile in exchange for
being paid additional base salary.
The preceding discussion of the amendment is qualified by reference to the
amendment itself, which is attached to this Form 8-K as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
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(a) Not Applicable.
(b) Not Applicable.
(c) Not Applicable.
(d) Exhibit:
Exhibit 99.1: First Amendment to the Employment Agreement
for Michael W. Dosland
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.
FIRST FEDERAL BANKSHARES, INC.
DATE: July 16, 2007 By: /s/ Michael W. Dosland
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Michael W. Dosland
President and Chief Executive Officer